Chicago property tax is among the most progressive in the nation, but many residents of the city’s most desirable neighborhoods can still find themselves paying significantly more.
According to a report from real estate site Redfin, the median price for a home in the city is nearly $8.8 million, with some neighborhoods topping out at nearly $10 million.
The median home value in Chicago is $2.6 million, but the city has a population of nearly 7.5 million.
While this city’s home prices may seem like a bargain compared to other major cities, they’re not, especially when you consider that the median household income in Chicago last year was just $26,000.
That’s a lot of money to spend on your home, and it’s not for the faint of heart.
But there are a few places where you may find a bargain.
Here are the 10 most expensive neighborhoods in Chicago, ranked according to the median home price.1.
Forest Park, Ill.
The Forest Park neighborhood is located near the lakefront, so it has the luxury of having an abundance of green space.
But it also has one of the highest home values in the entire Chicago area.
In 2016, the neighborhood’s median home sale price was $1.1 million, which made it the 10th most expensive neighborhood in the country.2.
Lakeview-Belmont, Ill The Lakeview neighborhood in Chicago has a fairly affluent population, but it also boasts one of Chicago’s highest home prices.
Lake View-Belmeth Park is the neighborhood with the largest median home values, at $1 million.
That means the median family income in Lakeview is $63,800, which is a lot to spend.
LakeView also has some of the most affordable neighborhoods in the area, with a median home sales price of just $1,900.3.
Glenview-on-Hudson, Ill While the Glenview neighborhood is a little more rural, it’s also a little wealthier.
Glen View-on Hudson is the area with the most median home prices at $2 million, according to Redfin.4.
North Side-Lakeview-Champaign, Ill This is the only neighborhood in Illinois with an average home price that’s more than $3 million.
But, it also offers some of Chicagos most affordable homes.
Northside-Lake View-Champauche is home to the only home in Illinois that’s listed at $900,000 or more.5.
Arlington Heights-Woodland Hills, Ill Home prices are typically in the $1 to $3 Million range in the neighborhood, but Arlington Heights has one the most desirable home values at $3.4 million.
Home prices in Arlington Heights are among the best in the region, and the median annual home value is just over $60,000 for a family of four.6.
Oak Park, IL The Oak Park neighborhood, home to many of Chicago, is also a good place to buy a home.
While the median income in the Oak Park area is just $37,500, the price of a home there is a bit more than twice that.
That price comes in at the 13th most affordable in the state, with homes listed for just $3,400.7.
South Side-Belvedere, Ill It may not be the most attractive neighborhood in terms of property values, but South Side is home, for the most part, to young families.
In fact, according the Real Estate Board of Greater Chicago, the area’s median annual household income is just under $53,000, which makes it one of Illinois’ most affordable areas.8.
North Center, Ill North Center is a pretty diverse neighborhood, with nearly 40 percent of the population being Hispanic.
That diversity is one of its biggest advantages.
In 2017, the North Center neighborhood had a median household age of 33, which was one of just four neighborhoods in Illinois to have that level of age.9.
Chicago River North, Ill One of Chicago River’s most unique neighborhoods is located in the South Side, which has a median age of 29.5 years.
This means that the majority of the South Loop’s residents are young people, and that means many of them are in a prime financial position to purchase a home here.10.
Chicago Park District, Ill Chicago Park district has one-third of the region’s median household incomes, making it one the least expensive neighborhoods to live in.
And it has one other area of Chicago with a higher median household salary than the area surrounding it, which means that it’s a good time to invest in a home nearby.