Waterfront New Homes in Chicago, IL

Local information about Chicago, Illinois

Tips on buying a new waterfront home in Chicago, IL

Chicago, IL - New Home Market Profile

Highly regarded for its rich history and architecture, Chicago has been regarded as one of the most influential cities in the world. It is the largest city in the state of Illinois with a population of nearly 3 million. Its multicultural heritage is evident in its many neighborhoods, which draw thousands of visitors each year. Every kind and scale of houses, townhouses, condominiums, and apartment buildings can be found in Chicago. Although the city has many parts, the best of Chicago is always accessible with the city's elaborate system of expressways and public transportation accessible from within the city and to and from the surrounding neighborhoods.

For recreation, the lakefront offers numerous activities, including swimming, boating, biking trails, jogging paths. For the shopper, Michigan Avenue is home to one of the most elite retail communities in the country. Here, the 'Magnificent Mile' features Saks Fifth Avenue, Neiman-Marcus, Bloomingdales, and Water Tower Place, a glamorous 8 floor Mall with more than 120 specialty stores, a variety of restaurants, and seven cinemas.

Chicago's motto, "I will," is responsible for a city that has never stopped dreaming, building, rebuilding, growing, and making major contributions to the world."

Population (year 2000): 2,896,016 Estimated median household income in 2005: $41,015 (it was $38,625 in 2000)

Climate: The city lies within the humid continental climate zone, and experiences four distinct seasons. In July, the warmest month, high temperatures average 84.9 ºF (29.4 ºC) and low temperatures 65.8 ºF (18.8 ºC). In January, the coldest month, high temperatures average 31.5 ºF (-0.3 ºC) with low temperatures averaging 17.1 ºF (-8.3 ºC).

Buying New Makes Sense

One quick glance at today's headlines, and it's no wonder that, as concerned consumers, we're pinching pennies more than ever. In a recent survey conducted by HSBC Bank USA, 64 percent of us plan to cut unnecessary spending this year. And, in a similar survey by Discover Financial Services, about half of consumers plan to cut down on such non-essential spending as dinners out and movies - even remodeling.

Still, when it comes to buying a house - something that many consumers are doing because of the many good deals to be had in a slow market - most of us prefer new. Even better, buying a new home also makes good financial sense. New homes offer countless advantages for consumers when it comes to saving money. Perhaps the biggest plus is that, since they're brand-new, the maintenance headaches that often accompany maintenance - as with older homes - simply don?t exist, and won't for a while.

New homes also use the latest in whole-house systems, like heating and air conditioning, so they're not likely to break down, saving consumers money. They're also more energy-efficient, which is also good for saving lots of green. Speaking of green, with interest rates that aren?t too far away from historic lows (just over 6 percent for a 30-year fixed mortgage as of March 11), consumers can also save money on new home mortgages. And, since mortgage interest and real estate taxes are deductible, it's another way to save money by buying a new home, especially when it comes to tax time.

Click here to read more about "Why You Should Buy New".