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8/2/2019 Cook County Housing 2011
1/34
i n s t i t u t e f o r h o u s i n g s t u d i e sD E PAUL UNIVERSITY
The State o Rental Housingin Cook County
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II | THE STATE OF RENTAL HOUSING IN COOK COUNTY
TABLE OF CONTENTS
EXECUTIVE SUMMARY 1
KEY FINDINGS FROM THE STATE OF RENTAL HOUSING IN COOK COUNTY 2
INTRODUCTION 4
Chapter 5
HOUSING TRENDS OVER THE LAST DECADE NATIONALLY AND IN COOK COUNTY:
Diminishing Supply; Increased Demand or Rental Housing
Chapter II 8
CHARACTERISTICS OF RENTAL HOUSING AND RENTERS IN COOK COUNTY:
Rental Plays A Critical Role in Cook County
Chapter III 13
CONDITIONS IMPACTING FUTURE RENTAL HOUSING OPTIONS I:
Rising Rents; Decreasing Income
Chapter IV 17
CONDITIONS IMPACTING FUTURE RENTAL HOUSING OPTIONS II:
An Explosion in Foreclosures
Chapter V 22
THE COOK COUNTY AFFORDABLE RENTAL MARKET IN 2020:
An Increasing Afordability Gap
APPENDICES 24
Prepared by
THE INSTITUTE FOR HOUSING STUDIES AT D EPAUL UNIVERSITY
In partnership with
THE PRESERVATION COMPACT
This project was made possible through the generous support o
The John D. and Catherine T. MacArthur Foundation.
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D E PAUL UNIVERSITY INSTITUTE FOR HOUSING STUDIES
Four in ten Cook County residents are renters yet to date much o the discussion about the housing crisis has
ocused on its e ects on current and potential homeowners This report examines how changes in the housing
market over the last decade have a ected renters and in particular access to a ordable rental housing in
Cook County
There has long been a shortage o a ordable rental housing in the United States During the rst part o the
last decade that shortage worsened as low interest rates a strong national economy and a continuing public
policy push to increase homeownership e ectively re-allocated investment resources into owner-occupied
properties and away rom rental housing Demand or owner-occupied units led many owners o rental
properties to convert rental units into or-sale condominiums and there was relatively little new multi amily
rental housing construction to make up or the loss o those units
At the same time that the supply o a ordable rental housing was decreasing the demand or a ordable
rental opportunities increased The widespread recession o and negatively a ected wages and
employment and resulted in a growing proportion o very low-income renters
These national trends were mirrored in Cook County over the last decade Key ndings rom this
report include:
The a ordable rental housing supply is not keeping pace with demand In 2009 there
was a shortage o 180,000 afordable rental units in the County, an increase o 9.1 percent
since 2005.
In households needed to make approximately per year to aford the
countys median priced two-bedroom apartment ($1000 per month), i they were to pay
30 percent o their income toward housing.
The a ordable rental housing shortage is having its greatest e ect on less afuent
renters More than three-quarters o households making less than $35,000 per year pay
more than 30 percent o their income or rent.
Over the last hal o the s rents increased Although between 2008 and 2010,
rents in Chicago decreased by 1.9 percent and rents in suburban Cook County decreased
by 4.3 percent, the County has still seen a net increase in rents since 2005. Real median
rents rose 14.1 percent in Chicago and 13.3 percent in the suburbs between 2005 and 2010.
The oreclosure crisis has a ected renters More than 97,000 units in multi amily buildings
in Cook County have been part o a oreclosure action.
The gap between a ordable rental housing supply and demand likely going to grow
larger Taking into account likely demographic changes, household tenure decisions,
regional economic conditions, and new construction, the gap in afordable rental units will
increase to 233,000 by 2020.
EXECUTIVE SUMMARY
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2 | THE STATE OF RENTAL HOUSING IN COOK COUNTY
KEY FINDINGS FROM THE STATE OF RENTAL HOUSING
IN COOK COUNTY
There are a substantial number o renters in Cook County : percent o Cook County residents rent
The need or afordable housing is growing The number o Cook County residents needing a ordable
rental housing has increased percent since :
GAP BETWEEN DEMAND AND SUPPLY OF AFFORDABLE RENTAL HOUSING IN COOK COUNTY,
2005-2009
YEAR HOUSEHOLDS IN NEED OF
AFFORDABLE RENTAL HOUSING
SUPPLY OF
AFFORDABLE UNITS
GAP
2005 461,330 296,437 164,893
2009 482,785 302,842 179,943
Source: and American Community Survey
The Cook County multi amily housing stock is diverse: Roughly percent o rental units in multi amily
buildings have two-to- our units About percent have between and units and nearly percent
have or more units
More households are renting again: Between and the number o renter occupied homes
increased by nearly while the number o owner-occupied homes decreased by over
Renters are lower-income than owners: The median income or renter households in was
This was percent o the median household income or owners which was
Renters are younger than owners: The number o renter households exceeds the number o owner
households in both the under and the to -age groups
Younger households are making less: Between and real income or Cook Countys renter
households that were younger than declined by over percent
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D E PAUL UNIVERSITY INSTITUTE FOR HOUSING STUDIES
Rents are increasing: Although real median rents dropped between and there has been a net
increase in rents o percent in the City and percent in the suburbs between and
REAL MEDIAN RENTS IN COOK COUNTY, 20052010
YEAR CHICAGO SUBURBS
2005 $880 $874
2008 $1,023 $1,0342010 $1,004 $990
Source: Multiple Listing Service (MLS)
Families making less than $35,000 pay the most. Nearly percent o renters making less than
per year and percent o renters making between and pay more than percent o their
income or rent and basic utilities
The oreclosure crisis has afected amilies that rent: Foreclosures a ected rental units in Cook
County between and
Suburban oreclosures on rental properties are growing Foreclosures on suburban buildings with ve ormore units have grown rom percent o County oreclosures on such buildings in to percent o
County oreclosures on such buildings in
Areas that need afordable rental housing the most have been hit hardest by oreclosures Nearly
percent o all rental units in two-to- our unit properties in low-income communities have been a ected by
oreclosure lings
The need or afordable rental housing will continue to grow. The gap between the supply o a ordable
rental units and the demand or a ordable rental housing is projected to grow to units between now
and
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4 | THE STATE OF RENTAL HOUSING IN COOK COUNTY
Almost all Americans rent at some point in their
lives and rental housing plays a critical role in Cook
County where approximately percent o all
households rent Renting provides the opportunity
to live independently without the challenges and
costs o property maintenance and improvement
that accompany homeownership For households
that value or need exibility and economic mobility
it is much easier to move rom one rental unit to
another than it is to move rom one ownership
situation to another For households that do not plan
to be in a home long enough to be able to recoup
the transaction costs inherent in buying and selling
a property renting is a pre erable option For many
others homeownership simply is not an option They
do not earn enough to be able to save or a down
