Chicago, officially the City of Chicago, is the third most populous city in the United States. With over 2.7 million residents, it is also the most populous city in both the state of Illinois and the Midwestern United States. It is the county seat of Cook County. The Chicago metropolitan area, often referred to as Chicagoland, has nearly 10 million people and is the third-largest in the United States. Chicago has often been called a global architecture capital and is considered one of the most important business centers in the world.
Chicago was incorporated as a city in 1837 near a portage between the Great Lakes and the Mississippi River watershed and grew rapidly in the mid-nineteenth century. After the Great Chicago Fire of 1871, which destroyed several square miles and left more than 100,000 homeless, the city made a concerted effort to rebuild on the damage. The construction boom accelerated population growth throughout the following decades, and by 1900 Chicago was one of the five largest cities in the world. During this period, Chicago made noted contributions to urban planning and zoning standards, new construction styles (including the Chicago School of architecture), the development of the City Beautiful Movement, and the eventual creation of the steel-framed skyscraper.
Positioned along Lake Michigan, the city is an international hub for finance, commerce, industry, technology, telecommunications, and transportation. O'Hare International Airport is the second-busiest airport in the world when measured by aircraft traffic; the region also has the largest number of U.S. highways and railroad freight. In 2012, Chicago was listed as an alpha global city by the Globalization and World Cities Research Network, and it ranked seventh in the world in the 2016 Global Cities Index. Chicago has the third-largest gross metropolitan product in the United States—about $640 billion according to 2015 estimates. The city has one of the world's largest and most diversified economies, with no single industry employing more than 14% of the workforce.
In 2017, Chicago hosted a record 55 million domestic and international visitors, making it one of the most visited cities in the United States. Landmarks in the city include Millennium Park, Navy Pier, the Magnificent Mile, the Art Institute of Chicago, Museum Campus, the Willis (Sears) Tower, the Museum of Science and Industry, Wrigley Field, Soldier Field and Lincoln Park Zoo. Chicago's culture includes the visual arts, novels, film, theater (especially improvisational comedy), food, and music, particularly jazz, blues, soul, hip-hop, gospel, and house music. There are many colleges and universities in the Chicago area, of which Northwestern University, the University of Chicago, and the University of Illinois at Chicago are classified as "highest research" doctoral universities.
Chicago has professional sports teams in each of the major professional leagues. The city has many nicknames, the best known being the Windy City and Chi-Town.
A total commission of 6.0% is typically asked for by “full service” Agents working for the big national real estate firms in Chicago-Naperville-Elgin, IL-IN-WI, Illinois. 70% of Sellers list with the first Agent they speak to, and we find that most Sellers who agree to pay a full 6.0% commission do not realize that real estate commissions are NEGOTIABLE!
The national average total real estate commission in 2015 was 5.26% *
In Chicago, Naperville, Elgin, Illinois, you will find the following real estate commissions charged*:
Typical Asking Commission: 6.0%
Competitive Commission: 5.0%-5.5%%
Very Competitive Commission: 4.5%-4.99%
The median existing single-family home price in the Midwest rose 6.6%, to $204,000, in the second quarter of 2017 compared to the the second quarter of 2016. Median sales prices for existing homes in the state's Major Metropolitan Areas are as follows:
In the State of Illinois, median home prices are as follows*:
|Metro Area||Median Sales Price||% of Annual Change|
|Davenport-Moline-Rock Island, IA-IL||$129,500||3.20%|
|St. Louis, MO-IL||$174,000||2.20%|
Real Estate Commissions are split between the listing Agent (who works for you to sell your home) and what will be offered on the MLS to any Agent that brings a Buyer to buy your home. In a typical 6% total commission, the listing Broker is paid 3% and 3% is offered on the MLS to all Agents working with Buyers (so they can see what they will earn if they bring their Buyer to your home and complete the sale).
In a competitive commission structure, ranging from 5% to 5.5%, the listing Agent agrees to a listing commission of 2% to 2.5%, and they will recommend that they offer, on the MLS, a commission of 2.5% to 3.0% to the Buyer’s Agent. Your Agent will usually tell you that if they offer less than 2.5% on the MLS that your home “won’t be shown”. This makes sense, in that, all things being equal, the Buyer’s Agent will want as big a payday as possible when they find the right home for their client. This is also especially true if market conditions favor Buyers in a so-called “Buyer’s Market” (high inventory levels in a period of unstable prices).
When you meet with your listing Agent, also remember that, unless they are a “Broker/Owner”, they will have to split their commission with their employing Broker. High producing Agents can work up to getting 90% of the listing commission from their Broker, but typically less experienced Agents may only receive 50% of the listing commission.
