Are you curious about what kind of homes you can find for $500,000 or less? We got you! 

We’ve hand-picked 6 unique homes across Chicago that showcase the diversity of size, style, amenities and neighborhoods in the city’s housing market. 

 

1521 S Indiana Ave, Unit M | $495,000 | 2 Bed, 2.5 Bath
Style of Home: 2-Story Townhome | Sqft: Unknown | Neighborhood: South Loop
Monthly HOA: $434 | Annual Property Taxes: $6,717

  • Down payment at 5%: $24,750 | Monthly Payment: $3,774
    ($2,633 principal and interest, $559 taxes, $50 est. insurance, $98 PMI, $434 HOA dues)
  • Down payment at 20%: $99,000 | Monthly Payment:  $3,260
    ($2,217 principal and interest, $559 taxes, $50 est. insurance, No PMI, $434 HOA dues)

 

Why we love this home: This home is located in the South Loop’s Prairie District: Checking all the boxes for city living! Minutes to the lake, public transportation, Soldier Field, Museum campus, parks, restaurants, grocery stores (Whole Foods and Trader Joe’s), South Loop Elementary and more.
Listing showcased with permission from Lisa Kalous, Compass

 

2965 N Elston Ave, Unit 2 | $495,000 | 2 Bed, 2 Bath
Style of Home: New Construction Simplex Condo | Sqft: Unknown |  Neighborhood: Avondale
Monthly HOA: $TBD | Annual Property Taxes: $TBD 

  • Down payment at 5%: 24,750 | Monthly Payment: $3,750
    ($2,633 principal and interest, $619 est. taxes, $50 est. insurance, $98 PMI, $350 est HOA dues)
  • Down payment at 20%: 99,000 | Monthly Payment: $3,236
    ($2,217 principal and interest, $619 est. taxes, $50 est. insurance, NO PMI, $350 est HOA dues)

 

What we love about this home: Stunning new construction all brick and limestone 2 bed/2 bath with high-end finishes This home features beautiful trim work, hardwood floors throughout and solid core doors. The open concept living/dining room features a gas fireplace, large outdoor terrace and high-end custom white kitchen with quartz countertops.
Listing showcased with permission from Susanna Cherubin-Delisi, Compass 

Note: Taxes and HOA dues may not yet be available or accurate for new construction properties.  For the purposes of this article, we have assumed 1.5% of purchase price for estimated taxes and $350 for estimated HOA dues.

 

1516 W Grand Ave #4W | $499,000 | 2 Bed, 2 Bath
Style of Home: 4th Fl Penthouse Condo | Sqft: 1,500 |  Neighborhood: West Loop
Monthly HOA: $195 | Annual Property Taxes: $7,350

  • Down payment at 5%: $24,950 | Monthly Payment: $3,610
    ($2,654 principal and interest, $612 taxes, $50 est. insurance, $99 PMI, $195 HOA dues)
  • Down payment at 20%: $99,800 | Monthly Payment:  $3,092
    ($2,235 principal and interest, $612 taxes, $50 est. insurance, NO PMI, $195 HOA dues)

 

What we love about this home:  This top floor penthouse with a private rooftop deck features 2 bedrooms with a huge primary bedroom and spacious on-suite bathroom. There are beautiful oak hardwood floors throughout. The cherry on top is the location! In the heart of West Town nestled between Ukrainian Village and Fulton Market/West Loop. Less than a mile walk to all the best restaurants and nightlife Chicago has to offer.
Listing showcased with permission from Kirk Giannola, Compass

 

4319 N Richmond 1S | $499,900 | 3 Bed, 2.5 Bath
Style of Home: Duplex Down Condo | Sqft: 2,500 | Neighborhood: Irving Park
Monthly HOA: $287 | Annual Property Taxes: $8,820

  • Down payment at 5%: $24,995 | Monthly Payment: $3,825
    ($2,654 principal and interest, $735 taxes, $50 est. insurance, $99 PMI, $287 HOA dues)
  • Down payment at 20%: $99,980 | Monthly Payment: $3,307
    ($2,235 principal and interest, $735 taxes, $50 est. insurance, No PMI, $287 HOA dues)

 

What we love about this home: Wide open floor plan featuring massive living/dining room combo, impressive chef’s kitchen, large family room & private deck. Dark stain oak wood floors, high-end appliances, wine fridge.
Listing showcased with permission from George Cain, Compass 

 

240 E Illinois St #1907 | $479,900 | 1 Bed, 1.5 Bath
Style of Home: High-rise Condo | Sqft: 1,071 | Neighborhood: Streeterville
Monthly HOA: $924 | Annual Property Taxes: $9,886

a front view of a building a living room with furniture and a large window

  • Down payment at 5%: $23,995  | Monthly Payment: $4,445
    ($2,553 principal and interest, $823 taxes, $50 est. insurance, $95 PMI, $924 HOA dues)
  • Down payment at 20%: $95,980 | Monthly Payment: $3,947
    ($2,150 principal and interest, $823 taxes, $50 est. insurance, No PMI, $924 HOA dues)

 

What we love about this home: This coveted south exposure home boasts a 9.5′ floor to ceiling windows allowing sunlight to pour in all day long and unobstructed views of the Wrigley Building, Trump Tower, and the rest of the Chicago skyline.
Listing showcased with permission from Eli Masud, Compass 

 

5236 N Laporte Ave | $459,000 | 3 Bed, 2.5 Bath
Style of Home: Brick SFH Bungalow | Sqft: 1,468 | Neighborhood: Forest Glen
Monthly HOA: None | Annual Property Taxes: $6,156

a front view of a house with a garden a kitchen with stainless steel appliances granite countertop a sink stove and cabinets

  • Down payment at 5%: $22,950 | Monthly Payment:  $3,145
    ($2,442 principal and interest, $513 taxes, $100 est. insurance, $91 PMI, NO HOA dues)
  • Down payment at 20%: $91,800 | Monthly Payment: $2,669
    ($2,056 principal and interest, $513 taxes, $100 est. insurance, NO PMI, NO HOA dues)

 

What we love about this home: This home features a large living room and formal dining space, with walking distance to Metra commute downtown in 20 minutes, parks, restaurants, shopping, forest preserves, bike trails, and top-rated schools.
Listing showcased with permission from Phil & Maureen Barone, Compass

See a home you love? Interested to see more? Let’s chat!

The first step is to have a conversation about your goals!  In our initial consultation, we’ll share what to expect during the buying process, understand your wants and needs, and make sure your questions are answered.  

Some of our buyers search for a year, and others just a weekend.  What’s your ideal timing to move? 

Reach us at twodoorgroup@compass.com.

 

>> See More Property Details on the Collection here <<

Note: Rates all estimated at 5.375% with a 30-year fixed conventional loan. Any mortgage information provided is for informational purposes only: your actual rate, payment and costs could be higher. Interest rates change daily. Ask us to introduce you to one of our trusted mortgage consultants for more information.

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