payment or to cover the ongoing costs associated
with owning property Lower-income individuals
and amilies tend to be especially dependent on the
presence o a ordably priced rental housing
Rental housing is also important or the Chicago-
land economy Lower-income workers such as con-
struction workers teachers health care workers
child care providers secretaries and retail clerks
play critical roles in large sectors o the economy in
both blue- and white-collar industries Many o these
workers are likely to be renters Access to quality
housing that is a ordable at a variety o income-lev-
els creates economic stability and security or these
households the businesses where they work and
the regions economy as a whole
For all these reasons attention to the preservation
and development o a ordable rental housing is
essential in Cook County
This report builds on previous work done by the
Institute or Housing Studies at DePaul University
and The Preservation Compact a partnership
among Chicago area civic and government
leaders that ocuses on the preservation o
a ordable rental housing in Cook County The
report provides an overview o the countys
current rental housing market assesses the e ects
o the real estate and nancial crises (among
other actors) on the market and identi es
variations across di erent parts o the county
Based on current conditions and potential changes
in the broader economy it estimates how the
countys rental market will evolve over the next
years and discusses the rami cations o those
di erent scenarios
INTRODUCTION
Housing is considered a ordable when a amily pays no more than percent o their income
or shelter In this report a ordable rental housing is de ned as rental units a ordable to
households making or less which is about percent o the ederal poverty level
in At this income amilies should pay no more than per month or rent
A F F O R D A B L E
R E N T A L
H O U S I N G
D E F I N I T I O N
See or example Preserve Renew Rebuild: A Rental Housing Action Plan or Cook County ( available atwww preservationcompact org produced by the Preservation Compant; the Sate o Rental Housing in Cook County: CurrentConditions and Forecast ( ) and Cook County Rental Housing: Snapshot ( ) both o which were produced byDePauls Institute or Housing Studies; and The Multi amily Housing Market and Value-at-Risk Implications or Multi amily Lending(DePaul Institute or Housing Studies working paper ) by James D Shilling the Academic Project Director o the Institute
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D E PAUL UNIVERSITY INSTITUTE FOR HOUSING STUDIES
National Shortage o Rental Housing
There has long been a shortage o a ordable
rental housing in the United States During the rst
part o the last decade that shortage worsened
as low interest rates a strong national economy
and a continuing public policy push to increase
homeownership e ectively re-allocated investment
resources into owner-occupied properties and away
rom rental housing Demand or owner-occupied
units led many owners o rental properties to convert
rental units into or-sale condominiums and there
was relatively little new multi amily rental housing
construction to make up or the loss o those units
According to Harvards Joint Center or Housing
Studies the nation had ewer a ordable
rental units in than in Part o that loss
resulted indirectly rom the growth in the national
homeownership rate which reached a historic high
o percent in the ourth quarter o
At the same time that the supply o a ordable rental
housing was decreasing the demand or a ordable
rental opportunities increased The widespread
recession o and negatively a ected
wages and employment and resulted in a growing
proportion o very low-income renters
By approximately percent o all renter
households had incomes below the national median
and percent had incomes in the bottom quartile
The return to the rental market o many homeowners
who no longer were able to meet their mortgage
payments and had to give up their homes added
to the demand pressures By there were
million very low-income renters competing or only
million a ordable and available units
Taken together the diminished supply o rental
units the increased demand or a ordable units
and reduced renter incomes has made housing
increasingly expensive or those who rent The Joint
Center ound that percent o all renters spent
at least percent o their gross income on rent in
up rom percent in Such renters are
considered to be cost-burdened The proportion o
renters spending more than hal o their income on
rent increased by percentage points during this
same period
HOUSING TRENDS OVER THE LAST DECADE NATIONALLY
AND IN COOK COUNTY: DIMINISHING SUPPLY; INCREASEDDEMAND FOR AFFORDABLE RENTAL HOUSING
Chapter I
Joint Center or Housing Studies Americas Rental Housing: Meeting Challenges, Building on Opportunities(Cambridge MA: Havard University Feb ) pIbid pIbid pIbid p
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6 | THE STATE OF RENTAL HOUSING IN COOK COUNTY
Cook County Trends Mirror Nation
As in the country as a whole Cook County
experienced a signi cant increase in homeownership
in the rst part o the s Buoyed by a strongregional economy low mortgage interest rates
and a surge in subprime nancing households o
all income levels sought to obtain their part o the
American dream Between and the
countys number o owner-occupied units increased
by more than (see Chart )
Heightened demand or homeownership e ectively
depressed the demand or rental housing The
proportion o renter households dropped rom
percent to percent during the period and manylandlords opted to take their rental units out o
service Some converted them to condominiums and
sold them to people looking to buy a home Others
elected to combine smaller units into larger ones
in order to make their properties more appealing
to prospective renters In some cases entire rental
properties were demolished to make room or more
pro table land uses As a result o these and other
actors the county had approximately ewer
rental units in than it had in (see Table )
Conditions changed considerably toward the end o
the decade The bursting o the real estate bubble
in and the resulting collapse o single- amilyhousing prices and the subprime lending industry
contributed to the worst economic recession since
the s Many homeowners ound themselves
unable to meet their mortgage payments and lost
their homes e ectively putting themselves back in
the rental market Other households decided that
renting was a more appealing option nancially
These and other actors contributed to a reversal in
the housing trends o the previous seven years
The proportion o renter households increasedby nearly percentage points between
and The number o owner-occupied
homes decreased by more than with a
corresponding increase o nearly renter-
occupied units In many cases the new rental units
were oreclosed single- amily homes and vacant
condominiums However even with this increase in
rental units Cook County ended with nearly
ewer rental units than it had in
See Appendix C or underlying data used to create all the charts in this report
Sources: U S Census; and American Community Survey
CHART 1. HOUSEHOLD TENURE IN COOK COUNTY, 2OOO2009 6
OWNER-OCCUPIED UNITS RENTER-OCCUPIED UNITS OF HOUSEHOLDS RENTING
1,400,000
1,200,000
1,000,000
800,000
600,000
400,000
200,000
0
43%
42%
41%
40%
39%
38%
37%
36%
35%
# o
f U n
i t s
# o
f H o u s e
h o
l d s
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D E PAUL UNIVERSITY INSTITUTE FOR HOUSING STUDIES
TABLE 1. RENTAL UNITS IN COOK COUNTY, 2000-2009
YEAR RENTER-OCCUPIED
RENTED BUT
UNOCCUPIED VACANT FOR RENT TOTAL
2000 831,438 N/A 51,882 883,320
