Monday, November 18, 2013
 
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Illinois' housing value at $179,900 and homeownership rate at 67.3 pct

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[November 18, 2013]  CHICAGO — Last week the U.S. Census Bureau released the latest statistics from the American Community Survey. The figures cover a three-year period, 2010-2012, and are available for areas with a population of 20,000 or more.

The statistics show that the median home value for Illinois was $179,900 during the post-recession period of 2010-2012, a decrease from $207,300 during the recession period of 2007-2009. According to the survey, the post-recession median homeownership rate in Illinois was 67.3 percent, a decrease from 68.8 percent during the recession.

The findings about home valuations are based on survey responses, not reported sales, and provide a snapshot of the housing market from recent years. Current data from the Illinois Association of Realtors have indicated the market is rebounding, with median prices statewide registering gains since 2012.

Nevertheless, the American Community Survey provides a wide range of important statistics about all communities in the country. The survey gives communities the current information they need to plan investments and services. Retailers, homebuilders, police departments, and town and city planners are among the many private and public sector decision-makers who count on these annual results. Ever since Thomas Jefferson directed the first census in 1790, the census has collected detailed characteristics about our nation's people.

Other selected highlights for Illinois:

Housing units

  • In Illinois, 58.5 percent of housing units post-recession were single-family detached homes, an increase from 58.1 percent in 2007-2009.

  • Additionally, 2.6 percent of Illinois' housing units were mobile homes, a decrease from 2.8 percent in the 2007-2009 statistics.

Mortgage status

  • About 68.4 percent of owner-occupied homes had a mortgage in 2010-2012, a decrease from 69.9 percent in 2007-2009.

Rent

  • In 2010-2012, the median gross rent was $877, which was not statistically different from $873 in 2007-2009.

  • In Illinois, 43.2 percent of renters spent 35 percent or more of their household incomes on gross rent, an increase from 41.4 percent during the recession period.

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Monthly owner costs

  • According to 2010-2012 statistics, the median selected monthly owner costs of housing units with a mortgage was $1,681, a decrease from $1,791 in 2007-2009. Some examples of owner costs are mortgages, real estate taxes, various insurances, utilities, fuels, mobile home costs and condominium fees.

  • Meanwhile, the post-recession median selected monthly owner costs for housing units without a mortgage was $555, which was not statistically different from $557 in 2007-2009.

  • In 2010-2012, 29.0 percent of homeowners with a mortgage spent 35 percent or more of their household incomes on selected monthly owner costs, a standard indicator of unaffordable housing. This was not statistically different from 29.4 percent in 2007-2009.

For more information

The Census Bureau has also released a brief titled "Home Value and Homeownership Rates: Recession and Post-Recession Comparisons From 2007-2009 to 2010-2012." This brief uses the 2010-2012 American Community Survey statistics to focus on homeownership rates and median housing values in small areas.

In addition to these housing statistics, more than 40 topics about Illinois are available with the release through the American Community Survey. The topics include educational attainment, employment, commuting, language spoken at home, nativity and ancestry. For the first time, comparison profiles are available for the three-year statistics, allowing smaller communities to see how their social, economic and housing characteristics have changed over time.

The 2010-2012 American Community Survey statistics are available for the nation, all 50 states, the District of Columbia, Puerto Rico, every congressional district, every metro area, and all counties and places with populations of 20,000 or more. Statistics for areas with smaller populations will be available on Dec. 17.

For more information, contact Dave Roeder at 312-814-6015 or the regional office of the U.S. Census Bureau in Chicago at 630-288-9288 or 1-800-865-6384.

[Text from Illinois Department of Commerce and Economic Opportunity file received from the Illinois Office of Communication and Information]

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