Sep
22

Chicago Housing Costs Higher than National Average

September 22, 2012

No wonder there were fewer buyers of new homes in Chicago last year; residents here made less and homes cost more than the national average.

new homes in chicagoThe U.S. Census Bureau this week released the 2011 American Community Survey, which tracks local estimates on 40 topics, including housing, homeowner costs, people, employment, health insurance, commuting, educational attainment and more.

Here are some Chicago statistics, according to the report:

  • The median household income in Chicago in 2011 was $43,628 while the national average was $50,502.
  • The median value for a Chicago home was $228,300 last year while the nation’s average value was $173,600.
  • The average mortgage was $1,646 while the national median was $1,486.
  • The median gross rent in Illinois, including utilities, was $905. The national average was $871.
  • Approximately 20.4 percent of people in Chicago did not have health insurance coverage last year compared with 15.1 percent nationwide.
  • About 21.4 percent of all residents in Chicago were foreign-born, compared with 13 percent in the nation as a whole.

“The American Community Survey provides a wide range of important statistics about our nation’s people, housing and economy for all communities in the country – including Chicago,” said Thomas Mesenbourg, the Census Bureau’s acting director.

“The results are used by everyone from retailers, homebuilders and police departments, to town and city planners.”

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