IL: Chicago’s West and South Sides Bear Brunt of Real Estate Crisis

Former Mayor Richard M. Daley will be remembered for the rise of shiny, new downtown condominiums and the fall of towering public housing buildings. But his tenure should also be remembered for declining homeownership and the dramatic rise of cost-burdened renters and home owners in many of Chicago’s South and West side communities.

In a time when Chicago witnessed the rapid expansion of its real estate market and then watched as that home-buying bubble burst, more people actually owned a home in Chicago in 2009 than in 1990. According to census data, home ownership citywide rose from 41.5 percent to 48.6 percent during that time.

When looking at the rate of home ownership within the neighborhoods, however, declines were found in 27 of Chicago’s 77 communities. Among the neighborhoods whose rates fell, 11 were predominantly African American, seven were racially mixed, six were majority Latino and three were predominantly white.

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