I thought the price of a house in Chicago was high, but it seems like a bargain compared to the rest of the country. According to the Chicago Tribune, the average price of a home in the Chicago “area” (they even include Gary, Indiana) at the end of 2005 was $296,000.
That $296K won’t get you far if you’re shopping for a single-family new construction in Lake View, where prices easily reach into seven figures. As with all things, though, it could be worse. Move out to the San Francisco area and you’ll have to lay down $679,000 for the average new or existing home. I guess if you have to work three shifts a day to pay the mortgage, you don’t have to worry about not being able to afford a bed for your new house.
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