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Chicago Tribune
19-04-2025
- Business
- Chicago Tribune
These were the 10 priciest ZIP codes for Chicago homebuyers in 2024
Good news for Chicago homeowners and bad news for potential buyers: Home values went up last year. Property values surged in almost every corner of the Windy City in 2024, with the citywide average increasing by more than $6,500 from the previous year. The average home in Chicago, including single-family residences, condos and cooperatives, was about $294,000 last year. Though prices are creeping up, that's still $60,000 below the U.S. average, according to data from the Zillow Home Value Index, making the Second City more affordable than many other parts of the country — particularly other major cities. But in parts of Chicago, prices soar far above that benchmark. In fact, in the city's priciest ZIP codes, home values are anywhere from 10% to 45% greater than the national average. Scroll the map below to see the average home value in each ZIP code. These 10 postal codes were the the most desirable — and most expensive — for Chicago homebuyers in 2024, according to ZHVI data. 10) 60625 Covering parts of the Lincoln Square, North Park and Albany Park neighborhoods, the 60625 ZIP code is quickly becoming one of the city's most expensive places to live. Lincoln Square is known for its independently owned shops and restaurants, eclectic arts scene, bustling neighborhood center and German heritage, highlighted in its architecture, the DANK Haus German American Cultural Center on North Western Avenue and the annual Chicago German-American Oktoberfest. 'It has a lot of Germanic roots, and there's an expression of that, especially in commercial facades along Lincoln Avenue (and) along Western Avenue,' said Ian Spula, the manager of public engagement at the Chicago Architecture Center. North Park and Albany Park, meanwhile, are incredibly diverse and offer a higher concentration of single-family homes. For this reason, the ZIP code has also become increasingly popular among Chicago parents, with a number of private, charter and city schools, public parks and recreational spaces nearby. With so much to boast, home values in this locale have increased by more than $13,500 year-over-year, bringing the average to approximately $370,000, the 10th highest in the city. 9) 60607 Another pricey (and rapidly developing) part of Chicago? The West Loop. The 60607 ZIP code encompasses much of this neighborhood and portions of the Little Italy neighborhood within the broader Near West Side community area. Formerly a meat-packing and warehouse district, this part of the city has transformed into a business and dining hotspot, from shared office spaces and corporate headquarters (including those of two Fortune 500 companies) to acclaimed restaurants and new-concept eateries. It's also an enclave for the young and wealthy: More than 40% of the population in the Near West Side is between the ages of 20 and 34 and 35% makes $150,000 or more, according to the Chicago Metropolitan Agency for Planning. So it may not come as a surprise that in this ZIP code, the average home value in 2024 was just over $390,000. But unlike the other ZIP codes on the list, this portion of Chicago actually saw a slight decrease in value from the previous year, dropping a quarter of a percent. 8) 60631 Home values are booming in 60631. Situated on the Far Northwest Side of Chicago, this ZIP code, which covers all of the Edison Park and most of Norwood Park neighborhoods, has vast residential areas and an extensive supply of single-family homes — making it more akin to its neighboring suburbs than other happening parts of the city. Originally railway towns that were later folded into the city of Chicago, there's less public transit options here, though Metra's Union Pacific Northwest Line still runs through both the Edison Park and Norwood Park neighborhoods. While you're more likely to need a car to get around, there's the added benefit of being about a 10-minute drive to O'Hare International Airport. In 2024, the average home value in 60631 was $403,000, jumping nearly 6% year-over-year — or a difference of roughly $22,500. That's the third greatest price increase in the city. So if you're a travel-minded family that wants the benefits of suburban living while residing within city limits, it might be time to buy