2005 746,531 10,454 78,849 835,834
2007 731,656 8,160 67,487 807,303
2009 785,529 8,009 73,908 867,446
Sources: U S Census; and American Community Survey
Total rental units equal the sum o occupied rental units rented but unoccupied units and vacant units or rent While the AmericanCommunity Survey used these categories in and the U S Census combined sold but unoccupied unitsand rented but unoccupied units into the same category We there ore did not include rented but unoccupied units in thenumbers which understates both the total number o rental units in and the resulting loss o units between and
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8 | THE STATE OF RENTAL HOUSING IN COOK COUNTY
Cook County Rental Housing Stock
Rental housing is particularly important in Cook
County Cook County is the second most populous
county in the United States behind Los Angeles
It contains both the nations third largest city
(Chicago) and numerous suburbs Because o that
mix its rental market is broadly representative o
many urban areas around the country
Yet Cook County has a much larger proportion o
renter households ( percent) than the country
as a whole ( percent) Though its median renter
household income is higher than the countrys it is
one o the lowest among the major metropolitan
areas (see Table )
CHARACTERISTICS OF RENTAL HOUSING AND RENTERS
IN COOK COUNTY: RENTAL HOUSING PLAYS A CRITICALROLE IN COOK COUNTY
Chapter II
TABLE 2. RENTAL CONDITIONS IN THE COUNTRYS 10 MOST POPULOUS COUNTIES
COUNTY POPULATION
(in miilions)
RENTER-OCCUPIED
UNITS AS OF ALL
OCCUPIED UNITS
MEDIAN HOUSEHOLD
INCOME FOR
RENTERS
OF RENTERS PAYING
OR MORE OF
INCOME IN RENT
Los Angeles (CA) 9.9 52.2% $38,270 54.4%
Cook (IL) 5.3 49.7% $31,367 50%
Harris (TX) 4.1 42.9% $32,885 47.3%
Maricopa (AZ) 4 34.6% $35,062 48.8%
San Diego (CA) 3.1 44.8% $41,396 56.4%
Orange (CA) 3 29.9% $51,084 52.1%
Kings (NY) 2.6 69.5% $33,268 50.6%
MiamiDade (FL) 2.5 43.1% $28,194 60.3%Dallas (TX) 2.5 46.7% $31,174 47.2%
Queens (NY) 2.3 54.7% $44,040 49.3%
United States 307 34.1% $30,576 47.7%
Source: American Community Survey
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D E PAUL UNIVERSITY INSTITUTE FOR HOUSING STUDIES
Most Rental Units are in Chicago
The majority o Cook Countys rental units are
located in the City o Chicago Chicago has
times as many rental units as the county suburbscombined Nearly hal o the citys residents live in
rental housing compared with less than a quarter o
the suburban population (see Table )
The countys rental units are predominantly
located in middle-income ( percent) and low-
income ( percent) areas Nevertheless nearly
one-quarter ( percent) are located in upper-income areas Within the di erent income areas
most o the units are located within multi amily
apartment buildings
TABLE 3. CHARACTERISTICS OF COOK COUNTY RENTAL MARKET, 2009
COOK COUNTY CHICAGO SUBURBS
Total Rental Units (% o County Total) 867,446 627,033 (72.3%) 240,413 (27.7%)
Total Renter Population (% o County Total) 1,941,989 1,391,715 (72.6%) 550,274 (27.4%)
Total Population 5,189,163 2,788,472 (53.7%) 2,400,691 (46.3%)
% of Population Living in Rental Units 37.4% 49.9% 22.9%
Source: American Community Survey
We de ne the low-income communities (PUMAs) as those whose median household income is less than percent o ederalpoverty level ( in ) The middle income communities (PUMAs) are those whose median household income is in therange o to percent o poverty level The high-income communities (PUMAs) have more than percent o poverty level
The number o units in a building has a signi cant impact on the way an owner nances a build-
ings acquisition re nance and or rehabilitation In general because o losses associated with
real estate over the past several years lenders are reluctant to hold long term real estate debt
in their port olios They pre er to originate loans and sell them to the secondary market earning
a ee but reducing their long-term risk Because o the risks associated with loans to very small
investor-owned properties the secondary market has virtually no appetite or loans to investor-owners o two-to-
our unit buildings and nancing or buildings o this size is generally limited to loan products or owner occupants
On the other hand buildings with ve or more units are evaluated rom an investment perspective and are nanced
with commercial loan products that require a more complex and costly underwriting process Because o this most
lenders pre er to nance larger projects (o ten those buildings with units or more) These buildings because o
their size generate more revenue and can better absorb the underwriting costs
Smaller projects (o ten buildings with ewer than units) typically generate less revenue and cannot as easily
absorb the underwriting costs associated with loans sold to the secondary market Lenders are reluctant to hold
these loans in their port olios and these buildings are more di cult to nance In Cook County and throughout the
country this is a challenge to a ordable housing preservation because a substantial portion o the rental housing
stock is in such mid-sized properties
F I N A N C I N G
I N T H E
M U LT I FA M I LY
M A R K E T
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10 | THE STATE OF RENTAL HOUSING IN COOK COUNTY
18.5%
35.2%
33.4%
12.4%
0.5%
11.2%
48.8%
19.0%
19.8%
1.2%
21.2%
30.1%
38.9%
9.6%
0.3%
Most Rental Units are in Buildings with Five or
More Units
Cook Countys stock o multi amily buildings is
diverse but county-wide the majority o such
buildings have ve or more units In more than
hal o all occupied rental units ( percent) in the
county were in properties with at least ve units
while a third ( percent) were in smaller two-to-
our unit buildings
In Chicago small buildings with two-to- our units
(nearly percent) and mid-sized buildings with to
units ( percent) make up the majority o rental
units According to Cook County Assessor data
Chicago had nearly times as many two-to- our
unit properties as suburban Cook County in
In suburban Cook County nearly hal o all units
are located in mid-sized buildings with only about
a th o rental units in two-to- our unit properties
Chicago also has a larger share o its units in the
largest buildings with over percent in buildings
units or greater compared to percent in the
suburbs (see Chart )
Though Chicago has many more large multi amily
properties these represent a smaller proportion o
its total rental property stock compared to suburban
Cook County Chicago has - unit properties
compared to in suburban Cook County and
the City has unit properties compared to
in suburban Cook County (see Table )
CHART 2. RENTAL UNITS BY BUILDING SIZE
Source: American Community Survey
TABLE 4. CHARACTERISTICS OF OCCUPIED RENTAL PROPERTIES, 2009
CHICAGO SUBURBS COOK COUNTY
Total 24 Unit Rental Properties 129,100 28,009 157,109
Total 549 Unit Rental Properties 15,068 7,027 22,095
Total 50+ Unit Rental Properties 1,050 277 1,327
Source: Cook County Assessors O ce
UNITS IN OTHER TYPES
OF PROPERTIES
UNITS IN SINGLE UNIT PROPERTIES
UNITS IN UNIT PROPERTIES
UNITS IN UNIT PROPERTIES
UNITS IN + UNIT PROPERTIES
CHICAGO SUBURBAN COOK COOK COUNTY TOTAL
% o
f R e n
t a l U n
i t s
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D E PAUL UNIVERSITY INSTITUTE FOR HOUSING STUDIES
Increase in Single Family Rentals
One o the impacts o the weaker homeownership
market in Cook County was a percent increase
in the number o renter-occupied single- amily
homes between and During this
same period the City o Chicago experienced
a percent increase in the number o single
amily detached rental units compared to a
percent increase in condominium rental units (see
Chart ) As a result the proportion o single-unit
