Illinois One of 3 states Expected See 2024 Housing Market Crash

The housing market has seen the highest of highs and the lowest of lows in its time of existence. From the beginning when only certain people could own homes to now, where it's kind of still that way. It went from being law that people of certain genders, races, religions, and more could not own homes here in America, now its different only the people who can afford a house are looking to buy one.

Often times Millennials and Gen Z are often ragged on by those in Gen X, the Baby Boomers, and the other generations for being "not as successful" because they don't own a house yet as they get into their late 20s and 30s. Back in the 1900s houses were affordable on 1 income, now there are homes with 2,3 or even 4 incomes that are still struggling to stay afloat. Some have given up on the idea of owning a home, some have roommates to make their dreams come true, and some are holding out on hope. Now, those in Illinois that were looking for some good luck, may have just found it, as the housing market should open up some.

Illinois has been marked alongside New Jersey and California to be the only states within the country that will see a break in the housing market. in 2024, the housing market is supposed to crash in these 3 states, lowering prices for quite some time, allowing for new or aspiring homeowners to get into the game. There are a few different factors helping their case but either way, get those wallets and bank accounts ready.

In 2024, Illinois will see a crash in their housing market due to foreclosures, unemployment, and underwater mortgages. Counties in and around Chicago are in danger of seeing the housing market crash based on the portion of mortgage balances that exceed the value of the homes, average local wages required for home ownership expenses, and local unemployment rates.

Obviously, this will not be affecting every county in Illinois as there are some places that are doing well and will maintain their current value. The Chicago Metropolitain counties that are in danger of seeing the housing market crash around them are the Cook, De Kalb, Kane, Lake, McHenry and Will counties in Illinois, along with Lake County in Indiana, also face challenges.