Fewer and fewer families across the US own a home due to soaring prices and a shortage of entry-level homes. In the decade between 2006 and 2016, the drop in the number of families with children who own their home has reached almost 3.6 million, while the same demographic living in rentals has increased by 1.9 million. Renting with children is on the rise in the 30 largest US metros, while ownership is declining.
Chicago metro ranks 3rd nationally when it comes to the net change in homeowner families with children—a decrease of 157,000 households between 2006 and 2016. The area also gained 32,000 renter families with kids during the same period of time.
According to RENTCafé, a nationwide apartment search website, one cause for this trend are the steeper increases in single-family home prices when compared to rents. For example, the price of single-family homes in Chicagoland increased by 49% in the last 5 years, while rent prices rose by 23%.
The demand for family-sized rental housing is also high: 1.1 million new apartments were built since 2006 in large-scale buildings on a national level. In Chicago metro, 34% of the new units built between 2006 and 2016 were family-sized (2 bedrooms or more).
To see the full list of homeownership data statewide, go to mychinews.com/real-estate