Feb. 13, 2020
Portage Park was home to a small population until the beginning of the twentieth century when the streetcar system linked it to the downtown area and now it's an ideal escape for Chicago residents who are tired of the crowded tenements and want a quiet refuge from the city.
It’s a great neighborhood for those who want the chance to get to know their neighbors, want access to many amenities and eateries and are looking to escape the hustle and bustle of the city - while still being conveniently close to it.
Portage Park Real Estate Market At a Glance
Multi-family home prices have increased by 1.75% compared to December of 2018. However, these increases have remained steady over the better part of the last decade. The price for multi-family homes has increased by 90% since December 2011.
Younger families are moving to the neighborhood and purchasing 2 flats and 3 flats because of the affordability. Investing in the neighborhood brings with it a great deal of physical opportunity especially when younger families move into one of the flats and rent out the others. New tenants currently pay upwards of 50% of the mortgage cost for the entire flat depending on the down payment amount.
For example: A two-bedroom rental apartment costs an average of $1,450 while a 3-bedroom starts at $1,600 per month.