Chicago is home to some of the top medical institutions in the country,Northwestern, University of Chicago, Rush, and more. With intense training schedules, long shifts, and limited free time, housing often becomes an afterthought for med students and residents.
But what if you could turn your time in Chicago into your first smart real estate move?
Why Med Students and Residents Should Think Like Investors
You’re spending 3–7 years in the city. That’s longer than most people stay in a rental lease. And with rent prices climbing, especially near hospitals and universities, many med students and residents are now exploring ownership as a strategic move.
Buying a condo or multi-unit can offer:
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Stable housing close to your hospital or campus
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Tax benefits and possible depreciation write-offs
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Appreciation in neighborhoods like Streeterville, South Loop, and West Loop
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Rental income if you purchase a 2–3 unit or rent out a spare bedroom
I’ve worked with multiple travel nurses and medical professionals who found properties near Northwestern Memorial or Rush that allowed short-term or 30-day rentals, great for covering costs between rotations or after match season.
What to Look For in a First Property
If you're considering buying, here’s what you want to prioritize:
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Proximity to campus or hospital (time = everything)
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Low-maintenance units (think newer construction or recently updated)
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Buildings that allow flexibility (30-day minimums, subletting, etc.)
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HOA and building rules (some buildings restrict rentals or guests)
And don’t forget about resale potential. Even if you leave Chicago after your program, a well-located unit can become your first long-distance investment.
Real Example: From Renting to Owning Near Northwestern
One of my clients, a second-year medical resident, was paying $2,900/month to rent a one-bedroom in Streeterville. We found a renovated one-bedroom condo in a boutique elevator building nearby listed at $325,000. She used a physician loan (no PMI and low down payment), and we negotiated closing credits to reduce upfront costs.
She now owns the unit, pays slightly more monthly, but builds equity, gets tax deductions, and plans to keep it as a rental when she moves out of state.
Need Flexibility? Consider These Areas
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Streeterville: Walking distance to Northwestern and Lurie
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South Loop: Good value with newer buildings and CTA access
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West Loop: Trendy, slightly more expensive, great for roommates
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Gold Coast: Quiet, central, with hidden 30-day rental buildings
Final Tip: Plan 6 Months Ahead
If your lease ends in spring or summer, you’ll want to begin the process by winter. This gives you time to:
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Understand financing (including special physician or resident loans)
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Get pre-approved
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Tour with intention (I can preview listings on your behalf)
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Negotiate seller credits or flexible terms