Chicago, IL features many of the best home builder communities in Illinois, but finding lower priced homes has become increasingly difficult. In the last few years, the cost of building a new home in Chicago has increased substantially. Despite the rising trend of housing prices, it’s still possible to design and build an affordable home in the Chicago area. In fact, there are 107 communities and 16 builders in Chicago with homes starting at under $500K.
How to Find Homes in Chicago for Less than $500K?
Many builders recognize there is growing demand in the Chicago area for homes under the $500k price point and often have a few floor plans available, but these may be in limited supply. These brand new homes are relatively affordable. To ensure affordability without compromising on the quality of the home, builders may utilize value engineering techniques to reduce the cost of construction and keep the price of the home as low as possible. This may include building on a smaller lot or utilizing standard-sized materials, such as windows and doors, that provide high-value for the cost. The results are delivering similar quality at lower prices. Like any new home, you are likely to have the low maintenance and lower cost of ownership that makes new construciton a good value in Chicago.
