Illinois Real Estate and Livability Trends

Median home values in Illinois surged from $173,800 in 2015 to $239,100 in 2022, outpacing the national increase. This may indicate stronger returns for investors compared to the broader market. The residential energy tax credit peaked hugely in 2018 at about $2,208.64 but has since stabilized around $1,000, hinting at possible state or federal incentives for renewable energy that could drive... investment interest. Real estate taxes have nearly doubled, reaching about $9,749.78 in 2021, pointing to a rising tax burden that investors and homeowners should factor into financial planning. Meanwhile, the drop in farm tax returns from 1.12% to 0.99% might suggest declining farm operations or shifts in land use, which could impact land value and agricultural profitability. Read more

Average taxable income per tax return in Illinois has generally risen over the past nine years, climbing from $66,602.56 in 2013 to $98,482.53 in 2021, signaling higher earnings among residents. Meanwhile, average state and local income taxes per tax return significantly increased, starting from $7,491.58 in 2017 and jumping to $18,249.53 by 2021, suggesting a growing tax burden. Additionally, the average total tax liability per tax return has been consistently climbing, from $12,875.51 in 2012... to $19,140.16 in 2021. These trends are crucial for investors and potential residents, given their implications for financial decisions and the cost of living in the state. Read more

Property crime trends in Illinois have shown considerable variation over the past five years, with notable peaks and declines. Arson incidents peaked at 4,267 cases in 2018 before declining sharply, yet saw a rise again to 739 cases in 2022. Fraud remains a major concern, peaking at 9,497 and 9,677 incidents in 2018 and 2022 respectively. Vandalism has also seen an upward trend, spiking to 4,124 incidents in 2022, and Larceny-Theft remains persistently high at 1,599 cases in the same year.... While Embezzlement and Burglary have lower and more variable figures, they still pose risks worth considering. These patterns may have implications for investors, property developers, and insurance agents assessing risk and opportunities in the region. Read more

Illinois has a roughly balanced gender demographic, with slightly more females compared to males. A significant portion of the adult population has attained at least a high school education, with many continuing to pursue higher education degrees. The age distribution suggests a relatively young population, concentrated in the 25 to 34 years category, yet there's a notable representation in older age brackets as well. Racially, Illinois is predominantly White, though substantial Black or... African American and Asian communities exist, contributing to the state's diversity. Read more

Illinois's 2020 U.S. Presidential Election results show the state potentially leaning more Democratic, with about 57.5% of the vote going to the Democrats and 40.5% to Republicans. This growing liberal voter base might shape both local policies and the broader market dynamics, suggesting shifts in community values that could influence housing trends and urban development. Limited third-party influence might further consolidate major party ideologies, potentially affecting property investments... and neighborhood compositions. Read more

Illinois has experienced a notable decline in the student-to-teacher ratio, dropping from 27 in 2014 to around 12.5 in 2023. This trend towards smaller class sizes hints at a better educational environment, which could boost property values and attract more families. Larger homes or those near top-rated schools might see increased interest, potentially influencing appraisals positively. With Illinois' current ratio below the national average of 14 students per teacher, the state's educational... quality might be viewed more favorably, making it an appealing market for real estate development. Read more