The new home crisis in Illinois is officially the Worst in the US
The numbers are out and the data shows that the new housing market in Illinois is officially in crisis mode. Here is everything you need to know about the alarming numbers in the Land of Lincoln...
According to The Real Deal, Illinois is tied with Rhode Island and New Jersey for the lowest rate of new homes being built in the entire country. Yes, Illinois the 6th most populated state, which is much larger in area than New Jersey and Rhode Island combined, is building the same amount of new homes as those two states...Alarming to say the least...
What are the experts saying?
On The Real Deal's website, they say...
"The state’s housing stock increased by just 0.2 percent from July 2021 to July 2022, Crain’s reported, citing a study by real estate analytics site ResiClub. Illinois has the lowest rate of new home construction in the nation, tied with Rhode Island and New Jersey... Low housing inventory has contributed to an affordability crisis in Chicagoland that’s the worst it’s been since the Great Recession."
The article goes on to mention that a big reason why the new home construction is down could be directly related to the stagnant population growth for the Land of Lincoln, to read more on the new home crisis in Illinois, click here!
The leadership in the state of Illinois has to find a way to address this crisis ASAP. Illinois can't be building the same amount of new homes as the smallest state in the country, that is embarrassing. Illinois will always have weather as an issue for attracting people to move here, so we have to have policies, tax breaks, and other incentives, to not only keep our current population but attract new people.
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Gallery Credit: Stacker