More own homes, but many still are left out - Metropolitan Planning Council

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More own homes, but many still are left out

2000 census figures show more home ownership in the Chicago region than ever. But not for everyone.

Despite the economic boom of the 1990s, Chicago made only modest gains over the decade in the number of city families that own their homes, a key barometer of urban stability and prosperity, according to new census data released Tuesday.

In some neighborhoods, particularly trendy ones within walking distance of the Loop, rates of homeownership soared as new town home developments and luxury condo conversions were lapped up like lattes by wealthy, white empty nesters and young singles.

But those gains were not shared equally. In many neighborhoods removed from the city center—areas that community activists complain are chronically overlooked by City Hall, developers and lending institutions—rates of homeownership stagnated or declined over the 1990s.

For fair development advocates, the first look at the city's housing market after a decade of population growth and construction showed mixed results.

"The gain in homeownership overall is a very positive trend," said MarySue Barrett, president of the Metropolitan Planning Council. "The fact that certain groups are lagging behind is disturbing, and it reinforces the need for targeted initiatives to assist communities accessing homeownership."

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Housing

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For more than 85 years, the Metropolitan Planning Council (MPC) has partnered with communities, businesses, and governments to unleash the greatness of the Chicago region. We believe that every neighborhood has promise, every community should be heard, and every person can thrive. To tackle the toughest urban planning and development challenges, we create collaborations that change perceptions, conversations—and the status quo. Read more about our work »

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