Besides my work with clients in downtown neighborhoods, as a native Chicagoan, I am always working with buyers and sellers in the outlying neighborhoods too. This leads me to some great discoveries such as today’s next hot neighborhood: Rosemoor.
Located 13 miles south of the Chicago Loop, Rosemoor is a subsection of the Roseland community area. It is roughly bordered by 95th Street to the north, Cottage Grove to the east, 107th Street to the south, and Michigan Avenue to the west.
This historically stable South Side neighborhood is not far from the historic Pullman community. Hugging the Metra Electric Line, it is a fast and easy commute to many places. In fact, with only a 30-minute commute to downtown and a 15-minute commute to Hyde Park and the University of Chicago, this hidden gem is relatively unknown to even South Siders. A few more benefits of this area include offering higher owner occupancy and median incomes, lower turnover rates than Chatham and South Shore, and great rental rates.
With only a 30-minute commute to downtown and a 15-minute commute to Hyde Park and the University of Chicago, this hidden gem is relatively unknown to even South Siders.
Even better, Rosemoor’s median home price rose about 15% over the last 12 months. While other Chicago neighborhoods are sliding into a buyer’s market, Rosemoor is inching itself into a seller’s market. The affordability is evident when considering that you can buy a three-unit building for under $200,000.
My advice to a first-time homebuyer would be to buy a three-flat building on one of these tree-lined, neatly manicured blocks and move into one of the units while renting out the other two. The rent from the tenants could then be used to pay your entire mortgage.
If you have any additional questions or are interested in buying, selling, or investing in Chicago properties, please feel free to contact me. I look forward to speaking with you soon.