Woodstock Institute Study on Diversity and Stability in Chicago-area Home Buying, 1993-2000
Woodstock Institute has released a new report that examines the extent to which neighborhoods in the Chicago metropolitan area achieved and maintained significant levels of income and racial diversity in home buying during the 1990s. The study is based on an analysis of home mortgage data collected by federal regulators between 1993 and 2000. Significant findings include:
-In the region as a whole, the portion of buyers who were low- and moderate-income (LMI) increased significantly from 1993 to 2000.
-In the city of Chicago, income diversity in home buying occurs primarily on the far North and Northwest Sides and in a few scattered tracts throughout the rest of the city. The city also has significant concentrations of income-restrictive tracts on the North Side. Many suburbs and outer city neighborhoods experienced increases in LMI buying levels and saw income diversity generally increase.
-The number of stable income-diverse tracts in the region is not very large, but is still significant. More than one-half of these are in the suburbs.
-In the region as a whole, the proportion of buyers who were nonwhite increased significantly from 1993 to 2000. (Hispanics and Asians accounted for the vast majority of this increase.)
-All six counties contain areas of modestly diverse home buying. However, with scattered exceptions, much of this racial diversity was driven by Hispanic and Asian homebuyers.
-In the city, home buying became significantly more white in many areas, especially on the North and Northwest Sides. Meanwhile, some other areas of the city, especially the Southwest Side, experienced significant transition to minority home buying.
-Even more than in the case of income diversity, most racially diverse tracts are not stable.
-Although the numbers are not large, there are a significant number of stable, racially diverse neighborhoods in the region.
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