Housing Affordability Statistics for Cook County, Illinois
Property Data Insights for Chicago
Home mortgage rates continue to hit historic lows, and workplace pay is rising in Cook County, Illinois and Chicago. That’s according to the latest Housing Affordability Index by ATTOM. In Cook County, Illinois, which encompasses the city of Chicago, the data shows that home prices have been consistently affordable for the average wage earner.
Latest Housing Affordability Highlights for Cook County, Illinois
In most of the nation, low real estate inventory has been exacerbated by the COVID-19 pandemic. Historically low home-mortgage rates and new work-at-home lifestyles are spurring investment in homes and condominiums, and the increased demand is pushing up prices. However, in Cook County, the second most populous county after Los Angeles, California, wages are also rising, and wage growth is outpacing home-price appreciation.
Here are the latest data highlights from ATTOM’s Housing Affordability Index for Cook County, Illinois.
Affordability
Unlike Los Angeles, homes in Cook County have been consistently affordable for the average wage earner.
Prices
The major costs of owning a median-priced home in Cook County, Illinois, typically consume less than 28 percent of the average local wage.
Wages
The median annual income needed to buy a home in Cook County, Illinois is around $60,000.
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Housing Affordability Index Summary for Cook County, Illinois
Cook County is the second-most populous county in the nation after Los Angeles, California. In contrast to Los Angeles, however, average annualized wage growth in Cook County is outpacing home-price appreciation.
ATTOM’s housing affordability index data shows that in early 2015, the U.S. housing affordability index for Cook County reached a high of 165. It then ranged between 100 and 140 over the next few years and into 2021. The index has recently hovered just over 100, which means that homes in Cook County are becoming more affordable for the average wage earner.
The median sales price for a home in Cook County in 2007 was $255,000. After the housing crisis of 2008, prices dropped to around $128,000 in 2012 and then steadily increased to around $280,000 today.
The cost of owning a median-priced home in Cook County typically consumes less than 28 percent of the average local wage. Annualized wages in 2007 were around $50,000 and have steadily increased to just over $76,000.
ATTOM’s housing affordability index for Cook County, Illinois, analyzes median home prices derived from publicly recorded sales deed data collected by ATTOM and average wage data from the U.S. Bureau of Labor Statistics.
The housing affordability index is calculated based on the percentage of average wages needed to make a monthly house payment on a median-priced home with a 30-year, fixed-rate mortgage and a 20 percent down payment.