At ListingBidder.com, we first negotiate on your behalf a competitive real estate commission structure with HIGHLY EXPERIENCED, HIGHLY RECOMMENDED Agents who know your LOCAL market (even YOUR NEIGHBORHOOD); each ready to bid for your business. These Agents are not just ordinary Agents as many of them are broker/owners and they have the best ability to negotiate their commissions and be competitive, in part because they do not have to share their listing commission with the brokerage firm. This is a direct benefit to you and will save you thousands of dollars in real estate commission fees over the typical fees in Illinois.
Sellers who are also buying a home in the same local market have a volume discount advantage. ListingBidder can use this opportunity to negotiate an even better real estate commission rate fee on the sale of your home because the Agent will be more willing to give a deeper discount (a very competitive rate) knowing there is additional commission being earned on the purchase of another home. Be sure to check the box that you are also buying a home locally to receive these better rates.
Click here to see your savings in just 24 hours…
During its first hundred years, Chicago was one of the fastest-growing cities in the world. When founded in 1833, fewer than 200 people had settled on what was then the American frontier. By the time of its first census, seven years later, the population had reached over 4,000. In the forty years from 1850 to 1890, the city's population grew from slightly under 30,000 to over 1 million. At the end of the 19th century, Chicago was the fifth-largest city in the world, and the largest of the cities that did not exist at the dawn of the century. Within sixty years of the Great Chicago Fire of 1871, the population went from about 300,000 to over 3 million, and reached its highest ever recorded population of 3.6 million for the 1950 census.
From the last two decades of the 19th century, Chicago was the destination of waves of immigrants from Ireland, Southern, Central and Eastern Europe, including Italians, Jews, Poles, Lithuanians, Albanians, Croatians, Serbs, Bosnians, Montenegrins and Czechs. To these ethnic groups, the basis of the city's industrial working class, were added an additional influx of African-Americans from the American South — with Chicago's black population doubling between 1910 and 1920 and doubling again between 1920 and 1930.
In the 1920s and 1930s, the great majority of African Americans moving to Chicago were clustered in a so‑called "Black Belt" on the city's South Side. By 1930, two-thirds of Chicago's African-American population lived in sections of the city which were 90% black in racial composition. Chicago's South Side emerged as America's second-largest urban black concentration, following New York's Harlem.
Chicago's population declined sharply in the latter half of the 20th century, from over 3.6 million in 1950 down to under 2.7 million by 2010. In 1984, it was overtaken by Los Angeles as America's second largest city.
Since 2010, Chicago's population has rebounded adding nearly 25,000 people in the most recent 2015 population estimates.
Per U.S. Census estimates as of July 2016, Chicago's largest racial or ethnic group is non-Hispanic White at 32.6% of the population, with the Hispanic population increasing to 29.7% of the population and Blacks declining to 29.3% of the population from 32.9% in 2010.
|Black or African American||32.9%||39.1%||32.7%||8.2%|
|Hispanic or Latino (of any race)||28.9%||19.6%||7.4%||0.5%|
As of the 2010 census, there were 2,695,598 people with 1,045,560 households living in Chicago. More than half the population of the state of Illinois lives in the Chicago metropolitan area. Chicago is one of the United States' most densely populated major cities, and the largest city in the Great Lakes Megalopolis. The racial composition of the city was:
Chicago has a Hispanic or Latino population of 28.9%. (Its members may belong to any race; 21.4% Mexican, 3.8% Puerto Rican, 0.7% Guatemalan, 0.6% Ecuadorian, 0.3% Cuban, 0.3% Colombian, 0.2% Honduran, 0.2% Salvadoran, 0.2% Peruvian)
Chicago has the third-largest LGBT population in the United States. In 2015, roughly 4% of the population identified as LGBT. Since the 2013 legalization of same-sex marriage in Illinois, over 10,000 same-sex couples have wed in Cook County, a majority in Chicago.
According to the U.S. Census Bureau's American Community Survey data estimates for 2008–2012, the median income for a household in the city was $47,408, and the median income for a family was $54,188. Male full-time workers had a median income of $47,074 versus $42,063 for females. About 18.3% of families and 22.1% of the population lived below the poverty line.
