Chicago’s Hemorrhaging Housing Market

Chicago’s Hemorrhaging Housing Market

Spring 2019

 

Rural America isn’t alone in suffering net population losses. A recent Bloomberg study of metro-area migration data found that the City of Chicago had a net loss of 155,000 residents in 2017. Those leaving aren’t just older and wealthy: Chicago ranks as the nation’s third-least attractive metro area for millennials, losing an average of nearly 19,000 more young adults than it gains every year. The city’s population decay is also manifested in its underperforming property market: average housing prices in the Windy City, for example, have yet to fully recover from the 2009 real-estate bust. Poor fiscal management by state and municipal governments is to blame. “For years, voters in some states have acted as if government financial problems, including massive pension debt, weren’t real. Take a look at Illinois and the nation’s third-largest city to see how that bet is playing out.”

 

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