property here before you're priced out. 7) 60657 This Lakeview neighborhood ZIP code is one of the youngest areas of Chicago, with a large concentration of post-college grads and young professionals. Of all community areas, it has the highest number of residents between the ages of 20 and 34 — making up nearly half the population. There are highly walkable commercial and residential areas along Broadway, Clark Street and Belmont Avenue as well as around the up-and-coming Southport Corridor. Plus, just north of the ZIP code's boundary lines lies Wrigley Field, the famed ballpark and home of the Chicago Cubs. Boystown is another smaller neighborhood within Lakeview, generally recognized as the area between West Grace Street to the north, North Broadway to the west, West Belmont Avenue to the south and North Halsted Street to the east. The neighborhood was the nation's first officially recognized gay village, and today it remains the center of Chicago's queer community, with LGBTQ+-owned bars, clubs and salons, rainbow sidewalks and pylons along the Legacy Walk, an outdoor installation recognizing influential gay figures, and the city's annual Pride Parade. With lots of two-flats, three-flats and courtyard apartments, gyms, grocers, dives and accessible public transit to get everywhere in between, there's a reason this is a choice part of the city to live and work in. But if you're a young person in Lakeview looking to buy your first home, it may be pricier than expected. The average residence in 60657 was valued at roughly $435,000 last year, up 4.5% from 2023. 6) 60646 Another Far Northwest Side ZIP code, 60646 spans over Forest Glen and the edges of Norwood Park, Jefferson Park and North Park neighborhoods. The average home value here is around $490,000. Compared with other Chicago ZIP codes, this one has a smaller population and fewer households, making it more sprawling than other parts of the city. The housing stock consists primarily of single-family homes in a variety of architectural styles, including ranch homes, Chicago bungalows, English Tudors and some Georgian Revivals. 'They really grew a lot in the '50s and '60s. So you have a lot of housing from that era, which is a whole range of styles,' Spula said. A majority of the people who live here are married couples and families, and the home ownership rate is 79% — one of the highest in Chicago — according to 2023 American Community Survey 5-Year Estimate. Similar to the other Far Northwest Side entry on this list, the average home value in this ZIP code has gone up quite drastically in the past year: a difference of $21,500. 5) 60618 Rounding out the top five: 60618. This north-central Chicago ZIP code, surrounding the neighborhoods of Avondale, Irving Park and North Center, had an average home value of $495,000 in 2024. So what makes this area so desirable for home buyers? The scenic North Branch of the Chicago River snakes through this area, as does the Kennedy Expressway, providing quick access to downtown, the suburbs, O'Hare or Midway Airport. There are walkable stretches of local shops and eateries along West Belmont Avenue, North Lincoln Avenue and West Roscoe Street, while shopping centers like Elston Plaza, Addison Mall and Roscoe Square host grocers, department stores, discount retailers and big parking lots for the car-owning public. It's also diverse, maintains a high density of workers' cottages for middle-class families and boasts several 'exemplary' elementary schools, according to Illinois Report Card, and Lane Tech, one of the top-ranked public high schools in the state, according to U.S. News & World Report. 4) 60647 The 60647 ZIP code straddles the North and Northwest sides of Chicago, primarily covering Logan Square. The neighborhood is known for its diversity and cultural diffusion, historically populated by a number of immigrant groups. Logan was originally prairie land worked by family farmers before being settled by German, Scandinavian and English nationals in the late 1800s, Polish, Russian and Jewish immigrants following World War II and then an influx of residents from Central and Latin American countries in the mid-to-late 20th century. As of 2020, approximately 40% of the population in 60647 was Latino, according to the U.S. Census Bureau. That's about a 28% decrease from 2010, due to new construction and gentrification displacing residents. Still, the