I aim to help understand the different reasons people move into and away from Chicago and the different types of movers here. This is a useful topic for investors and people planning to dip their toes in the Chicago housing market.
Being one of the largest states in the country, Chicago is also one state that is easy to navigate. Moreover, from its downtown areas, suburbs, to residential neighborhoods.
However, there are many things that are also disadvantageous for people living in the Windy City. So amid the competitive and red-hot Chicago housing market, people are moving in and out of the city.
So now let me take the time to discuss who are the people moving in and out of Chicago and their different reasons.
Let’s get down to business.
Here’s the real deal on migration within Chicagoland.
Movers Into Chicago
People migrate from one place to another for certain reasons. It can be because of job opportunities, or bad experiences.
First, let’s look at the different types of people who move into Chicago.
a. Young adults
Chicago has a steady job market, young adults take the opportunity to move in hopes of finding a decent job. Moreover, the Chicago lifestyle is good, especially for young adults. Chicago is a good start for young adults who are just starting their independent life, with its booming economy and energetic communities.
Not only does this incredibly pedestrian-friendly city provide an incredible amount of outdoor activities, but fresh adventures are always around the corner. It is a fantastic area for young adults to live in. This city is great for singles and young professionals, whether you're searching for an apartment, townhome, condo, or house! Furthermore, Chicago is pet-friendly, bikeable, has a diverse range of activities, and, of course, offers excellent work prospects.
There were other causes for the relocation, but the most typical in this case was the job search, which is definitely an advantage for young adults looking for jobs because Chicago is blessed in that field. It is home to different Fortune 500 companies, rising startups, and small businesses that employ millions of people.
b. Foreign nationals
Chicago, being a rail hub, an industrial hub, and America's fastest-growing large metropolis, provides many opportunities for immigrants from all over the world. Its stable economy entices many foreign nationals to move into the country for a better start in life. Basically, seeking refuge, people move to Chicago for a stable job. Applying and getting a job in Chicago is much easier than in other states due to its well-established job market.
Immigrants from all over the world are flocking to Illinois. While one out of every seven Illinois residents is an immigrant, more than one out of every six workers and roughly a third of all company owners in the Chicago metro area are immigrants. In fact, foreign nationals can experience several benefits when moving to Chicago. Illinois Welcoming Center was also established which aims to assist immigrants in navigating governmental services and coordinating those services with community social assistance provided by non-profit organizations.
Movers Out of Chicago
Each year, a new census comes out referring to people leaving Chicago. In 2020, Illinois ranked 3rd amongst all states with the number of people moving out. According to United Van Lines' yearly research, approximately 66 percent of their transfers in Illinois were outbound, with only 34 percent inbound. The common reasons why people move out in Illinois include a new job, retirement, or simply wanting to move closer to family.
Now, who exactly are the people who move out of Chicago?
a. Baby Boomers or retirees
Baby boomers, as their retirements are slowly coming right at the corner, slowly move out of the city. They are also seeking other opportunities in order to develop their professional skills instead of just settling themselves in one company until retirement. Hence, many baby boomers move out of Chicago to also try other opportunities ready for them in other places.
For starters, unlike other large cities, Chicago has not been acknowledged as a cost-effective destination to reside in for decades. First, because rent has skyrocketed in recent years and tax rates have risen, finding a parking spot at a restaurant has become impossible. Everything else is subject to a high level of taxation. There’s also Chicago’s dangerous reputation of America’s crime capital. Retirees prefer a much more peaceful and affordable place than Chicago.
Most importantly, living in Chicago's major city has its drawbacks, such as severe traffic and unpredictable weather. With that being said, given the health conditions of some retirees, commuting endlessly every day is not worth their time. Hence, moving in closer to their families after retirement is better for their sunset years.
For young families, one major barrier in living in Chicago would be high costs. Rent prices are extremely increasing which adds to the discouragement of young families to stay. And practically everything is expensive from food to utilities to education.
Not just young families, but middle to upper-class families feel the need to escape out-of-control escalating tax rates, high crime rates, and poor educational prospects in Chicago. They move to small towns near Chicago or to states with lower tax rates.
In particular, growing families would want to have better access to education for their children. A school that is miles away from their homes is not practical, especially for children to commute every day. Unlike moving to suburbs where the school is just a walk away or just a fifteen-minute drive away, way more accessible.
Furthermore, for bigger families, sometimes, small properties can no longer accommodate them as a family, hence, many families would sell their houses and acquire bigger properties for the family. So many families move from Chicago into the suburbs and small towns such as Barrington, Wheaton, Elmhurst, and Elsah.
Chicago is a healthy, diverse city with many people moving in and out. It hosts a booming job market, easy-to-navigate city grid, and energetic communities which attracts many people. On the other hand, many movers out of Chicago cite the high taxes, high cost of living, traffic and high crime rates as the things they want to live away from.
With Chicago’s infamy on some aspects such as its crime rates, high taxes, and high cost of living, it is understandable why others would choose to leave the city and settle in the suburbs in search of a more affordable and less stressful lifestyle.
All things considered, there are many reasons why people move in and out of Chicago. And we at Nex Gen Real Estate will help you consider your living situation and guide you towards the community that best suits your needs - whether in or out of Chicago.