HRA continues to explore plans to build new homes following release of comprehensive housing study
The Cook County Housing Redevelopment Authority (HRA) will meet July 14 to discuss a recently completed housing needs analysis for the county.
In late June, the findings of the Comprehensive Housing Needs Analysis study for Cook County were released.
The local Economic Development Authority (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.
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 HRA will be able to utilize the information to find momentum.
Jason Hale is the HRA Director in Cook County. He spoke with WTIP’s Joe Friedrichs about the upcoming work session of the HRA and other topics related to the housing crunch that continues to face Cook County and the North Shore. Audio below.