rental properties in Cook County jumped by
percentage points rom - to percent
At least some o this increase can be attributed to
the growing number o oreclosed properties When
a lender holds title to a property or sells it to an
investor the new owner may elect to rent it out in
order to generate near-term revenue until the market
improves to a point where the property can be sold
or a avorable price In many such situations renting
may be the only way to realize some return or come
closer to breaking even as the owner investor would
have had to take a loss were the property to be sold
immediately in the weaker market
Cook County Renters
Cook County renters are younger and less afuent
than owners The median income or renter
households in was percent o
that or owner households and percent o the
overall county median Slightly more than a third
o renter householdsmore than had
incomes o or less compared with less
than a tenth o homeowners At the opposite end
CHART 3. CHICAGO SINGLE FAMILY RENTAL UNITS, 20072009
Sources: U S Census; and American Community Survey
DETACHED CONDOS
# o
f R e n
t a l U n
i t s
Property Type
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12 | THE STATE OF RENTAL HOUSING IN COOK COUNTY
CHART 5. AGE OF HOUSEHOLDER BY TENURE, COOK COUNTY 2009
RENTER OWNER
Source: American Community Survey
- - +
Age o Householder
# o
f H o u s e
h o
l d s
o the income spectrum nearly percent o owner
households made or more compared with
less than percent o renters (see Chart )
Renters also tend to be younger than homeownersThe number o renter households ar exceeds the
number o owner households in both the under
and to -year-old age groups This relationship
reverses around age By the time people near
retirement age ( - years o age) there are
times more owner households than renter
households Households whose head is or older
have the lowest proportion o renters (see Chart )
The decrease in the proportion o renters over time
is a result in part o the increasing income thato ten comes with age As people move along in their
careers they tend to earn more and thus have a
greater nancial capacity to purchase and maintain
their own homes This pattern held true in the s
despite real incomes alling between and
across all age groups
CHART 4. HOUSEHOLD INCOME (IN 000 S) BY TENURE, COOK COUNTY 2009
RENTER OWNER
Source: American Community Survey
< +
Income
# o
f H o u s e
h o
l d s
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D E PAUL UNIVERSITY INSTITUTE FOR HOUSING STUDIES
Rising Rents
The reduction in Cook Countys number o rental
units through contributed to a rise in realmedian rents rom to According to data
rom the Multiple Listing Service on rental properties
Chicagos median rents increased by percent
over this period while those in the suburbs rose
by percent (All gures are based on constant
dollars ) With the recent downturn rents in
the county have declined Between and
rents in Chicago decreased by percent and rents
in suburban Cook County decreased by percent
Even so rents in were up substantially in real
terms rom by percent in the City andpercent in the suburbs (see Table )
TABLE 5. REAL MEDIAN RENTS IN COOK COUNTY,
2005-2010
YEAR CHICAGO SUBURBS2005 $880 $874
2008 $1,023 $1,034
2010 $1,004 $990
Source: - Multiple Listing Service (MLS)
Lower Incomes & Purchasing Power
Though rents increased during the last hal decade
a decline in real incomes reduced households overall
purchasing power especially that o renters The
largest drop in real incomes ( percent) occurred
among households whose head was or younger
the cohort most likely to be renters
CONDITIONS AFFECTING FUTURE RENTAL HOUSING
OPTIONS I: RISING RENTS; DECREASING INCOME
Chapter III
The methodology used here to measure changes in rents or certain sizes o apartments is a hedonic rent index model Thehedonic rent index model attempts to explain actual rents observed or rented dwellings by a range o property attributes such asthe location age o property and building size as well as size o unit and time period The resulting index o rental prices can bethought o as the average rent level that occurs in each period a ter controlling or these observable attributes
Real income is income a ter adjusting or in ation
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14 | THE STATE OF RENTAL HOUSING IN COOK COUNTY
I a household paid no more than percent o its
income in rent it would have had to make about
to a ord the median priced two-bedroom
apartment ( per month) in the county inThat was percent more than the youngest
householdsthose most likely to be renterswere
making in (see Table )
Low Income Renters Hit the Hardest
The combination o declining incomes and rising
rents had the greatest impact on renter households
making less than (see Chart ) Theoverwhelming majority ( percent) o these
households were housing cost-burdened spending
more than percent o their income in on rent
and basic utilities The division o renter households
in the next income class those making between
and was nearly identical to the
previous group with percent o these households
paying over percent o their income towards
rental costs
TABLE 6. TRENDS IN COOK COUNTY REAL MEDIAN HOUSEHOLD INCOMES, 1999-2009
HOUSEHOLDER
AGE
PROPORTION OF RENTER
HOUSEHOLDS
MEDIAN INCOME MEDIAN INCOME CHANGE
< 25 90.1% $33,534 $25,008 -25.4%
25 44 52.9% $62,705 $57,557 - 8.2%
45 64 31% $71,483 $63,121 -11.7%
65 + 26.2% $37,505 $33,376 -11%
Total 40.7% $58,574 $52,539 -10.3%
Sources: 2000 U.S. Census, 2009 American Community Survey. All o the gures are in 2009 dollars.
Source: American Community Survey (ACS)
CHART 6. DISTRIBUTION OF COOK COUNTY RENTER HOUSEHOLDS IN 2009BY THE PERCENT OF TOTAL HOUSEHOLD INCOME SPENT ON HOUSING
AND BY TOTAL HOUSEHOLD INCOME (IN )
< +
< >
# R e n
t e r
H o u s e
h o
l d s
Percent o Income Going Towards Housing Costs
Income
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D E PAUL UNIVERSITY INSTITUTE FOR HOUSING STUDIES
A Growing Afordability Gap
Overall the gap between the demand or a ordable
rental housing and the supply o such housing in
Cook County grew by percent between andThough there was a small overall increase in
the number o a ordably priced rental units during
the period this increase was not large enough to
meet the heightened demand Since most o the
increased demand was in Chicago (nearly
more low-income renter households as opposed to
ewer than in the suburbs) it is not surprising
that the a ordability gap grew more signi cantly
there than in suburban Cook County ( percent
versus percent) (see Table )
Afordability Varies Widely by Community 11
A ordability in Cook County communities varied
widely and o ten changed dramatically between
and (see Table ) For example inChicago the number o a ordable rental units
increased more than percent in the Beverly
community and by percent in the Je erson Park
community while the Logan Square and Austin
communities saw dramatic decreases in a ordable
units during the same period Similarly the number
o a ordable units declined in suburban Maywood
but increased in the suburban communities o Skokie
and McCook
YEAR HOUSEHOLDS
IN NEED OF
AFFORDABLE
RENTAL UNITS*
SUPPLY OF
AFFORDABLE
RENTAL UNITS**
DIFFERENCE
(COOK COUNTY)
DIFFERENCE
(CHICAGO)
DIFFERENCE
(SUBURBS)
2005 461,330 296,437 164,893 117,074 47,819
2009 482,785 302,842 179,943 130,952 48,991
Change 21,455 6,405 15,050 13,878 1,172
Sources: 2005 and 2009 American Community Survey. (ACS)
* De ned as the number o households whose rent was less than 30 percent o 150 percent o the ederal poverty level ($823 per month) or
whose incomes were less than 150 percent o the poverty level ($32,931 or a amily o our).
