Is Naperville still the hottest suburb in DuPage? For answers to this and other burning questions, the Tribune quizzed housing trends expert Tracy Cross, president of Tracy Cross & Associates in Schaumburg. He gauges Chicago-area hot spots for home builders and lenders.
Q: What are the fastest-growing towns in DuPage and Kane Counties?
A: Based on 1996 new-home building permits, Naperville was first with 2,363 permits. Aurora, which is in both Kane and DuPage, was next with 1,770. Elgin had 460.
Q: What is the future boomtown?
A: West Chicago, because there are pockets of land there to be developed.
Q: How far are people willing to commute to work?
A: The median travel time among Chicago area commuters is 30 to 33 minutes. People say they are less willing to commute, but they buy where they can afford it. In the ’90s, we’re seeing a resurgence of reverse-commuting to the suburbs, especially among singles and childless couples who buy city lofts and among minorities who want to live in their ethnic city neighborhoods. I live in Chicago because I love the vibrancy of the city.
Q: Who buys the new homes?
A: The first-time home buyers are still the married couples, with two careers, ages 28 to 33. What has changed is that they are waiting to have children until they buy their homes and they have their black plastics: cars, stereos, etc. At first, the builders say, “Gee, where are all the kids?” But two years later, boom.
Q: What’s your 20-year forecast?
A: The race to the horizon will slow down. Builders will build on the skipped-over pockets between the city and the horizon that are still farms or commercial properties.
Also, instead of building one cornfield development after another, builders will try to create a community. They won’t go as far as Disney’s Celebration, with a soda fountain, but they will include a soccer field or a hockey rink and try to create pride and sense of place.
