Illinois home prices have jumped 48% since 2018 while available housing inventory has plummeted across all 26 tracked metro areas, creating a housing crisis driven largely by restrictive zoning laws and the nation’s highest property taxes.
Policies that make building expensive have continued to choke Illinois’ housing supply, pushing more families away with high prices. Nearly $90K has been added to the average house price since 2018.
Rockford recently made headlines as the nation’s hottest housing market, but the real story is low supply is driving up prices. Changing zoning laws could spur development that would ease the shortage and prices.
Illinois’ tax code stands in the way of the state’s economic competitiveness. The combination of high tax burdens and a poor tax structure contributes to the loss of jobs and investment to other states. From a place of former economic dominance, Illinois now ranks 45th in gross state product (GSP) growth over the past decade...