area maintains influences from its many immigrant populations, with Polish bakeries, German-inspired breweries, Mexican grocers, taquerías and Cuban restaurants, many of which are located on the main commercial drag along North Milwaukee Avenue. Other than its namesake square, featuring the Illinois Centennial Monument, the area is recognized for its iconic Chicago greystones in the Boulevard District, vibrant nightlife and bustling film scene — with institutions like the historic Logan Theatre and annual Chicago Underground Film Festival. But in such a highly sought-after area, the real estate is steep, with the average single-family home topping $500,000. 3) 60642 60642 is a smaller ZIP code, but it packs a punch. This little wedge of Chicago spans between West Town and Near North Side, covering Goose Island and the Noble Square neighborhood. It's situated just north of the Fulton Market District, east of Wicker Park, south of Lincoln Park and west of Cabrini-Green and the Magnificent Mile. The former site of coal yards, People's Gas Light & Coke plants, the Morton Salt warehouse complex and the original Goose Island Brewery, this was historically a region of heavy industrialization. Today it remains a high traffic area, transportation hub and site of commerce and redevelopment. The ZIP code services four 'L' stations, eight bus routes and two Metra lines — plus the Kennedy Expressway runs through the middle. The area now features one of Chicago's newest music venues, The Salt Shed, at the former Morton Salt complex, the Polish Museum of America, the visually stunning Church of Saint John of Cantius, a new Goose Island Brewpub and a busy shopping district in the Clybourn Corridor. The population here is primarily young, unmarried, renter-occupied households. It's also an incredibly wealthy ZIP code. According to the latest U.S. Census Bureau estimates, the median household income is $141,000. With an average home value of more than $508,000, 60642 is the third most expensive ZIP code in Chicago. 2) 60614 If you live in Chicago, you probably knew this one was going to be on the list. Surrounding Lincoln Park, 60614 is one of the priciest ZIP codes in both the city and state. The neighborhood features local shops and bars, award-winning restaurants, and iconic parks and recreational spaces, including its namesake park and the only zoo within city limits. Mixed throughout the urban landscape you can find some classic architectural styles here, from greystones and Victorian houses to updated three-flats and modern mansions. 'You'll find a lot of Victorian (homes) in Lincoln Park,' commented Spula. 'Queen Anne Victorian is a variation of that you see a fair bit. Just highly decorative.' The ZIP code is also a highly educated one and is home to DePaul University, a wide selection of elementary schools and one highly rated public high school. With a mix of busy commercial stretches and quieter, tree-lined residential streets, this is favorite spot for new families. The average home value here? More than $550,000 as of 2024. 1) 60622 Coming in at No. 1 is 60622, another West Town ZIP code, circling Wicker Park, Ukrainian Village and the eastern edge of the Humboldt Park neighborhood. This slice of Chicago has a reputation for being young, artsy and hip. While primarily white, the area is fairly culturally diverse, with Mexican, Polish, Puerto Rican and Eastern European cuisine, art and museums found here. In the aptly named Ukrainian Village neighborhood, you'll come across the Ukrainian Institute of Modern Art, the Ukrainian Cultural Center, a beautiful Ukrainian Catholic Church along North Oakley Boulevard and more than a few spots to grab some borscht, varenyky or chicken Kyiv. It's a happening area with plenty of local haunts to dine, drink and socialize on West Chicago Avenue and West Division Street as well as along North Milwaukee Avenue between North Avenue and Division Street. Other local highlights? Myopic Books, a beloved three-story new and used bookstore, Kasama, a Michelin-starred Filipino restaurant and bakery that regularly sees lines around the block, and Humboldt Park, one of the city's most vibrant recreational areas, featuring roughly 200 acres of green space, gardens, lagoons and playgrounds. With an average valuation of $570,000, there's no question why 60622 is the most expensive postal code for homebuyers in Chicago.
