Woodstock Institute Chicago Home Buying Report
The Woodstock Institute has released a report showing that during the 1990s, the percentage of home buyers who were upper-income increased significantly in the city of Chicago. Meanwhile, in all of the five collar counties, as well as suburban Cook County, the percentage of buyers who were low- and moderate-income substantially increased. The study is based on an analysis of 1993 to 2000 home mortgage data collected by federal regulators and includes the following findings:
-Home buying by all income groups in the metropolitan area increased. Low- and moderate-income home buying increased at a much faster rate from 1993 to 2000 than middle- and upper-income home-buying.
-In the city of Chicago, upper-income buying grew at a substantially faster rate (86 percent) than buying by other income groups. Almost one-half of the increase in home buying in the city was due to upper-income buyers. The majority (58 percent) of the increase in upper-income homebuyers in the metropolitan area occurred in the city.
-Unlike the city, the rate of increase in low- and moderate-income home buying exceeded that of middle- and upper-income buying in all five collar counties as well as suburban Cook County.
-The suburbs accounted for 76 percent of the increase in the metropolitan area's low- and moderate-income buying.
-Suburban Cook County now has more low- and moderate-income buyers, as a share of all local buyers, than the city of Chicago (41.7 percent versus 38.2 percent).
-The bulk of the increase in upper-income home buying in the city of Chicago occurred on the city's North Side, in and around the Loop, and on the Near Northwest Side. Only 3 percent of the increase in upper-income buyers occurred on the city's West, Southwest, and South Sides.
-Large segments of the older, inner-ring suburbs, especially in western and southern Cook County, are experiencing significant shifts to low- and moderate-income home buying. At the same time, some of the farthest out, newer suburbs in outer Kane, McHenry, and Lake Counties are also experiencing a shift to low-and moderate-income buying.
Related Link: http://www.woodstockinst.org/whosbuyingwhere.pdf
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Posted November 9, 2001
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