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Homeownership Trends In Chicago: Fewer Homeowners, and a Generation Gap, by Harold Willig

Homeownership rates in Chicago have changed dramatically in just the last few years, since 2007.

A recent article in Chicago Agent Magazine reported on a study done by Apartment List which looked at the last seven years of data from the U.S. Census Bureau. The three key takeaways include:

* Home ownership rates in the greater Chicago area have fallen from 69% in 2007 to 63.6% as of December 2014. The decline in home ownership in Chicago was less than many other metropolitan areas; in Phoenix, Miami and Denver, the decline was more than 8%. What’s more, Chicagoland’s homeownership rate of 63.6% was greater than the national average of 62.9%.

* Chicago has a home ownership generation gap. The housing divide between Millennials and Baby Boomers has grown wider. “While Millennial homeownership in Chicagoland is down 12.4%, and is now just 32.4%,” according to the report, “older Boomers have seen their homeownership rate fall just 3.8% points to 75.5%” said the report.

* Home ownership in Chicago for Whites has been greater than for Blacks.

Home ownership among minority groups has continued to decline. Chicagoland’s African American community had the lowest rate of homeownership (40%) “far below the 74% of the area’s white population,” according to the report. In addition, the Hispanics community in greater Chicago had the largest decline: their homeownership rate dropped 7.6%, to slightly more than half in the last seven years.

SpringView Investments’ manages a portfolio of more than 100 single-family homes is largely concentrated in ChicagoLand.

The big takeaway for our investors is that the continued trend away from home ownership augers well for continued investment in single-family homes; that Millennials will continue to be the majority of renters; and that all, including minority populations, will continue to seek affordable single-family rentals in stable neighborhoods.

For more information on why your should consider investing in a professionally

managed portfolio of single-family homes, please contact Harold Willig at 917-209-4452.

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