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Chicago Lags U.S. Average in Home Equity Gains
Chicago-area homeowners’ average home equity gain has lagged behind the national average this year, CoreLogic reported. Homeowners in the metro area gained about $8,200 in home equity between the third quarter of 2017 and Q3 of this year.
The Chicago figure is about two-thirds the national average gain of $12,400. Of 10 major cities in the study, the only one with a smaller gain than Chicago was Houston, where homeowners’ equity grew by $6,640. Chicago also had the second-highest average negative equity.
Smaller gains in home equity “are tied to a weaker local economy,” Frank Nothaft, CoreLogic’s SVP and chief economist, told Crain’s Chicago Business. “Things have gotten better in Chicago over the last several years, but when we compare it with other metros, Chicago is lagging.”
In particular, job growth is shallower in Chicago than in several cities where home values are rising faster, Nothaft told Crain’s.
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- ◦Economy
