Investopedia recently took an interesting look at how much house you can get for $200,000 in the current Chicago housing market. That price point was chosen because it is right around the city’s January median list price of $189,900.
As you might guess, what you can get for $200,000 in Chicago depends on where you’re looking. The city—which is divided into four sections: Central, North Side, South Side, West Side—covers 277 square miles and has a diversity of neighborhoods. With that said, $200,000 is enough to buy you a home anywhere in the city.
On Chicago’s West Side, you are most likely to find a condominium with up to two bedrooms and two baths. While there are some older, single-family homes in that price range on the West Side, there is a much greater supply of condos in the area.
In Central Chicago, you are likely to get a little less for $200,000. This is the core of the city and the main business district. For $200,000 you will likely be limited to a one bedroom, one bath condo or a loft. Residences in Central Chicago are typically 1,000 square-feet or less, but you do get lots of perks with these units (think roof decks, fitness rooms). Additionally, you are centrally-located and can walk to many of Chicago’s finest restaurants and shops.
On the North Side, you will also probably be looking at a condo for $200,000. This is the most dense section of Chicago and many of the condos come in high-rise buildings. They can include two bedrooms, two baths and up to 1,250 square-feet of living space.
On the city’s South Side, $200,000 can get you a single-family home, townhome or condo. Investopedia points out many of the single-family homes in this area are two stories and come up with up to 2,000 square feet of living space and three bedrooms.
As you can see, $200,000 can make you a home owner anywhere in Chicago.