Chicago Tribune
12-03-2025
- General
- Chicago Tribune
Chicago Architecture Center explores what rebuilding war-torn Ukraine might look like
After debuting in New York last summer, the exhibition 'Constructing Hope: Ukraine' — spotlighting grassroots organizations helping to rebuild the war-torn country — has opened at the Chicago Architecture Center. Open through Sept. 1, 'Constructing Hope' was curated by architects Sasha Topolnytska and Ashley Bigham and artist Betty Roytburd. When Russia invaded Ukraine in 2022, the three mobilized to fundraise for various relief efforts. They closely followed the work of many of the organizations featured in the exhibition, many of which made their designs public domain and readily available — such as MetaLab, a Ukrainian NGO designing easy-to-assemble modular furniture, and First-Aid Spatial Kit, which has developed transportable play structures for children. 'We know the people in most of these organizations personally — they're our colleagues,' says Roytburd, who is Ukrainian American. 'I've been wanting to highlight their efforts in various ways, so it's been very rewarding to be able to tell their story.' Some of the groups highlighted focus not just on material support but on the importance of storytelling. Prykarpattian Theater, an artist collective, interviews war victims and, based on their memories, builds Thorne-like miniature models of their destroyed homes, mounted in the exhibition on simple, shipping-crate pedestals. Another display discusses how forensic architecture experts were hired to recreate the interior of Mariupol's Donetsk Academic Regional Drama Theatre just before its bombing in March 2022. Hundreds of civilians had been sheltering inside. The exhibition also tracks the easy-to-overlook domino effects of the war. Replacing windows, for instance, is now nearly impossible for property owners in Ukraine: Before the war, the country imported 80% of its glass from Russia and Belarus, and most of its glass factories have been destroyed in the conflict. In collaboration with Polish architects, a foundation spotlighted in the exhibit repurposes old windows for reuse, allowing evacuees to return home. The group even published an IKEA-style, open-source catalog to assist with installation. Broken windows are a recurring motif in 'Constructing Hope.' The exhibition's criss-crossing, sunflower-gold design elements — conceived by Aliona Solomadina, a graphic designer displaced by the war — are inspired by the tape patterns civilians in combat zones have stuck to their windows. In the event of an airstrike, the tape helps keep blown-out shards from scattering completely. 'People started taping the windows in these intricate patterns,' Topolnytska says. 'It became an important visual representation of resistance.' Typically, Architecture Center exhibitions focus on new innovations in materials and design, visionaries in the field, and so on. To president and CEO Eleanor Gorski's knowledge, 'Constructing Hope' is the first exhibition to focus on how architecture responds to wide-scale destruction. Center staff who visited the exhibition in New York were so riveted that the museum moved quickly to bring the same exhibition to Chicago. The exhibition has already inspired the Center to consider future projects related to the wildfires in Los Angeles, which destroyed important exemplars of midcentury architecture. 'I think there are a lot of learnings from the resiliency of the people we see in the Ukraine (sic) and the ingenious way they're addressing their circumstances,' Gorski says. A small CAC-specific addition to the exhibition at the back of 'Constructing Hope' showcases Chicago-area Ukrainian churches and institutions. Among them is the Ukrainian National Museum, founded in 1952 by displaced scholars. Its new executive director Zachary Dmyterko was the grandson of emigrées who came to Chicago around the same time. 'I had family members who were deported to Siberia; I had family members who were killed by the NKVD, the secret police of the Soviet Union. To stay would have been to die,' Dmyterko says. The midcentury surge that brought the Ukrainian National Museum's founders and Dmyterko's grandparents to Chicago is considered the third of five waves of Ukrainian immigration to the U.S. The first was in the late 19th century, when Chicago's Ukrainian Village was established. The fifth is still ongoing, as refugees flee the Russia-Ukraine War. But 'even that is uncertain now,' says Dmyterko, who worked as a journalist and at the nonprofit RefugeeOne before coming to the Ukrainian National Museum. The Trump administration has already paused most immigration applications and petitions, and seems poised to revoke the short-term legal stays offered by the Biden administration to migrants from Cuba, Haiti, Nicaragua and Venezuela as soon as the end of the month. The week 'Constructing Hope: Ukraine' opened, President Trump sparred with Ukrainian president Volodymyr Zelenskyy during a televised meeting and announced he was considering revoking similar privileges for the United States' estimated 240,000 Ukrainian refugees. When asked what it was like for the exhibition to open during a low point in U.S.-Ukraine relations, Topolnytska and Roytburd stressed that the war had been raging for more than a decade, long before both Russia's invasion and the events of the past week. 'We're resilient to the changes because constantly there has been something new,' Topolnytska says. 'The most important thing is telling the story of regular people in Ukraine who are trying to survive the disaster, and who need support. They need international support.'
