5 Suburban Chicago Counties At Risk Of Housing Market Decline

Illinois, along with two other states, is at a higher risk of experiencing a housing market decline, as indicated in a recent report by data curator ATTOM. The report analyzed various measures from the fourth quarter of 2023.

Illinois, California, and New Jersey had some of the highest concentrations of at-risk markets nationwide, with the three states accounting for 34 of the 50 counties considered most vulnerable to potential market drop-offs, as shown in the report.

These 50 counties consist of five in the greater Chicago region, six in and around New York City, and 14 in inland California. In contrast, the Midwest and the South had the highest number of markets that were least likely to decline, according to ATTOM.

Illinois counties that are considered high-risk include DeKalb, Kane, Lake, McHenry, and Will counties in the Chicago area, along with St. Clair and Madison counties outside St. Louis.

The risk assessment considered factors such as the percentage of homes at risk of foreclosure, mortgage balances surpassing property values, the portion of wages needed for homeowner expenses, and local unemployment rates.

In 43 out of the 50 counties analyzed, typical homeownership expenses like mortgage payments, property taxes, and insurance took up more than a third of the average wages.

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