Condos 1st choice for downtown Chicago living

Condos are the homes of choice for downtown living. It has become cheaper to buy a condo and pay the monthly mortgage payments than rent a home in the same place. This is because homes in Chicago are much more affordable than say New York.

This is reason why condo conversion craze took over Chicago in the last few years. Many renters of apartments saw a chance to own a home by paying the down payments and paying same or little more in down payments which they were anyway paying as rent for their apartment units.
The developers saw a chance to make more money from the same real estate. For very small investments on their part they could make much more than when the units remained as rental units.

Statistics with the housing department indicate that Chicago has one of the highest home ownership rates among the major cities in US. Many reasons contribute to the affordability of homes in Chicago and one of major reasons is the availability of large tracts of industrial and factory lands and buildings that can be used to developed new housing projects which is not the case in other major cities.