EDA releases findings of the Comprehensive Housing Analysis Study

EDA releases findings of the Comprehensive Housing Analysis Study

The Economic Development Authority (EDA) announced in a media release on June 29 that the results of the Comprehensive Housing Needs Analysis study for Cook County is now available for the public.

The EDA hired Grant Martin of LOCi Consulting to conduct a market analysis to assess the current demand for housing in Cook County. The study’s initial results were presented during the June 14 EDA meeting.

“We all know Cook County has a housing shortage, now we have comprehensive data and analytics to develop targeted housing solutions, finance projects, and build homes,” said EDA Commissioner Steve Surbaugh.

The study provides insight and data regarding population growth, demographics, median household income, employment by industry, housing turnover, and percentage of seasonal homes.

The housing study outlined that out of 160 households, about one of every four renters in the county pays rent that exceeds 30% of their household income. The median household income in Cook County is $57,206.

The study also included that nearly all the new for-sale home development in Cook County occurs on lots purchased by homeowners and built by custom builders. The most significant portion of the demand, roughly 180 to 190 units, is for homes priced above $325,000.

In addition, the study identifies the demand for senior and affordable housing. There is demand for 70 to 100 market-rate senior housing units in Cook County.

The EDA hopes local organizations, government entities, non-profits, and business owners will benefit from the information. In addition, the EDA hopes the Housing Redevelopment Authority (HRA) will be able to utilize the information to find momentum.

“The data clearly demonstrates the critical need we have for housing and convincingly supports funding requests,” said EDA Director Beth Drost.

The 2022 study updates the 2015 Cook County Workforce Housing Study commissioned by the EDA and Northspan. The new comprehensive study addresses gaps in the previous needs analysis, such as low income, homeless, and senior housing data. The latest study analyses the rapid growth and rising demand for housing experienced in Cook County in the last five years.

Read the full Comprehensive Housing Needs Analysis study here.