Chicago Has Made The Switch to a Homeowner Majority
Our Friends at Rentcafe updated us with this great info. The housing trends of the past decade suggest that, despite a national decline, renting is maintaining its popularity in 23 large and mid-sized cities, while homeownership has and will continue to rebound, taking over 12 cities nationwide.
By the end of the decade, more than half of Chicago’s residents were homeowners, a dramatic turn over for a major urban hub well known for its renter population.
Here are the highlights:
- Chicago’s owner share increased from 48.9% to 50.4% this past decade, thanks to an uptake of 3% in the homeowner’s population. Over 1,32M residents own a place in the city.
- While homeownership increased, the city’s renter population declined by 3%. The number of household rentals dropped from over 1,35M in 2010 to 1,30M last year.
- In the past decade, homeownership was and remained the norm in some Chicago suburbs. Joliet owner share increased from 69% to 77%, as the number of owner households expanded by 10%. Currently, the population of homeowners in this suburb reaches over 111K.
Rentcafe’s study is here: : https://www.rentcafe.com/blog/rental-market/market-snapshots/renting-dips-claims-majority-23-cities/
Video courtesy of : Maria and Nabol – Kimchi & Beans