Chicago’s affordability problem
Housing prices in Chicago continue to skyrocket. According to the Institute for Housing Studies, the market is extremely challenging for individuals seeking low-income housing. More than 75% of individuals with an area median income (AMI) are extremely over-burdened by rent costs. And the rent burden continues to increase.
Some of the sharpest declines in affordable housing in Chicago in the last 5-7 years, have occurred on the North and Northwest sides according to the Chicago Tribune: Logan Square, Avondale, Irving Park, Albany Park, Portage Park, Jefferson Park, Lincoln Square, and North Center.
In these areas of the city developers are tearing down 2 and 3 unit buildings to make room for luxury homes and multi unit luxury apartments like the ones we see popping up along the Blue Line in Logan Square.
What’s being done to solve it?
There are still many local organizations fighting for affordable housing in Chicago and making a difference, where you can make an impact financially and/or through volunteering.
- Housing Action Illinois – Housing Action Illinois works to protect and expand the available affordable housing in the entire state of Illinois. They offer advocacy, act as an intermediary for housing counseling, and work with developers to create additional affordable housing opportunities throughout the state
- Housing Choice Partners – Housing Choice Partners works with organizations including the Chicago Housing Authority on projects such as Mobility Counseling. The organization encourages families to move to areas that have better educational and employment opportunities so that they can use a subsidy to improve lives.
- Chicago Coalition for the Homeless – For almost 40 years, the Chicago Coalition for the Homeless has worked to lessen homelessness by engaging in Outreach Programs, Advocacy and a special focus on homeless youth, through their No Youth Alone campaign.
Investing In Communities® is a nonprofit social enterprise that supports hundreds of charities, including ones that support Affordable Housing in Chicago and throughout the country. Before you begin your next purchase or sale of property, find out how part of the real estate commissions can benefit the charity of your choice. Using IIC doesn’t cost buyers and sellers even a penny. Learn more about how Investing In Communities works.