Chicago's Loop and Downtown area is among the top residential boom towns in the country, according to a new study from Realtor.com.
The study examined job growth, household formation and housing starts in zip codes across the country and 60603 zip code rated number 9. The next five years are expected to see household growth of 18.9 percent with 6,000 total housing starts and 38,000 new jobs.
“The strength of the residential real estate market is closely correlated to growth in jobs and households,” said Jonathan Smoke, the chief economist for Realtor.com. “The good news for these markets is that these growth factors have already started to translate into new construction. At the same time, it may be a year or so before some markets on our list start seeing an increase in inventory. If anything, this is a road map for where builders should be thinking about where to break ground next.”
Read more at Chicago Agent Magazine here.