Want to buy a home in the year ahead — but feel glued in place thanks to ever-rising rent prices? You’re not alone. Here in Chicago and across the country, millions of Americans are stuck in what real estate experts call “the rent trap” a situation where so much of a household’s income goes to rent that they have to struggle to save enough to buy a home (let alone save for a rainy day, or take on other major bills, like healthcare costs).

A 2017 report from the Urban Institute suggests that more than 25 percent of renters – or 11.1 million households – are “severely cost-burdened” and spend “at least half their income on rental housing.”

It’s no surprise that so many are feeling trapped by rent especially when you consider how dramatically rent prices have been increasing, here in Chicago and in markets around the country. According to data compiled by the real estate site Zillow, US renters paid more than $4.5 trillion in rent during the 2010s, including $512 billion in 2019 alone. In 2019, a separate Zillow report suggests that the nationwide median rent grew 2.0% year-over-year (from August 2018 August 2019), reaching $1,595. Here in Chicago, median rent exceeded the national level, ringing in at $1,617, and grew by more year-over-year, rising by 2.6%. 

The start of a new year is the perfect time to look ahead and get ready to turn over a new leaf. That’s why New Year’s resolutions are so popular!

Whether the goal is to get healthy, improve their financial outlook, or mark a major life milestone, more than 40% of Americans make New Year’s resolutions, according to estimates from Forbes. With all that said, in the end, only about 8% of Americans successfully accomplish those resolutions.

We’ve got some news: If your New Year’s resolution is about buying, selling, or owning a home in Chicago, you can end up among that 8% this time!

Here at Real Group, we pride ourselves on our expertise on all things real estate – and we’ve got all the guides and resources you could ever need to help you turn the page on your biggest New Year’s resolution, once and for all. If you’ve got any questions about buying, selling, or managing real estate, you’ve come to the right place!

Consider this your one-stop shop to checking off your 2020 real estate “to-do” list. Below, we’ve got tons of handy advice, expert opinions, and market forecasts, perfect for guiding you through every step of the home process with ease.

What Are the Current Real Estate Conditions in Rogers Park? (Source: Wikimedia Commons)

Photo credit: Gerald Farinas via Wikimedia Commons

Why Rogers Park?

Located just south of Evanston, Rogers Park is a quiet community with a rich history, offering the best of suburban and city living in one lovely package. 

An extremely walkable neighborhood boasting a fair share of restaurants, easy access to Lake Michigan, and a thriving arts scene, Rogers Park is one of the most eclectic and charming neighborhoods in Chicago - and maybe even in the entire state! Part of the reason why? As the home of Loyola University and just a short commute away from Northwestern, Rogers Park is a haven for students and academics alike.

Interested in learning more about Rogers Park? Here are a few handy resources worth checking out: 

Ready to join a charming community bursting with housing opportunities? Here are the current stats for Rogers Park's condo and housing market:

Rogers Park's Current Condo Market 

Chicago Real Estate Market 2020

The beginning of a new year is a prime time to take a look back at where you’ve been — and think about where you’re going. As we look ahead to the Chicago real estate market for 2020, it’s time to do a little bit of reflection, while also planning for the year to come. 

Whether your real estate goals for 2020 are to buy a home, sell a home, or start exploring your favorite Chicago neighborhood, now is the best possible time to start getting prepared. And because reliable, up-to-the-minute information is one of the most valuable tools you can have in your real estate journey, it’s important to take some time to take stock of the housing market here in Chicagoland. 

So, what do the 12 months ahead potentially hold for home buyers and sellers in our area? What might the real estate market look like in 2020 — and what are the local and national market factors that could be driving these major changes and trends? 

We’re here to help answer those important questions. Let’s explore five key factors to watch for the Chicago area housing market in 2020 and beyond: 

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