Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 30,029 people, 7,735 houses or apartments, and a median cost of homes of $152,800, house prices in North Chicago are solidly below the national average.
Single-family detached homes are the single most common housing type in North Chicago, accounting for 39.51% of the city's housing units. Other types of housing that are prevalent in North Chicago include large apartment complexes or high rise apartments ( 27.93%), duplexes, homes converted to apartments or other small apartment buildings ( 21.65%), and a few row houses and other attached homes ( 10.79%).
North Chicago is dominated by renter-occupied one, two, or no bedrooms apartments. 77.96% of North Chicago's dwellings are rentals.
There is a lot of housing in North Chicago built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in North Chicago built between 1940-1969 ( 28.01%). A lesser amount of the housing stock also hails from before 1939 ( 17.88%). There's also some housing in North Chicago built between 2000 and later ( 12.93%).
Vacant housing appears to be an issue in North Chicago. Fully 11.31% of the housing stock is classified as vacant. Left unchecked, vacant North Chicago homes and apartments can be a drag on the real estate market, holding North Chicago real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Appreciation rates for homes in North Chicago have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 87.37%, which ranks in the top 40% nationwide. This equates to an annual average North Chicago house appreciation rate of 6.48%.
Over the last year, North Chicago appreciation rates have trailed the rest of the nation. In the last twelve months, North Chicago's appreciation rate has been 8.08%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in North Chicago were at -0.54%, which equates to an annual appreciation rate of -2.13%.
Relative to Illinois, our data show that North Chicago's latest annual appreciation rate is lower than 60% of the other cities and towns in Illinois.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within North Chicago differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in North Chicago - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best North Chicago real estate investment or home purchase decisions.
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