If you’re interested in owning your own home, but don’t think you can afford it, you’re not alone. Chicago homes reached their most expensive levels in 2006, at the height of the real estate boom, leaving many buyers unable to afford the sky high prices seen in many neighborhoods.
According to an affordability index created by Moody’s Economy.com, prices are just now beginning to come down to levels that allow many buyers to be able to afford their own home. The index measures the comparison between wages and the cost of homes since 1990. Chicago homes had been consistently more affordable than in many other major cities around the nation until the end of 2006, when prices were on par with the rest of the nation in terms of affordability.
Today, buyers still face a market characterized by high prices. However, things are improving. In the city of Chicago, prices came down by 18 percent during the first quarter, according to data from the Chicago Association of Realtors. Buyers can expect prices to continue to drop, making it easier to qualify for that loan. Keep an eye out on great deals for Chicago Homes For Sale.
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