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The Chicago real estate bubble of the 1830s was a real estate bubble, during which time the per acre prices (in 2012 dollars) in the future Chicago Loop increased from $800 in 1830 to $327,000 in 1836, before falling to $38,000 per acre by 1841. The Bank of Illinois began foreclosing on large amounts of real estate in the aftermath of the bust ...
But to encourage more sales and make them more affordable, Congress also reduced both the minimum price (from $2.00 to $1.25 (equivalent to $27 in 2023 [1]) per acre ($495 to $309/km 2)) and the minimum size of a standard tract (from 160 to 80 acres (647,000 to 324,000 m 2)). The minimum full payment now amounted to $100, rather than $320. [2]
After 1860 the township filled up rapidly and little unoccupied land was to be found anywhere in its boundaries. The Will County Plat Atlas, 1862 shows some of the land in Will Township was still owned by the Illinois Central Railroad. It has been reported that the railroad sold land east of Peotone, to early settlers, for $2.50 to $5.00 per acre.
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The claimed homestead could include the same land which they had previously filed a preemption claim (on up to 160 acres at $1.25 per acre, or up to 80 acres of subdivided and surveyed land at $2.50 per acre), and they could expand their current ownership to contiguous adjacent land up to 160 acres total.
The Illinois Central Railroad in 1851 was the first railroad to receive a federal land grant. The grant was part of the Land Grant Act of 1850, which provided 3.75 million acres of land to support railroad projects. The Illinois Central received nearly 2.6 million acres of land in Illinois. [3]
The land belonged to the local Potawatomi, Ottawa, and Chippewa tribes, but the United States government removed the Native Americans when the government started surveying the land along the Fox River in Kendall County. In 1842, the federal government placed the land for sale at an established price of $1.25 an acre. [7]
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related to: illinois land prices per acre