Live in the city or live in the suburbs?
A question that has been a source of many conversations for nearly 60 years.
Chicago was a city that attracted all types of residents for the last century, from its architecture, to museums, to its large companies that began here. Chicago has always been a thriving metropolis.
Due to the increase in population in the 1950’s, development in the suburbs sky rocketed and with it, many residents left the city. Real estate was booming and the suburbs were the place to be, especially for families.
For 40 years, the population in the city was down 23%, while the surrounding counties exploded showing population growths from 111% in Kane County, to over 400% in Du Page County.
In the 1990’s the city of Chicago surged back in population as companies like Boeing, Motorola and United Airlines returned to the fast paced environment of the Loop. The addition of Millennium Park became Chicago’s newest beacon of welcome.
The suburbs have been the dominating source of real estate sales for nearly 60 years. Just recently, Chicago experienced new home sales increasing by 81%, which exceeded any of the suburbs by more than double.
This begs the question; City or suburbs? Will the suburbs continue to be the driving force of the real estate market or will the city of Chicago regain its former glory as the destination to live resulting in more real estate transactions?