Real Estate Industry
Over 200,000 Chicagoland adults plan on buying a home/condo in the next twelve months. But with home inventory far outstripping demand, it’s a buyer’s market, with strong competition vying for their dollars. Meanwhile, current homeowners face continued challenges to hold on to what they have.
Chicagoland Home Buyers
- $60, 560 median household income
- Median age is 30
- 34% are Hispanic
National Trends / Observations
- Pass it on: “Hand-me-down” homes are becoming more prevalent as elderly parents are transitioning into assisted living.
- For emergencies only: Increased uncertainty with today’s housing market negatively impacts all industries, as consumers save money so they ready for any economic surprises.
Base: 203,280 Adults A18+ plan to buy a primary new or primary existing or secondary home. Sources: Scarborough, Chicago R1, 2010; National Trends / Observations compiled by Tribune Media Group Market Strategy from various sources.