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🏠 Chicago Housing Affordability

🏠 Chicago Housing Affordability

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Landon Campbell
April 22, 2024

55th Edition

📍 This Week’s Lineup:

🏠 Chicago Housing Affordability

📊 Chart of the Week

📆 Events Around the City

🔙 Previous Editions of the Driver’s Seat

Before we dive in, check out a video I made on how Illinois will solve America’s compute problem:

Illinois is saving America's compute problem
— Landon (@landon20s)
Apr 21, 2024

🏠 Chicago Housing Affordability

Chicago Through the Years

Since 1970, Chicago's affordability metric has only increased by 33%, from a multiple of 2.05 to 2.72, indicating a comparatively mild increase in housing costs. The affordability metric is the ratio of income to home price.
In comparison, LA has experienced a 245% increase in its affordability multiple, rising from 2.22 in 1970 to 7.64 in 2022.
Among the nation’s 10 largest cities since 1970, Chicago has shown resilience amid nationwide skyrocketing housing costs.

What This Means

The stability in Chicago’s affordability ratio suggests that our housing market is less prone to extreme bubbles and crashes, which contributes to the overall economic stability of our city.

📊 Chart of the Week

Everything comes in and out of Chicago.

All rail lines converge from the central point of Chicago, proving that our city is an essential part of the national transportation infrastructure.

Last August, Amtrak and the city of Chicago submitted a $1B bid for the Chicago Hub Improvement Program, which will revitalize Union Station and reinstate the primary Chicago-Detroit line.