Single-family house prices in Chicago's communities of color increased significantly during the COVID-19 pandemic, according to data analysis from the Institute for Housing Studies at DePaul University. House prices in Chicago's predominantly Black neighborhoods have grown the fastest, with price levels increasing 56 percent between 2020 and 2022. In Chicago's majority Hispanic/Latino communities, house prices gained by more than 31 percent since the beginning of the pandemic.
This recovery is notable particularly as house prices in communities of color fell to historic lows and homes were disproportionately impacted by the foreclosure crisis in the wake of the Great Recession. While increasing home equity is one way to build wealth in communities, rapid price gains may also lead to displacement. The report raises the need to maintain affordable neighborhoods and mitigate displacement pressures for Chicago's Black and Brown residents.
