Housing prices around the country are setting record highs. In Chicago, prices may be up year-to-year, but they still lag behind other major cities.
Why it matters: Chicago homeowners are being left out of the record high housing market. This could affect everything from housing values to mortgage payments.
By the numbers: The U.S. housing market saw a 19.1% increase year-to-year in all major cities. Chicago saw an 18.6% jump.
- By comparison, Phoenix had a 29.3% increase. San Diego and Seattle’s increases were 27.1% and 25%, respectively.
So what is keeping prices from setting records here in Chicago?
- "One factor is the absence of out-of-state and international buyers," Realtor Jesse Trevino tells Axios.
- Political and social issues also play a role, says mortgage broker David Hochberg: "Chicago lags behind other parts of the country because of the increase in crime ... and skyrocketing real estate taxes."
Silver lining: A Wall Street Journal article points out that mortgage payments are creeping up with record prices, making it hard for people to stay on top of their payments. But with Chicago's lower prices, that's not as much of a problem.
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