Homeownership Rate for Illinois
ILHOWN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
68.50
Year-over-Year Change
2.54%
Date Range
1/1/1984 - 1/1/2024
Summary
The Homeownership Rate for Illinois measures the percentage of Illinois households that own their own homes. This key indicator provides insights into housing affordability and the state's real estate market trends.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Homeownership Rate for Illinois represents the share of occupied housing units in the state that are owner-occupied. It is a widely tracked metric for evaluating housing market conditions and affordability for prospective homebuyers.
Methodology
The data is collected through the U.S. Census Bureau's American Community Survey.
Historical Context
The homeownership rate is closely monitored by policymakers, housing authorities, and real estate analysts to inform housing and economic policies.
Key Facts
- Illinois homeownership rate in 2021 was 65.2%.
- Homeownership rates have declined in Illinois since the 2008 financial crisis.
- The state's homeownership rate is slightly below the national average.
FAQs
Q: What does the Homeownership Rate for Illinois measure?
A: The Homeownership Rate for Illinois represents the percentage of occupied housing units in the state that are owner-occupied, providing insights into housing affordability and real estate market trends.
Q: Why is the Illinois homeownership rate relevant for users or analysts?
A: The homeownership rate is a key economic indicator used by policymakers, housing authorities, and real estate analysts to evaluate housing market conditions and inform housing and economic policies.
Q: How is the Homeownership Rate for Illinois data collected or calculated?
A: The data is collected through the U.S. Census Bureau's American Community Survey.
Q: How is the Illinois homeownership rate trend used in economic policy?
A: The homeownership rate is closely monitored by policymakers and housing authorities to understand housing affordability and inform policies that aim to promote homeownership and stable housing markets.
Q: Are there any update delays or limitations for the Illinois homeownership rate data?
A: The Homeownership Rate for Illinois data is published annually with a slight delay, as it is collected through the American Community Survey.
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Citation
U.S. Federal Reserve, Homeownership Rate for Illinois (ILHOWN), retrieved from FRED.