The price of owning a home in Illinois is on the rise as the number of homes available heads in the opposite direction.
New data shows housing values have jumped by more than 44% over the last six years, with a home that cost $191,454 then, now hitting the market at $277,191. Across the board, data shows every area of the state has seen significant price growth as fewer properties have become available to families that may be in the market.
Illinois Policy Institute’s LyLena Estabine argues the root of everyone’s problems traces to Springfield.
In Chicago since 2019, available homes have dropped 52% and since the pandemic the city has recovered just 36% of its pre-COVID listing levels. Overall, a recent study pegged the state’s housing shortage at 142,000 homes.
With the state also being home to some of the country’s highest property taxes, Estabine argues families also face that added pressure.
Story from Illinois Radio Network
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