Chicago is often seen as the most budget-friendly option among the three largest cities in the United States, boasting a lower cost of living and average home price compared to New York City and Los Angeles. Nevertheless, not every neighborhood follows this pattern. In fact, one particular zip code has quietly risen to the top of the city’s housing market. As reported by the Chicago Tribune, the 60622 zip code, which includes popular neighborhoods such as Wicker Park, West Town, Ukrainian Village, and Humboldt Park, has emerged as the priciest area to purchase a home in the city, with an average home price of $570,000.
This region starkly contrasts with the city’s overall affordability, where the average home price is $315,000, according to Zillow. Instead, the 60622 area presents a different narrative, one characterized by rising demand, limited housing stock, and continuous gentrification, which could be contributing to both its popularity and skyrocketing home values.
Breaking down home prices in Chicago’s most expensive zip code
To grasp what makes the 60622 stand out, it’s helpful to understand how prices have progressed over the years. Home values undoubtedly appreciate year over year, making them an attractive option for those seeking a sound investment. However, according to the Cook County House Price Index, home prices in the area encompassing the 60622 have surged by over 243% since 2000. Meanwhile, citywide home prices have only increased 163% across the city since 2000.
A key driver of the 60622’s housing surge is the limited number of homes on the market. According to Redfin, the area is highly competitive, exacerbating the limited supply issue. The site notes that, on average, homes sell for 2% above their list prices and are off the market in as little as 22 days. The combination of limited supply and high demand leads to more offers from buyers, driving up home prices and reducing the time homes stay on the market.
What makes the 60622 area the most expensive in Chicago
Beyond the local real estate market, the neighborhoods within the 60622 are among the most sought-after places to live, further boosting their demand. Areas like Wicker Park and Bucktown are celebrated for their walkability, featuring nearly three miles of elevated paths for biking and walking, as well as numerous renowned restaurants, bars, and music venues. These attractions have enticed young professionals, high-earning individuals, actors, and musicians eager for a vibrant neighborhood still close to downtown.
While the area is now viewed as trendy and artsy, it wasn’t always so. Much of the 60622 zip code was once home to working-class and immigrant communities. However, waves of redevelopment over the years have led to many long-standing residents being priced out as the areas transformed. Today, many of the neighborhoods boast upscale condos, trendy grocery stores, and boutique shops, contributing to the 60622 zip code becoming one of Chicago’s most competitive and high-priced real estate markets.
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