Looking for a place to live in Chicago? A new report has predicted the hottest neighborhoods in the city for 2016 and it appears the West Loop Gate will be the place to be.
The report was revealed by Zillow Tuesday, naming the popular downtown neighborhood for its projected increase in home values.
The results were based on the Zillow Home Value forecast, which predicts the change in the Zillow Home Value Index over the next 12 months. The Home Value Index is the median estimate for the current market value of a home in a particular area and incorporates data including special features, location and market conditions.
According to the report, the West Loop Gate is forecast to have a home value growth of 6.3 percent in the next year.
Also named on the list of hottest neighborhoods were the South Loop, Phil Hill, Budlong Woods and Belmont Terrace and Gage Park.
Here's the full list with home value growth estimates:
1. West Loop Gate – 6.3 percent forecasted home value growth
2. South Loop – 5.8 percent forecasted home value growth
3. Phill Hill – 5.0 percent forecasted home value growth
4. Budlong Woods & Belmont Terrace – both with 4.9 percent forecasted home value growth
5. Gage Park – 4.6 percent forecasted home value growth