In Chicago, 88% of low-income families face burdensome housing costs
PRESS RELEASE from the
ILLINOIS POLICY INSTITUTE
CONTACT: Elliott Parrish (312) 607-4977
Housing unaffordability on the rise:
One-third of Illinoisans pay over 30% of their income on housing
In Chicago, 88% of low-income families face burdensome housing costs
CHICAGO (July 9, 2024) – Illinois’ severe housing shortage and rising housing costs are making it harder for people to put a roof overhead than anywhere else in the Midwest.
In a new report, “Regulatory reform can make housing more affordable for families,” the Illinois Policy Institute found Illinois has nearly one-third of its residents paying over 30% of their income toward housing – the most in the Midwest.
Low-income residents making under $35,000 a year bear most of this crisis. Over 81% of low-income Illinois households are putting over 30% of their income toward shelter. Over 56% are severely burdened by housing costs, spending more than half of their income on housing.
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“It has never been harder for our low-income neighbors to find housing that’s affordable in Illinois,” said Josh Bandoch, head of policy for the Illinois Policy Institute. “This reality prevents Illinois’ poor from addressing other needs such as buying food, toiletries or medicine.”
The housing unaffordability problem is even worse in Chicago, where over 42% of households pay more than 30% of their income for housing and 22% pay more than half of their income. Housing costs burden 88% of low-income Chicagoans, or about 262,000 residents, and severely burden two-thirds of them.
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Institute experts identified low housing supply as a key cause of the housing affordability crisis. Recommended solutions include a reduction of unnecessary barriers to construction, burdensome zoning regulations and restrictive land-use policies.
Housing costs hit new extremes:
- Renters bear a big burden in finding affordable housing. Almost half of all renters in Illinois face costs over 30% of their income, and 26% are paying over half.
- According to polling, 78% of Chicagoans say the city lacks sufficient affordable housing.
- Chicago has identified an affordable housing gap of around 120,000 homes and 240,000 rental units.
- 97% of the 115,719 Illinoisans who left the state in 2022 moved somewhere with lower taxes, especially lower property taxes.
To read more about Illinois’ high housing costs, visit illin.is/housing.
For interviews or interviews, contact media@illinoispolicy.org or (312) 607-4977.
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