Il home concept a lot has changed during the covid-19 pandemic, when families began to desire larger homes with outdoor spaces. This is a trend observed around the world, including Chicago, in the United States. In this city, the movement of families to the suburbs has created opportunities. L’supply of available housing downtown has increased they rents have gone downthus attracting new residents. And so today there are more people living in the center of this US city than before the pandemic.
The flight of families from urban centers during the pandemic has been observed in various parts of the world. AND Chicago was no exception. The departure of these families from the city center has created opportunities, rents have fallen and supply has increased, attracting new residents. “During the pandemic, you could get three and sometimes four months of free subscription,” explained Michael Edwards, president of the Alliance, quoted by Bloomberg.
It was this scenario that attracted new families to live in downtown Chicago, so much so that the number of residents has grown by almost 9% since 2020, now counting 46,000 inhabitants, according to estimates by the Chicago Loop Alliance. Currently, around 95% of homes are occupied, a value higher than that recorded during the pandemic (87%) and which even exceeds the levels of 2019.
But not all families have the financial capacity to live in the city centre. Families earning less than $75,000 a year (about €71,000/year) find it difficult to pay the rent. Also because only 1% of the housing stock is made up of affordable homes.
Those who live in downtown Chicago are mostly young people aged between 25 and 34 years, who live alone and appreciate being able to walk everywhere. Although violence has increased in this city and house rents are not compatible with all wages, the group estimates that the number of residents will grow another 17% by 2028. And to answer this question, it is also expected to build more than 5,000 houses in this time framebringing the total population of downtown Chicago to 54,000.