According to Crain's Market Facts 2008 report, here is the latest and greatest stats regarding Chicago. Some interesting factoids to nibble on:
By 2013, Cook County is the only county in the Chicagoland metro area to have a projected decrease in population:
2000: 5,376,741
2008: 5,392,784
2013: 5,378,813
How old is the median Chicagoan? In 2008, 34.8 years old - increasing 4% since 2000. We must like it here - I guess we're just growing old together.
Highest population growth in Chicago:
1. Near West Side (west of Halsted and south of Van Buren) from 2000 to 2008 = 71.65% increase
2. Near North Side (Halsted south of Division) from 2000 to 2008 = 65.54% increase
3. Near South Side (South of Cermak and Michigan Avenue) from 2000 to 2008 = 28.22% increase.
Highest population decrease in Chicago:
1. Near West Side - because the area may have more than one census tract, the area is also decreasing. From 2000 to 2008 = 5.7% decline Basically, they don't know if they're coming or going.
2. Washington Park - the projected site of the Olympic Village. From 2000 to 2008 = 4.1% decline.
3. Hyde Park - From 2000 to 2008 = 3.6% decline.
While this may not be a shock to most of us who live in this fair city, the cost of living in Chicago is higher than the national average, however, it is still cheaper to live in Chitown than in New York or Los Angeles - um - duh.
An interesting revelation? Where Chicagoans fall in terms of what we earn - we ranked third, not behind New York and Los Angeles, but New York(1) at $49,789 and Houston(2) at $43,174. Chicagoan's per-capita personal income came in at $41,591, y'all.
When it comes to where we spend it? Windy City residents pay a higher percentage of their mulah on entertainment, healthcare and charitable contributions. When you need to stop for cash for that dinner out? Chase has the most bank branches and ATMs in Chicago - second is Bank of America.
Puff out your chests fellow citizens on the lake - ALAS! Chicago as a city ranks third in gross domestic product in the US. The city of Chicago's economy ranks between The Netherlands and Turkey relative to global GDP ranking - our economy is larger than Turkey and Belgium! Drink all the beer you want Belgium, we're still kickin' yer ass.
When it comes to healthcare, just over 1 in 4 people in Chicago are without health care coverage. A pathetic statistic that I truly hope gets addressed under our next administration. On the bright side, if you die in Chicago - regardless of whether or not you're a male or female, it's most likely due to heart disease.
We're darn generous to those who wait on us while we dine and imbibe - Chicagoan's tip an average of 19.1% - the national average is 19%. We eat out an average of 3.2 meal per week, probably while reading "A New Earth Awakening to Your Life's Purpose" - the number one best seller in Chitown.
While all those facts are indeed facinating, let's get to the stuff that really matters, shall we?
REAL ESTATE!
The number of homes sold in the Chicago area in 2007 fell 20.6% on average - 20.1% in Cook County. The median home price - not necessarily the best indictor, remained flat in 2007. Median price in Cook County in 2006 was $255,000 increasing to $266,000 in 2007.
The median monthly cost of ownership without a mortgage in Chicago = $559 With a mortgage is $1,840. Slightly higher here in Chicago without a mortgage than Los Angeles and less than New York and LA with a mortgage.
How did the subprime mortgage fiasco affect Chicagoans?
1. Half of Illinois residents with a subprime mortgage have made a late payment
2. Nearly 80% of the 144,341 subprime mortgages in Illinois as of December, 2007 were in the six county area. Cook County represents 80,800 of the 144,341 of subprime mortgages held in Illinois or 56%.
Statistically, of the subprime mortgages held:
1. 59.6% are current on their payments
2. 10.2% are 30-59 days past due
3. 5.4% are 60-89 days past due
4. 8.0% are 90+ days past due
5. 12% are in foreclosure
6. 4.8% are REO or Real Estate Owned - they have been foreclosed and are currently bank owned.
These statistics alone clearly show that we are far from out of the housing mess in Chicagoland. 75% of subprime mortgages issued in Illinois are adjustable rate mortgages. In Chicago and surrounding suburbs, 80% of these loans are scheduled to reset in the next two years. If you have an adjustable rate mortgage, be sure to find out if you are eligible for the new FHA government backed refinance program.
While there are a number of other statistics worth mentioning, there is one that I found that might just cut both ways. Chicagoan's divorce rate is less than 50% and below the national average.
While that statistic sounds hopeful, I can't help but think that we simply prefer to live in misery? Surely I jest - um - hello?
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