Home ownership rates in Chicago have declined to a low not seen since 1999, according to the latest numbers from the U. S. Census Bureau.
The home ownership rate in Chicago is now 63.9 percent after the recent fourth quarter 2015 data following two years of steady decline. The rate fell from 64.4 percent the previous quarter and reflects the broader shift under way since the housing market crash.
Stricter underwriting standards are certainly a component of the changing rate while lower supply as well as a trend among younger households to delay major purchases.
Thinking of making a move to the 'burbs? Each month we take a look at the numbers to see which suburbs and city neighborhoods were top-sellers and here's where you'll find the most competition if you head out of the city.
Last year Naperville took the crown as the top-seller, with a total of 2,537 home sales. The other two usual suspects, Aurora and Plainfield, took second and third place with 2,413 and 1,686 sales respectively.
But there are a lot of great places to live in Chicagoland, which you can find at our new website www.urbanrealestate.com.
Check out the full list at Chicago Agent Magazine here.
It looks like an exciting new project will be moving forward at Chicago's mothballed Old Main Post Office.
The landmark Art Deco building has attracted a variety of plans ever since it was purchased by British Developer Bill Davies but this week they unveiled a new plan for 1,500 apartments and a new tower addition that will be led by Chicago architecture firm Antunovich Assocaties.
The plan is still in the trial phase as the team behind it gauges interest in the apartments but it's an exciting proposal for a key piece of downtown real estate.
Read more at Curbed Chicago here.
Real estate sales rebounded in 2015 with the country seeing the most home sales in 9 years.
Sales of existing homes climbed 14.7 percent in December to an annual rate of 5.46 million, according to the National Association of REALTORS®. This reflects a rebound from the introduction of new mortgage rules instituted late last year.
Americans bought about 5.26 million homes last year, a 6.5 percent increase over 2014 with a median sale price increase of 6.8 percent to $222,400.
Read more at the Chicago Tribune here.