** De ned as the number o units whose gross rent was lower than 30 percent o 150 percent o the ederal poverty level.
TABLE 7. GAP BETWEEN DEMAND AND SUPPLY OF AFFORDABLE RENTAL HOUSING IN COOK COUNTY,2005-2009
COMMUNITY CHANGE IN # OF
AFFORDABLE
UNITS
CHANGE IN #
OF AFFORDABLE
UNITS
COMMUNITY CHANGE
IN # OF
AFFORDABLE
UNITS
CHANGE IN #
OF AFFORDABLE
UNITS
Chicago (all) 7,021 3.1% Suburbs (all) -616 -0.8%
Beverly 1,303 115% McCook 2,106 54.4%
Je erson Park 1,681 82.6% Skokie 1,760 48.8%
Logan Square -2,686 -13.7% Maywood -2,900 -33.3%
Austin -1,793 -19.8% Barrington -634 -34.9%
Source: 2009 American Community Survey PUMS (Public Use Microdata Sample)
TABLE 8. COOK COUNTY COMMUNITIES WITH THE LARGEST PERCENT INCREASE AND DECREASE INAFFORABLE RENTAL UNITS, 2005-2009
Community in this report re ers to PUMAs or Primary Urban Microdata Areas which are geographic areas de ned by the U SCensus they are the smallest geography or which social and economic data are available in the American CommunitySurvey The PUMA areas are named by the most prominent central municipality or Chicago community area that they contain
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16 | THE STATE OF RENTAL HOUSING IN COOK COUNTY
Rental Vacancies Increase
Given the growing gap between the demand or and
supply o a ordably priced rental units one would
expect to see a decline in Cook Countys rental
vacancy rate Yet the rental vacancy rates or both
Chicago and the suburbs more than tripled rom
to to around percent be ore alling
back to around percent in (see Chart )
Increased vacancies resulted rom a combination
o actors A weak regional economy caused many
amilies to double-up; with the drop in real median
incomes ewer people could a ord to live on their
own reducing demand or rental units particularly
less desirable ones Another contributing actor
was the growth in the number o oreclosed
multi amily properties during the second hal o the
decade Uncertainty about the disposition o many
o these properties led to reduced maintenance and
upkeep which contributed in some cases to an
increase in vacancies when tenants le t the units and
were not replaced
CHART 7. COOK COUNTY RENTAL VACANCY RATES 20062010
V A C A N C Y R A T E
10%
9%
8%
7%
6%
5%
4%
3%
2%
1%
0
Source: Cook County Rent and Vacancy Report o First Quarter (Institute or Housing Studies)
The vacancy rates were calculated rom the rental properties in Multiple Listing Service (MLS)
CHICAGO SUBURBAN COOK
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D E PAUL UNIVERSITY INSTITUTE FOR HOUSING STUDIES
Foreclosures
A mix o historically low interest rates rapidly
appreciating property values and a strong
economy in the early part o the last decade led
many individuals and corporate entities to purchase
multi amily properties
These properties appeared to be good investments
or both their ongoing cash ow and their
appreciation potential In response to the increased
demand or capital to acilitate such purchases
as well as their own pro t opportunities lenders
developed and re ned products to compensate or
the risks associated with less creditworthy borrowers
and properties
In many cases lenders loosened their underwriting
standards particularly or small two-to- our unit
buildings in order to compete or business The
continuing real estate boom helped limit the
additional risk since many believed that rising
property values would largely mitigate the negative
nancial e ects o the bad loans
Once the economic decline began however
riskier mortgages resulted in a higher incidence
o de ault and oreclosure The average number o
oreclosures on multi amily properties rom -
was percent higher than that or -
Yet the increase had relatively little e ect on the
market since the continuing rise in property values
made it relatively easy or lenders to recoup their
principal when re-selling oreclosed properties to
other parties
Once the economy began slowing in -
rising unemployment rates made it harder or many
tenants to meet their rental payments in a timely
ashion causing more multi- amily property owners
to all behind on their loans The weakened economy
resulted in reduced demand or such buildings
making it more di cult or struggling owners to
sell their properties Declining property values also
put many owners in a situation where they owed
more on their mortgages than their properties were
worth making it di cult to re nance their loans to
lower monthly mortgage payments Taken together
these actors increased the likelihood o de ault and
ultimately oreclosure
Explosive Growth in Foreclosures
Like many other parts o the country Cook County
has experienced explosive growth in residential
oreclosures in the past ve years While the extent
o the problem in the single- amily market has been
well documented the problem has been similarly
severe in the multi amily market
CONDITIONS AFFECTING FUTURE RENTAL HOUSING
OPTIONS II: AN EXPLOSION IN FORECLOSURES
Chapter IV
Record In ormation Services Chicago Title
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18 | THE STATE OF RENTAL HOUSING IN COOK COUNTY
The average number o oreclosure lings on
two-to- our unit properties in Cook County nearly
tripled rom - to - rom per
year to (see Chart ) The average number o
lings on unit properties increased even more
steeply rom an average o per year in -
to an average o per year in
(see Chart )
In the past our years multi amily oreclosures
have directly a ected more than residential
units in Cook County including almost in
Chicago alone Nearly percent o the units in the
countys two-to- our unit properties and more than
percent o the units in larger multi- amily properties
were directly a ected by oreclosure at least once
between and (see Table ) In each o
those years an average o percent o Chicagos
CHART 8. COOK COUNTY FORECLOSURE FILINGS ON 2-4 UNIT PROPERTIES, 2000-2010
Source: Foreclosures in Cook County Records and Deeds obtained by Property Insight,Record In ormation Service and Cook County Assessors O ce
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
SUBURBS CHICAGO
Source: Foreclosures in Cook County Records and Deeds obtained by Property Insight,
Record In ormation Service and Cook County Assessors O ce
500
450
400
350
300
250
200
150
100
50
0
CHART 9. COOK COUNTY FORECLOSURE FILINGS ON 5+ UNIT PROPERTIES, 2000-2010
SUBURBS CHICAGO
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D E PAUL UNIVERSITY INSTITUTE FOR HOUSING STUDIES
multi amily units and percent o suburban
multi amily units were a ected by a new oreclosure
ling (See Appendix D or the Impact o Foreclosure
Activity by Chicago Community Area)
It is worth noting that oreclosures on smaller
(two-to- our unit) multi amily properties hit a
plateau in and have been declining since In
contrast the annual number o oreclosures on
larger properties has continued to rise
Because o the much larger number o multi amily
properties in Chicago a large majority o the regions
multi amily oreclosures involved buildings in the
city At the same time oreclosures increasingly
have become a problem in the suburbs as well
As illustrated in Table the suburbs have had a
growing proportion o the countys multi amily
oreclosure lings in the past ew years
Lower Income Areas Hardest Hit
Properties in lower-income communities tend to
have lower values which may make them cheaper
to purchase They also tend to be older and thus
