Census: Home Prices in Chicago Higher Than State Average, Income Lower

Released last week, the five-year American Community Survey offers detailed demographic information on communities throughout the U.S.

The U.S. Census Bureau on Thursday released estimates from its American Community Survey, which provides local statistics for the combined years from 2007 to 2011 on everything from housing to employment to marital status in communities throughout the country.

The five-year estimates are based on interviews with almost two million housing units nationwide from 2007 through 2011. By pooling several years of survey responses, the American Community Survey generates detailed statistical portraits for small areas. The groupings of five-year estimates are released annually.

The Chicago statistics reveal that home ownership in the city is much lower than the state of Illinois as a whole. A statistic that makes sense when the city's rental market is considered. 

An interesting comparison is that while homes in Chicago are more expensive to buy than in Illinois as a whole, the median household income is almost $10,000 lower. 

Here's what the American Community Survey has to say about Chicago when it comes to home ownership and income:

Chicago Illinois Home ownership rate 47.0%
68.7% Housing units in multi-unit structures, percent, 2007-2011 70.4%
32.9% Median value of owner-occupied housing units, 2007-2011 $260,800
$198,500 Households, 2007-2011 1,030,746
4,773,002 Persons per household, 2007-2011 2.57
2.62 Per capita money income in the past 12 months (2011 dollars), 2007-2011 $27,940
$29,376 Median household income, 2007-2011 $47,371
$56,576 Persons below poverty level, percent, 2007-2011 21.4%


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