We have an opportunity to unlock the American Dream
Illinois and Lake County are in the midst of a housing crisis. Statewide, we have less than two months of housing inventory available, yet trail all five other states in the Midwest for new housing permits this year. This amplifies the lack of housing affordability. Currently, the state is short more than 270,000 homes for those earning less than the area median income.
This crisis is compounded when we consider the economic impact that housing has in Illinois. In 2020, the real estate industry accounted for $143.5 billion or 16.5% of the Illinois gross state product. This far exceeds any other sector of our state’s economy. The National Association of Realtors calculated that the average home sale in Illinois generates almost $70,000 in local economic impact. Whether it’s new furniture, hardware to hang family photos or tipping the pizza delivery guy on move-in day, home sales put real dollars into our local area’s pocket.
The good news? We have an incredible opportunity to unlock the American Dream of homeownership for local families. The American Rescue Plan Act, passed earlier this year, appropriates several billions of dollars directly to local communities. We encourage local governments to dedicate these dollars to encouraging homeownership. Down-payment assistance in the form of grants or forgivable loans, construction of new homes and fixing up vacant and blighted properties are just a few ways that communities can make the American Dream of homeownership more attainable.
Joe Roth, Grayslake, local governmental affairs director, Illinois Realtors