Yahoo
16-02-2025
- Business
- Yahoo
Classic housing types like 3-flats, triple-decker and painted ladies could help solve the US housing crisis
In Chicago, they're called 3-flats. In Boston, they're called triple deckers. New York City folks refer to them as brownstones. And in San Francisco, they're known as painted ladies. Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Home prices in America could fly through the roof in 2025 — here's the big reason why and how to take full advantage (with as little as $10) We're talking about triplexes, or homes with three separate housing units stacked on top of one another under one roof. And according to Stewart Hicks, an associate professor at the University of Illinois at Chicago, 'these buildings might be the key to solving the mounting housing challenges that we're facing in cities today." Yet cities are facing big challenges in having these buildings constructed. And it's only making the affordable housing crisis even worse. Triplexes are commonly found in densely populated cities. But building more of them may not be in the cards anytime soon. And that's a shame. As Hicks explains in a video posted to his channel, "In many cases, these structures offer on-ramps for homeownership and building equity and wealth. They can encourage and develop strong neighborhoods, and maybe even familial bonds if generations remain living together." "Buying a two-flat didn't just mean more breathing room and more pleasant living conditions. They were always intended as wealth-building investments. Rental income could cover the mortgage and provide a degree of economic security," says the Chicago Architecture Center. Yet dated zoning codes commonly get in the way of increasing the number of these homes in cities by disallowing anything more than single-family homes on a single lot in a residential area. There's also what Hicks calls the "economics of construction" that's become a barrier. The National Association of Home Builders recently said that broad inflation in the global economy since 2022 — particularly in building material prices — has driven up the cost to construct a home. Other factors increasing building material prices are disruptions in supply chains and growing demand for sustainable and green options. Construction costs accounted for 64.4% of the average price of a new home in 2024 compared to 60.8% in 2022, according to NAHB's most recent Cost of Construction Survey. Hicks says that a three-unit home could easily cost over $1 million to build in big cities. And in today's mortgage rate environment, those who buy those homes as investments will need to charge top market rates to cover their costs. That's not going to address the issue of affordable housing, though. Read more: I make $60,000/year, the only earner, and I worry about my family if I pass away — here's how 5 minutes can get you 7-figure coverage starting at just $2/day In a recent Pew Research Center survey, 69% of Americans said they were "very concerned" about the cost of housing. And a 2024 Center American Progress survey found that 76% of people feel similarly. That data also found that 72% of urban residents feel housing affordability is getting worse. In a 2024 report, the Brookings Institution estimated that the U.S. housing market was short 4.9 million housing units in 2023 relative to the mid-2000s. And as of 2023, roughly half of renter households were housing cost-burdened, per the 2023 American Community Survey — meaning, they were spending more than 30% of their income on housing. That amounts to nearly 21 million households in total. Triple-unit houses can help solve the problem by allowing for more individual units within the same lot — provided they can be built more affordably. To that end, though, the Pathways to Removing Obstacles to Housing program could help. It's a program administered by the U.S. Department of Housing and Urban Development that provides funding and incentives to state and local governments for facilitating affordable housing. Specifically, the program targets communities that are actively taking steps to remove affordable housing barriers such as outdated zoning laws and inefficient procedures. Not only can triplexes help address the U.S. housing crisis, but they could also promote multigenerational living, which is a beneficial thing itself. Among adults in multigenerational households, 40% point to financial relief as a perk, according to Pew Research Center. And for 33%, this arrangement helps address the need for caregiving. Critics of triplexes might argue that they're not only eyesores, but that they exacerbate density issues in already packed cities and have the potential to de-value nearby properties. In the wrong context, these buildings could cause more harm than good. They can be easily converted into luxurious single-family homes or they may be bought for cheap and demolished since land values are high. "In these cases then instead of just gently encouraging more density like we want, it just serves to increase land values until longtime residents are forced out and it ends up solving nothing in the end," says Hicks. But all told, there's much to be gained by removing barriers to triplex construction. As Hicks says, 'Folks are coming to recognize just how important these buildings are to their cities and the people who live in them.' Is your savings account struggling to keep up with soaring grocery prices? Here's how 2 minutes can earn you 9X the US national average — with no monthly fees One dozen eggs in America now costs $4.15 — and $14.35 for a pound of sirloin steak. Both record highs. 3 simple ways to protect your wealth in 2025 Jamie Dimon issues a warning about the US stock market — says prices are 'kind of inflated.' Crashproof your portfolio with these 3 rock-solid strategies This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
