For Students Studying in Illinois, Buying May Make More Sens

For Students Studying in Illinois, Buying May Make More Sense Than Renting

After being accepted into one of the top colleges or universities in Illinois, the next question is: Where will your student live?

Depending on the institution, dormitory space may be quite limited. Worse, some foreign students, unfamiliar with the local market, may pick an off-campus rental based only on price. While cheaper than living on campus, these accommodations may be inconvenient to campus (far from public transportation) or or lack desirable amenities (an in-unit or building laundry; workout room; parking).

There is an option to renting, however. Purchase a condo for your student.

And there are options after the student completes his or her schooling:

Use the property to live in, if remaining in the States under a visa
Receive income from renting the property (if this is allowed by the building association)
Sell the property (if the value has appreciated)

Continuing a Trend

For several years, Chinese and Hong Kong nationals have opted to purchase housing. According to the National Association of Realtors (NAR), China (includes Hong Kong) emerged as the top country of origin among foreign buyers in 2021, accounting for 8% of all foreign buyer purchases in terms of dollar volume of existing home purchases in the United States. Of these purchases, some 13% related to student use, according to NAR.

Finding a real estate advisor familiar with local market conditions, trends and opportunities, is a crucial first step. Booker Group, a part of Engel & Völkers Chicago North Shore, is here to help you.

Booker Group is based in Evanston, Illinois, home of Northwestern University. With 5,500 international students from more than 80 countries, Northwestern is extremely popular with Chinese students, with 1,578 students from China. This includes 201 undergraduates, 851 masters, and 526 doctoral students.

For more on the topic of foreign nationals purchasing property in the United States, please feel free to contact us or see this informative guide.