more susceptible to problems with their heating
and other systems which can make them more
expensive to maintain Landlords generally cannot
charge high rents or these units which limits their
pro t margins Lower-income tenants also may
pose a greater risk to the landlords bottom line than
more afuent ones They are o ten more transient
which increases the risk o vacancies Because they
tend to have less savings on which they can draw in
times o crisis they are more likely to have problems
paying the rent i they lose their jobs The loss o
even one monthly rent payment can jeopardize a
landlords already thin pro t margin; the loss o
multiple payments can put a property at risk o
de ault and oreclosure
LOCATION
ANNUAL AVERAGE
UNITS IN UNIT
PROPERTIES
AGGREGATE
UNITS IN UNIT
PROPERTIES
ANNUAL AVERAGE
UNITS IN + UNIT
PROPERTIES
AGGREGATE
UNITS IN + UNIT
PROPERTIES
ANNUAL AVERAGE
ALL MULTIFAMILY
PROPERTIES
AGGREGATE
ALL MULTIFAMILY
PROPERTIES
Cook County 4.9% 19.6% 1.5% 5.8% 3.2% 13%
Chicago 5% 20.1% 1.5% 6.2% 3.4% 13.7%Suburbs 4.3% 17.3% 1.2% 4.9% 2.6% 10.3%
Source: Foreclosures in Cook County Records and Deeds obtained by Property Insight, Record In ormation Service and Cook County
Assessors O ce
TABLE 9. FORECLOSURE ACTIVITY ON RENTAL UNITS BY BUILDING SIZE, 2007 TO 2010
YEAR
UNIT
BUILDINGS
(CHICAGO)
UNIT
BUILDINGS
(SUBURBS)
+ UNIT
BUILDINGS
(CHICAGO)
+ UNIT
BUILDINGS
(SUBURBS)
2000 87.5% 12.5% 91.9% 8.1%
2002 87.9% 12.1% 87.2% 12.8%
2004 88.4% 11.6% 88.3% 11.7%
2006 87% 13% 88% 12%
2008 84.8% 15.2% 84.3% 15.7%
2010 81% 19% 78.8% 21.2%
Source: Foreclosures in Cook County Records and Deeds obtained by Property Insight, Record In ormation Service and Cook County
Assessors O ce
TABLE 10. PERCENTAGE OF COOK COUNTY MULTIFAMILY FORECLOSURES BY LOCATION AND
BUILDING SIZE, 2000-2010
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20 | THE STATE OF RENTAL HOUSING IN COOK COUNTY
On average oreclosures a ected percent o
all two-to- our unit properties in Cook County each
year to In low-income communities
however an average o percent o all two-to-
our unit properties were a ected by oreclosure
compared with percent o similar properties in
upper-income communities The average annual rate
o oreclosures or properties with or more units
was times as high in low-income areas than upper-
income ones ( percent compared to percent)
(see Table ) The average annual oreclosure rate
was also signi cantly higher or smaller (two-to-
our unit) properties than larger ones Smaller
properties have an inherently higher risk o de ault
and oreclosure since the loss o rental income rom
a unit in a two-to- our unit property has a greater
proportional impact on the propertys nances than
the loss o income rom a unit in a -unit property
Loan de ault does not necessarily lead to oreclosure In most cases a lender
and borrower try to work out some agreement to reduce or delay payments
extend the loan term or otherwise re-structure the loan to give the borrower
time to become current on its payments Lenders generally le or oreclosureon a property only as a last resort since doing so involves costs to pursue a
judicial ruling ollow through on the oreclosure and ultimately take control o
the property
How the process plays outand how tenants in the building are treateddepends on a range o
actors including the relative value and condition o the property the motivations o the lender and
any collective action by the tenants In some cases a real estate company nonpro t or individual
may acquire the property and continue renting to the existing tenants In other cases the lender may
take ownership decide that the costs o maintaining a residential property are too great and evict the
tenants In still other cases the properties on which oreclosure motions have been led end up in limbo
with the lender or its agent never taking ull ownership or control
Regardless o the ultimate outcome o a oreclosure ling properties that are seriously in arrears on
their mortgages tend to be at risk o physical deterioration I a landlord is unable or unwilling to make
the required loan payments it is even less likely to devote resources to repairs ongoing maintenance
and property enhancement As a result the quality o the properties is likely to decrease even to a
point at which the buildings no longer meet the local residential codes Although the tenants may not
be ormally evicted they may well end up being orced out o the property because o the worsening
condition o their units
Vacant and severely deteriorated properties negatively a ect the value o other properties in the
community and can contribute to an increase in area rents i there is already an excess o rental demand
H O W
F O R E C L O S U R E
P U T S A F F O R D A B L E
R E N T A L H O U S I N G
AT R I S K
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D E PAUL UNIVERSITY INSTITUTE FOR HOUSING STUDIES
TABLE 11. AVERAGE ANNUAL FORECLOSURE RATE ON COOKCOUNTY MULTIFAMILY PROPERTIES, 2007-2010
UNIT
PROPERTIES
+ UNIT
PROPERTIES
Cook County 4.3% 1%
Chicago 4.3% 1.3%
Suburbs 3.8% 0.6%
Low-Income Communities 6.8% 2%
Middle-Income Communities 4% 0.9%
Upper-Income Communities 1.6% 0.5%
Source: Foreclosures in Cook County Records and Deeds obtained by Property
Insight, Record In ormation Service and Cook County Assessors O ce
LOCATION
ANNUAL
AVERAGE UNITS
IN UNIT
PROPERTIES
AGGREGATE
UNITS IN
UNIT
PROPERTIES
ANNUAL
AVERAGE UNITS
IN + UNIT
PROPERTIES
AGGREGATE
UNITS
IN + UNIT
PROPERTIES
ANNUAL
AVERAGE ALL
MULTIFAMILY
PROPERTIES
AGGREGATE
ALL
MULTIFAMILY
PROPERTIES
Low-Income Communities 7.8% 31.1% 2.3% 9.3% 5.2% 20.6%
Middle-Income Communities 4.6% 18.5% 1.4% 5.6% 3.1% 12.6%
Upper-Income Communities 1.7% 6.8% 0.8% 3.1% 1.2% 4.6%
Source: Foreclosures in Cook County Records and Deeds obtained by Property Insight, Record In ormation Service and Cook County
Assessors O ce
TABLE 12. PERCENTAGE OF COOK COUNTY RENTAL UNITS DIRECTLY AFFECTED BY FORECLOSURE
(CUMULATIVE), 2007-2010
Given the disproportionately higher rate o
multi amily oreclosures in lower-income areas it
is not surprising that such areas have the largest
proportion o a ected rental units As highlighted
in the table below in each o the past our years
low-income communities have had almost
percent o their rental units in two-to- our unit
properties and percent o their rental units in
unit properties become subject to a oreclosure
ling Those proportions are nearly ve and three
times as high as the percentages or upper-income
areas respectively The cumulative e ect o the
oreclosures on the lower-income communities has
been substantial In aggregate about percent o
all rental units in two-to- our unit properties and
about percent o units in larger properties have
been directly a ected by oreclosure lings
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22 | THE STATE OF RENTAL HOUSING IN COOK COUNTY
THE COOK COUNTY AFFORDABLE RENTAL MARKET IN
: AN INCREASING AFFORDABILITY GAP
Chapter V
As this report has illustrated the demand or
a ordable rental housing has been increasing in
the past ew years and the supply o a ordablerental housing has not kept pace Indeed the
gap between demand and supply in Cook
County has grown in the past decade with
resulting increases in the proportion o renter
households that are cost-burdened What do
these trends portend or the next years or
lower-income households?
