Signs of new-home construction in the Chicago area low. “That does not provide enough options for potential homebuyers like some of the neighboring states in the region,” Zillow senior economist Orphe Divounguy said. “The Chicago area is likely going to continue to get left behind and neighbors are likely going to catch up in 2023.”
The region has little new home building because the region is not growing. There’s no need to build new subdivisions without population growth. The one brightside is that there’s a lot of tear-downs and spec infill housing in areas with higher prices per square foot. Lots of old, smaller ranches being replaced with bigger McMansion type homes in upper middle class areas that attract professional and managers, which is entirely consistent with the demographic trends in the Chicago region. But on the other hand, formerly working class areas have turned, you know, really rough, as illegal immigrants overwhelming communities with… Read more »
Poor Taxpayer
3 years ago
Only rent in Illinois. Owning a house is like having herpes. People are fleeing because of high taxes. It is only going to get worse. The pensions crisis is a time bomb, and it is exploding right now. Run for your economic life. The will tax all the equity out of your house and then some.
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
The region has little new home building because the region is not growing. There’s no need to build new subdivisions without population growth. The one brightside is that there’s a lot of tear-downs and spec infill housing in areas with higher prices per square foot. Lots of old, smaller ranches being replaced with bigger McMansion type homes in upper middle class areas that attract professional and managers, which is entirely consistent with the demographic trends in the Chicago region. But on the other hand, formerly working class areas have turned, you know, really rough, as illegal immigrants overwhelming communities with… Read more »
Only rent in Illinois. Owning a house is like having herpes. People are fleeing because of high taxes. It is only going to get worse. The pensions crisis is a time bomb, and it is exploding right now. Run for your economic life. The will tax all the equity out of your house and then some.