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Home Pricing Near Obama Site Points to Speculators
In common with neighborhoods in other parts of the city with moderate or high housing costs, large swaths of the South Side saw home prices rise appreciably between 2012 and 2017, according to the Institute for Housing Studies at DePaul University.
IHS identified South Side neighborhoods including Auburn Gresham, Pullman and Washington Park as “emerging displacement pressure areas,” i.e. areas in which low but rising home prices could eventually drive out current residents.
Although rising prices in lower-income areas are generally a positive, IHS noted that for these South Side neighborhoods, “proximity to the future Obama Presidential Center raises concerns that speculation may be underway.”
More immediately prone to displacement pressures are high-cost North Side areas such as Logan Square. “In 2016, these areas were identified as moderate-cost in IHS’s analysis, but have recently seen accelerated prices and are now among the highest cost areas of the city,” according to IHS.
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- ◦Economy