Forecast scenarios developed by the Institute
or Housing Studies at DePaul University
estimate that regardless o whether and howthe economy rebounds between now and
Cook County will continue to experience
signi cant a ordable rental housing shortages
and ar too many o its residents will pay more
than a third o their income or rent
These same scenarios estimate that demand
or a ordable rental housing will exceed supply
rom to units between now and
depending on the speed and size o the
economic recovery The percentage o renterswho will be rent burdened will range rom
percent under the most optimistic scenarios
and percent under the most pessimistic
In the most likely scenario Cook County
residents will experience moderate growth
in real incomes o approximately percentbetween and or a median household
income o Incomes at this level are
likely to push homeownership rates up to
percent by However these same income
increases will put pressure on both rents and
home prices e ectively reducing the supply o
a ordable rental units Although the demand
or a ordable rental units will all due to
increased income the diminished supply o
such units will have the net result o increasing
the a ordability gap rom units into in (see Table ) Those
remaining in the rental marketincluding
many o the nearly percent o the countys
households making or lesswill eel
the economic pinch with the proportion o
cost-burdened renters growing to percent
See Appendix A or a detailed discussion o the
methodology used to create this model
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D E PAUL UNIVERSITY INSTITUTE FOR HOUSING STUDIES
LOCATION
MODERATE
GROWTH
WEAK
GROWTH
STRONG
GROWTH
Median Real HH Income $59,026 $50,202 $73,533
Median Real Rent $1,064 $1,025 $1,115
% o Renter Households 39% 41.5% 35.5%
Demand or A ordable Rental Housing * 397,734 449,680 300,323
Supply o A ordable Rental Housing ** 174,291 195,595 154,133
A ordability Gap (Excess o Demand over Supply) 223,443 254,085 146,190
% o Renters that are Cost-burdened 55.8% 63.9% 43.4%
Source: James D. Shilling, A micro-simulation model o uture demand, supply, and afordability o rental housing in Cook County, working
paper at the Institute or Housing Studies, 2011.* De ned as the number o households whose rent is less than 30 percent o 150 percent o the ederal poverty level or whose incomes are
less than 150 percent o the poverty level.
** De ned as the number o units whose gross rent is lower than 30 percent o 150 percent o the ederal poverty level.
TABLE 13. PROJECTED RENTAL MARKET CONDITIONS IN COOK COUNTY IN 2020
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24 | THE STATE OF RENTAL HOUSING IN COOK COUNTY
Zoning and other land use regulations notwithstanding rental housing tends to be concentrated closer to major job nodesLower-income households are more likely to be renters and they tend to live in areas with lower commuting costs
Modeling Future Trends
The predictive model used in this study to orecast uture trends takes into account a variety o
actors including the likely demand or housing the extent o new construction o rental housing
the removal o rental units rom the market and the strength o the regional economy It also
accounts or social and economic conditions within individual PUMAs as well as the location o
communities relative to peoples places o work
Estimating Demand
We posit that the demand or housing depends on the price o housing household income the
elasticity o demand (the extent to which demand or housing decreases as the price goes up)
the location o the available housing and the extent o social and economic distress in an area In
general the probability o buying a home goes up as household income rises Younger households
typically see their incomes rise at a aster rate than older households Higher-income households
tend to be more likely to commute longer distances than poor households Areas with considerable
amounts o distress are less likely to attract homeowners Because o the relationship between
oreclosures and property deterioration communities with higher concentrations o oreclosures
are also less likely to appeal to prospective homebuyers Not surprisingly we nd that there is
considerable variation in housing demand across Cook Countys PUMAs
Estimating Supply
The supply o rental housing involves two components: the addition o new units and the
preservation o existing units Whether or not there is new construction depends on the extent
to which demand or housing exceeds the existing supply the rent class or which there is excessdemand and location 12 Although there is clearly excess demand or a ordable rental housing the
economics o construction have limited the amount o new housing that has been built Simply
put rent levels that are a ordable to lower-income renters tend to be insu cient in Cook County
to cover the costs o development (including a reasonable pro t or the developer) Only with
signi cant public subsidyin the orm o equity associated with the ederal Low Income Housing
Tax Credit or other sourcescan such developments be economically viable to both the developer
and the tenants and the availability o such subsidies has decreased in recent years as a result o
declining public revenues and resulting budget cutbacks
Whether or not a landlord elects to keep his or her rental units in service depends on the rents he
or she can collect rom the tenants which is a actor o renter household incomes I the rents are
insu cient to cover the propertys ongoing maintenance costs the landlord is likely to de er (oravoid) property upkeep e ectively letting the property slide gradually to a point where it is no
longer viable as a rental unit Eventually the property is abandoned or demolished The pace o
this decline is higher or neighborhoods already experiencing social and or economic distress
communities that tend to have low and decreasing median incomes are declining
APPENDIX A
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D E PAUL UNIVERSITY INSTITUTE FOR HOUSING STUDIES
Estimating Di erent Economic Scenarios
In estimating the e ects on both the demand or and supply o a ordable rental housing in the next years
we considered three potential economic scenarios The rst the weak economy scenario assumes ongoing
job losses and sluggish income growth as national and regional economies continue to grapple with the
rami cations o the recession In this case we assume that real incomes all by percent annually due to
changes in labor productivity The second the strong economy scenario assumes strong income growth
( percent per year) and signi cant job creation The third or moderate growth scenario is something
between the rst two It assumes moderate income growth ( percent per year) and moderate job creation
In each case we actor in a li e cycle component o income growth as well where younger households
continue to see their incomes grow aster than those or older households
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26 | THE STATE OF RENTAL HOUSING IN COOK COUNTY
American Community Survey on Housing Afordability
