Chicago Among Best Places To Buy A Fixer-Upper: Ranking

CHICAGO — Bargain hunters, rejoice! Chicago is among the top metro areas to buy a fixer-upper, according to a recent ranking from StorageCafe.

The storage space marketplace analyzed active listings from its sister division, real estate search portal Point2, for homes in the country’s 50 most populous cities, calculating the difference in asking prices between those with fixer-upper characteristics vs. regular listings. The ranking was determined using a combined metric, taking into account potential savings and available stock.

Chicago was ranked second on the list, with Los Angeles coming in first and the Southern California community of Long Beach ranking third.

In Chicago, the typical cost for a fixer-upper is $235,000, with an average potential savings of $190,000, according to the ranking. About 19 percent of local listings are considered fixer-uppers and home improvement loans are typically around $75,000, lower than many other major urban areas, the ranking said.

The top-ranked cities to buy a fixer-upper are:

1. Los Angeles
2. Chicago
3. Long Beach
4. Kansas City
5. Minneapolis
6. Dallas
7. Fresno
8. Baltimore
9. Louisville
10. Philadelphia.