Industry News

Real estate mismatch projected for Chicago region

Report outlines need for denser development

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A report on population growth trends and housing-market impacts in the Chicago metropolitan area projects that about one quarter of the region's residents will cut back on food, clothing, medical and other expenses because they are paying too much for housing and housing-related costs. The study, "Homes for a Changing Region," traces the impact of population growth through 2030 on the area's housing market. Chicago Metropolis 2020, formed by The Commercial Club of Chicago to promote economic growth in the six-county Chicago metropolitan area, and the Metropolitan Mayors Caucus, which represents communities in this region, collaborated on the report. Other projections in the report: Regional commuting times, already second longest in the nation, will increase as will air pollution. Longer commutes also mean employees on the job will be more stressed and parents will have less time to spend with their children, according to the report. The Chicago region will be a less desirable pl...