By: Ted Dabrowski and John Klingner
Illinoisans put up with a lot of pain to live in Illinois, but one of those pains hits especially hard: falling house prices. Declining home values strike directly at Illinoisans’ savings and their financial security. Often times, that’s where their entire net worth is.
Average Illinois home prices are still 12 percent below their pre-Great Recession peak, according to a 2018 study by Corelogic, a global property analytics site. That’s the 7th-worst recovery in the nation. Illinois is one of just 14 states where homes have yet to recoup the value they lost.
In contrast to what’s happening here, the average home prices in all of Illinois neighbors have surpassed their pre-recession peaks.
Values in Missouri are now 2 percent higher than they were just before the 2007 recession. Indiana’s home prices are 8 percent higher and Iowa’s are up a full 15 percent.
There’s no need to debate precisely why Illinoisans are so much worse off than residents in other states. There are plenty of reasons why. Anemic income growth. Too much state and local government debt. Rampant political corruption. Disappearing working- and middle-income jobs. And the nation’s highest property taxes and the stream of out-migration have something to do with it, for sure.
Another way to say all that is Illinois politicians have run the state into the ground with decades of failed public policies. To see those policies, read 20 facts Illinois politicians don’t want you to know.
And look for their next “big idea,” a progressive income tax scheme, to make things far worse.
Read more about how falling property values and rising taxes make life hard for Illinoisans:
- Illinois’ lethal combination: Rising property taxes and stagnant incomes
- Chicago’s south suburbs struggle under Springfield’s continuing neglect
- Sticker shock: Some New Trier residents stunned by property assessments
- Leaving Illinois: One family’s math
- Pritzker’s progressive tax push: A guide for the ordinary Illinoisan