HABITAT HEADLINES

May 16, 2019

What Does Chicago's Big Demographic Shift Mean?

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The Habitat Company's Charlton Hamer was recently highlighted in a Bisnow article by Brian Rogal discussing the changing demographics in Chicago. Read on to see some highlights from the piece as well as a link to the full article: 

Chicago has undergone a tremendous demographic shift since the 1990s. Former industrial districts like Fulton Market now teem with thousands of office workers each day, many of whom live nearby in glittering new apartment towers. Downtown itself transformed into a true residential neighborhood with grocery stores and entertainment venues like Millennium Park. 

Since 2010, the number of jobs in the Central Business District jumped to 613,000, a 28% increase, according to a capital market overview by HFF. And, using census data, the firm found almost 40% of Chicago's 25-plus-year-olds now have a bachelor’s degree, more than New York City or Los Angeles.

But another demographic shift in Chicago has also been underway.

Even as the downtown and its adjacent neighborhoods attracted young, educated new workers, other areas, especially those home to low- to moderate-income African Americans, have lost population.

The city as a whole, Cook County and collar counties are either stagnant or declining, according to census figures.

“This loss of population is significant, and the group most affected is the African American community,” Charlton Hamer, senior vice president of The Habitat Co.’s affordable housing unit, told Bisnow last week. Taken together, the two demographic movements mean the Chicago market is experiencing a big switch.

To see the full article please click HERE

Photo courtesy Corey Smith from Pexels