Illinois’ history of poor policy decisions left homeowners behind the pandemic era housing boom. Continuing the trend leaves homeowners more susceptible to future downturns.
Illinois declining population was partly responsible for lower growth housing values and Illinois slower recovery.
The progressive income tax amendment would carry a hidden cost of $1,800 a year in lost home value for 3.2 million homeowners if Illinois sees the same impact as Connecticut.
States with the slowest housing appreciation tend to have worse labor markets, higher taxes and more pension debt.
Visions of the community’s future no longer bring comfort. Instead, they inspire crippling fear.
Property taxes in Illinois are nearly double the national average. Until state lawmakers trim down thousands of local governments and pursue pension reform, those bills wills remain high.
Home price appreciation in Illinois was the slowest in the U.S. between the third quarter of 2018 and the third quarter of 2019, federal data showed.
The historic change comes as skyrocketing property tax bills eat into Illinois homeowners’ bottom line.
High property tax bills suppress Illinois housing demand, slowing average growth in home values when compared to the rest of the nation.
Without true pension reform, property taxes are only bound to continue swamping DuPage County homeowners.