Politics & Government
Does Northbrook Need More Affordable Housing?
About 5.3 percent of Northbrook's house and apartment market was considered affordable in 2004, although Illinois suggests communities keep it closer to 10 percent.
Northbrook saw a 31 percent bump in rentors between 2000 and 2011, while 88 percent more homeowners had to spend at least 35 percent of their income on mortgage costs, according to the 2000 U.S. Census and 2007-2011 American Community Survey data, the Chicago Tribune reports.
While Illinois suggests at least 10 percent of a community's real estate and apartment market fits within the "affordable" range, only 5.3 percent of Northbrook's market was "affordable" when the Illinois Housing Development Agency evaluated the village in 2004, the Chicago Tribune reports.
The U.S. Department of Housing and Urban Development defines affordability as a household that pays 30 percent or less of its annual income on housing.
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Do you think Northbrook needs more affordable housing options? Has rising housing costs or shrinking incomes created a burden for local homeowners?
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