The extent o rental housing a ordability varies considerably throughout Cook County The
American Community Survey (ACS) de nes an a ordable apartment as one priced at percent
or less o the monthly income or a amily o our making percent o the ederal poverty level
In - percent o the poverty level equated to per year Thus an a ordable
apartment would be one renting or or less per month
Based on this de nition data rom the ACS show that percent o Cook Countys rental units
quali ed as a ordable in The areas with the lowest proportion o a ordable rental units
were in the northwest suburbs and in the Lakeview region on Chicagos north side The areas with
the greatest proportion o a ordable units are in Chicagos south and west sides along with the
west-side suburbs around Oak Lawn Lower-income areas tended to have the highest proportions
o a ordable rental units
APPENDIX B
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D E PAUL UNIVERSITY INSTITUTE FOR HOUSING STUDIES
PUMA
MEDIAN HOUSEHOLD
INCOME
# OF AFFORDABLE
UNITS
AFFORDABLE UNITS
AS OF TOTAL
Cook County $52,539 302,842 34.9%Barrington $81,197 1,183 9.6%
Schaumburg $70,118 2,297 13.2%
Arlington Heights $61,479 4,736 18.7%
Glenview $70,275 3,618 21.4%
Skokie $75,022 5,364 22.6%
Shiller Park $47,325 5,723 48.5%
Maywood $54,294 5,820 27.5%
Cicero $58,400 9,591 40.3%
McCook $62,217 5,975 45%
Orland Park $78,469 2,156 25.6%
Oak Lawn $49,762 10,205 54.2%
Oak Forest $60,229 2,943 33.6%
South Holland $42,491 6,492 28.6%
Chicago Heights $53,711 4,304 29.4%
Suburbs (all) $62,750 70,407 29.5%
Edgewater $40,075 30,274 47.5%
Lakeview $73,451 9,527 17.3%
Lincoln Square $57,887 7,681 23.4%
Albany Park $50,775 10,843 39.3%
Je erson Park $59,315 3,715 22.4%
Portage Park $45,558 10,095 39.1%
Austin $31,908 7,270 32.6%
East Gar eld Park $23,663 10,574 33.8%
Logan Square $51,304 16,849 29.2%
Loop $70,518 12,831 21%
South Lawndale $32,031 13,051 64.2%
New City $37,805 15,827 52.9%
Chicago Lawn $45,669 8,912 39.3%
Grand Boulevard $28,985 17,091 42.4%
Chatham $27,040 28,707 53.7%
Englewood $29,199 13,115 44.8%
Beverly $71,023 2,436 30%Roseland $36,062 6,420 42.6%
South Deering $37,819 7,217 46.9%
Chicago (all) $45,734 232,435 37%
Source: 2009 ACS PUMS (Public Use Microdata Sample)
As percent o the ederal poverty level equates to percent o the Chicago area amily median income the Compacte ectively is ocusing on a lower income cohort than the ederal Low-Income Housing Tax Credit program The LIHTC programtargets households making percent or less o the area median income (AMI) HUDs de nition o very low-income householdsincludes those making up to percent o AMI
NUMBER AND PERCENTAGE OF AFFORDABLY PRICED RENTAL UNITS IN COOK COUNTY
PUMA S 14, 2009
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28 | THE STATE OF RENTAL HOUSING IN COOK COUNTY
DATA FOR CHART 1. HOUSEHOLD TENURE IN COOK COUNTY, 2000, 2003, 2005, 2009
Occupied Units
Owner
Renter
o Households Renting
Sources: U S Census; & ACS Data Element: B -Tenure
DATA FOR CHART 2. RENTAL UNITS BY BUILDING SIZE
COOKCOUNTY
CITY OFCHICAGO
SUBURBANCOOK
Units in Single-Unit Properties
Units in - Unit Properties
Units in - Unit Properties
Units in Unit Properties
Units in Other Types o Properties
Source: ACS Data Element: B -Tenure by Units in Structure
CITY OFCHICAGO
SUBURBANCOOK
COOK COUNTYTOTAL
Units in Single-Unit Properties
Units in - Unit Properties
Units in - Unit Properties
Units in Unit Properties
Units in Other Types o Properties
Source: ACS Data Element: B -Tenure by Units in Structure
DATA FOR CHART 3. CHICAGO SINGLE FAMILY RENTAL UNITS, 2007-2009
Detached
Condos
Sources: & ACS Data Element: B -Tenure by Units in Structure
DATA FOR CHART 4. HOUSEHOLD INCOME (IN 000 S) BY NUMBER OF HOUSEHOLDS AND TENURE,
COOK COUNTY 2009
< - - - - +
Renter
Owner
Source: ACS Data Element: B -Tenure by Household Income in the Past months
APPENDIX C
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D E PAUL UNIVERSITY INSTITUTE FOR HOUSING STUDIES
DATA FOR CHART 5. AGE OF HOUSEHOLDERBY TENURE, COOK COUNTY 2009
OWNER RENTER
-
-
-
-
-
-
Source: ACS Data Element: B -Tenure
by Age o Householder
DATA FOR CHART 6. DISTRIBUTION OF COOK COUNTYRENTER HOUSEHOLDS IN 2009 BY THE % OF
TOTAL HOUSEHOLD INCOME SPENT ON HOUSING ANDBY TOTAL HOUSEHOLD INCOME
< K K-K
K-K
K-K
K+
-
>Source: ACS Data Element: B -Household Income by Gross Rent as a
Percentage o Household Income in the Past Months
DATA FOR CHART 7. COOK COUNTY RENTAL VACANCY RATES 2006-2010
Chicago
Suburbs
Source: Cook County Rent and Vacancy Report o First Quarter (Institute or
Housing Studies) The vacancy rates were calculated rom the rental properties in
Multiple Listing Service (MLS)
DATA FOR CHART 8.COOK COUNTY FORECLOSURE
FILINGS ON 2-4 UNIT PROPERTIES,
2000-2010
YEAR CHICAGO SUBURBS
2000
2001
2002
2003
2004
2005
2006
20072008
2009
2010
Source: Foreclosures in Cook County
Records and Deeds obtained by Property
Insight Record In ormation Service and
Cook County Assessors O ce
DATA FOR CHART 9.
COOK COUNTY FORECLOSUREFILINGS ON 5+ UNITPROPERTIES, 2000-2010
YEAR CHICAGO SUBURBS
Source: Foreclosures in Cook County
Records and Deeds obtained by Property
Insight Record In ormation Service and
Cook County Assessors O ce
8/2/2019 Cook County Housing 2011
32/34
30 | THE STATE OF RENTAL HOUSING IN COOK COUNTY
LOCATION
ANNUAL
AVERAGE
UNITS IN UNITPROPERTIES
AGGREGATE
UNITS IN
UNITPROPERTIES
ANNUAL
AVERAGE
UNITS IN + UNITPROPERTIES
AGGREGATE
UNITS IN
+ UNITPROPERTIES
ALBANY PARK
ARCHER HEIGHTS
ARMOUR SQUARE
ASHBURN
AUBURN GRESHAM
AUSTIN
AVALON PARK
AVONDALE
BELMONT CRAGIN
BEVERLYBRIDGEPORT
BRIGHTON PARK
BURNSIDE
CALUMET HEIGHTS
CHATHAM
CHICAGO LAWN
CLEARING
DOUGLAS
DUNNING
EAST GARFIELD PARK
EAST SIDE
EDGEWATER
EDISON PARK
ENGLEWOOD
FOREST GLEN
FULLER PARK
GAGE PARK
GARFIELD RIDGE
GRAND BOULEVARD
GREATER GRAND CROSSING
HEGEWISCH
HERMOSA
HUMBOLDT PARK
HYDE PARK
IRVING PARK
JEFFERSON PARK
KENWOOD
LAKE VIEW
LINCOLN PARK
APPENDIX D
FORECLOSURE ACTIVITY ON RENTAL UNITS BY BUILDING SIZE, 20072010
8/2/2019 Cook County Housing 2011
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D E PAUL UNIVERSITY INSTITUTE FOR HOUSING STUDIES
FORECLOSURE ACTIVITY ON RENTAL UNITS BY BUILDING SIZE, 20072010 CONTINUED
LOCATION
ANNUAL
AVERAGE
UNITS IN UNITPROPERTIES
AGGREGATE
UNITS IN
UNITPROPERTIES
ANNUAL
AVERAGE
UNITS IN + UNITPROPERTIES
AGGREGATE
UNITS IN
+ UNITPROPERTIES
LINCOLN SQUARE
LOGAN SQUARE
LOOP
LOWER WEST SIDE
MCKINLEY PARK
MONTCLARE
MORGAN PARK
MOUNT GREENWOOD
NEAR NORTH SIDE
NEAR SOUTH SIDENEAR WEST SIDE
NEW CITY
NORTH CENTER
NORTH LAWNDALE
NORTH PARK
NORWOOD PARK
OAKLAND
OHARE
PORTAGE PARK
PULLMAN
RIVERDALE
ROGERS PARK
ROSELAND
SOUTH CHICAGO
SOUTH DEERING
SOUTH LAWNDALE
SOUTH SHORE
UPTOWN
WASHINGTON HEIGHTS
WASHINGTON PARK
WEST ELSDON
WEST ENGLEWOOD
WEST GARFIELD PARK
WEST LAWN
WEST PULLMAN
WEST RIDGE
WEST TOWN
WOODLAWN
Source: Foreclosures in Cook County Records and Deeds obtained by Property Insight Record In ormation Service and
Cook County Assessors O ce
8/2/2019 Cook County Housing 2011
34/34
East Jackson Boulevard SuiteChicago Illinois
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