Chicago has the third-largest gross metropolitan product in the United States—about $658.6 billion according to 2014–2016 estimates. The city has also been rated as having the most balanced economy in the United States, due to its high level of diversification. In 2007, Chicago was named the fourth-most important business center in the world in the MasterCard Worldwide Centers of Commerce Index. Additionally, the Chicago metropolitan area recorded the greatest number of new or expanded corporate facilities in the United States for calendar year 2014. The Chicago metropolitan area has the third-largest science and engineering work force of any metropolitan area in the nation. In 2009 Chicago placed 9th on the UBS list of the world's richest cities. Chicago was the base of commercial operations for industrialists John Crerar, John Whitfield Bunn, Richard Teller Crane, Marshall Field, John Farwell, Julius Rosenwald and many other commercial visionaries who laid the foundation for Midwestern and global industry.
Chicago is a major world financial center, with the second-largest central business district in the United States. The city is the headquarters of the Federal Reserve Bank of Chicago (the Seventh District of the Federal Reserve). The city has major financial and futures exchanges, including the Chicago Stock Exchange, the Chicago Board Options Exchange (CBOE), and the Chicago Mercantile Exchange (the "Merc"), which is owned, along with the Chicago Board of Trade (CBOT) by Chicago's CME Group. The CME Group, in addition, owns the New York Mercantile Exchange (NYMEX), the Commodities Exchange Inc. (COMEX) and the Dow Jones Indexes. Perhaps due to the influence of the Chicago school of economics, the city also has markets trading unusual contracts such as emissions (on the Chicago Climate Exchange) and equity style indices (on the U.S. Futures Exchange). Chase Bank has its commercial and retail banking headquarters in Chicago's Chase Tower.
The city and its surrounding metropolitan area contain the third-largest labor pool in the United States with about 4.48 million workers, as of 2014. In addition, the state of Illinois is home to 66 Fortune 1000 companies, including those in Chicago. The city of Chicago also hosts 12 Fortune Global 500 companies and 17 Financial Times 500 companies. The city claims two Dow 30 company: aerospace giant Boeing, which moved its headquarters from Seattle to the Chicago Loop in 2001, and Kraft Heinz. According to Site Selection magazine, the Chicago area has seen the most corporate headquarters relocation or expansion projects in the US for each of four consecutive years form 2013 to 2016. Caterpillar Inc. will be moving its global headquarters, with about 300 executives and staff and support personnel, to the Chicago suburb of Deerfield, Illinois, while its high-technology center is in Chicago, by the end of 2018. The headquarters of United Continental Holdings, are and its operations center and its United Airlines subsidiary are in the Willis Tower in Chicago. In June 2016, McDonald's confirmed plans to move its global headquarters to Chicago's West Loop neighborhood by early 2018, Chicago was the company's headquarters between 1955 and 1971.
Manufacturing, printing, publishing and food processing also play major roles in the city's economy. Several medical products and services companies are headquartered in the Chicago area, including Baxter International, Boeing, Abbott Laboratories, and the Healthcare division of General Electric. In addition to Boeing, which located its headquarters in Chicago in 2001, and United Airlines in 2011, GE Transportation moved its offices to the city in 2013 and GE Healthcare moved its HQ to the city in 2016, as did ThyssenKrupp North America, and agriculture giant Archer Daniels Midland. Moreover, the construction of the Illinois and Michigan Canal, which helped move goods from the Great Lakes south on the Mississippi River, and of the railroads in the 19th century made the city a major transportation center in the United States. In the 1840s, Chicago became a major grain port, and in the 1850s and 1860s Chicago's pork and beef industry expanded. As the major meat companies grew in Chicago many, such as Armour and Company, created global enterprises. Though the meatpacking industry currently plays a lesser role in the city's economy, Chicago continues to be a major transportation and distribution center. Lured by a combination of large business customers, federal research dollars, and a large hiring pool fed by the area's universities, Chicago is also the site of a growing number of web startup companies like CareerBuilder, Orbitz, 37signals, Groupon, Feedburner, and NowSecure.
Chicago has been a hub of the Retail sector since its early development, with Montgomery Ward, Sears, and Marshall Field's. Today the Chicago metropolitan area is the headquarters of several retailers, including Walgreens, Sears, Ace Hardware, Claire's, ULTA Beauty and Crate & Barrel.
Late in the 19th century, Chicago was part of the bicycle craze, with the Western Wheel Company, which introduced stamping to the production process and significantly reduced costs, while early in the 20th century, the city was part of the automobile revolution, hosting the Brass Era car builder Bugmobile, which was founded there in 1907. Chicago was also the site of the Schwinn Bicycle Company.
Chicago is a major world convention destination. The city's main convention center is McCormick Place. With its four interconnected buildings, it is the largest convention center in the nation and third-largest in the world. Chicago also ranks third in the U.S. (behind Las Vegas and Orlando) in number of conventions hosted annually.
Chicago's minimum wage for non-tipped employees is one of the highest in the nation and will incrementally reach $13 per hour by 2019.