...MY BRIDGE HOME
CHICAGO HOMEOWNER STATISTICS
Cook County IL lost 68,000 people between July 2021 and July 2022, the second most significant decline among all U.S. cities behind only Los Angelos County, which lost 91,000.
Affordability often hits minority home-seekers hardest, particularly in urban centers where the cost to rent claims 30% of household income and affordable housing inventory has deteriorated.
The lack of racial and economic equity along with access to affordable loans have caused many to move out of the region.
Down payment and closing cost assistance remain the most significant barrier to homeownership, especially for low-to-moderate-income households.
EQUITY... NOT CREATED EQUAL
The divide in homeownership rates by race and ethnicity continues to be significant. Only white Americans exceed the national average homeownership rate of 65.5%.
74% - White
59.4% - Asian, Native Hawaiian, Pacific Islander
49.1% - Hispanic
44.7% - Black
Black Homeownership has increased only .4% in the last 10 years representing the most significant Black-White homeownership gap in a decade.
HOMEOWNERSHIP IMPACTS CRIME
Illinois ranks 35 in homeownership, placing them in the bottom 25 states in homeownership levels. Violent crime rates are 17.43 percent higher in the bottom 25 states compared to the top 25 states.
Yet in certain communities, city streets are lined with beautiful brownstones boasting character and boarded windows. Their neighbors are the vacant lots full of overgrown vegetation. These deteriorating multi-family buildings and empty lots hold the answer to the housing crisis and the opportunity for affordable homeownership. Positively impacting crime rates and building communities.
HOMEOWNERS BUILD COMMUNITY
Compared to renters, homeowners are:
28%more likely to improve their homes
Live 4 times longer in a community
15% more likely to vote
11% more likely to know who represents them in Congress.
Compared to children of renters, children of homeowners are:
25%More likely to graduate from high school
116% More likely to graduate from college
20% Less likely to become teenage mothers
9% Higher math scores
7% Higher reading scores