I would agree with the Chicago apologists on here that DuPage County's plummeting home values have something to do with millennialls leaving DuPage for Chicago. The article, however, blames it all on high property taxes. Unfortunately, lower home prices, better schools and no crime in the suburbs make it easier for this trend to be reversed. Will Chicago blow it? Gen Y might not want to live in DuPage. That doesn't mean they won't move to a different urban area to avoid high taxes, high crime, bad schools, etc.
http://patch.com/illinois/downersgrove/home-values...
Home Values Plummet Across DuPage County
As government spending increases, home values are going negative.
If you live in DuPage County, you might not want to put your place on the market anytime soon.
Government spending, increased school tax levies and municipal debts are deflating the values of homes in Chicago’s western suburbs by hundreds of thousands of dollars, the DuPage Policy Journal reported this weekend.
According to the site, which is run by Local Government Information Services in an effort to prioritize political transparency, every single DuPage community has seen a drop in value, from the top performers (Glen Ellyn and Naperville, whose property values fell 19 percent throughout the past decade) to the very worst (Willowbrook homes saw a 48 percent drop in value).
Statistics collected by Sperling’s Best Places, whose latest numbers were updated in December of 2016, show home appreciation in DuPage has decreased by 11.43 percent over the past decade. In the past year, and even five years, those numbers were positive, seeing an increase of 3.21 percent and 1.83 percent, respectively.
The Policy Journal attributes the quickly falling numbers to increased local government spending and debt.
“The numbers are particularly startling given record-low interest rates and Illinois’ political environment, currently controlled by public employee unions poised to continue increasing government spending and borrowing,” the article states. “The net result: property taxes are pressured higher and higher, and property values lower and lower.”
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In Hinsdale and Elmhurst, school expenses have soared throughout the past decade, increasing steadily as local home values dropped by 25 percent in each community.
FindTheHome | GraphiqBetween 2007 and 2015, values dropped by these percentages in the western suburbs:
- 48 percent in Willowbrook, from an average home value of $348,646 to $182,000
- 40 percent in Glendale Heights, from $266,342 to $161,000
- 37 percent in Addison, from $325,789 to $206,000
- 33 percent in Westmont, from $353,218 to $237,000
- 31 percent in Lombard, from $322,354 to $221,000
- 28 percent in Darien, from $397,799 to $285,000
- 28 percent in Woodridge, from $314,353 to $226,000
- 28 percent in Oak Brook, from $954,489 to $688,000
- 27 percent in Clarendon Hills, from $595,555 to $432,000
- 27 percent in Lisle, from $352,075 to $258,000
- 25 percent in Hinsdale, from $1.073 million to $802,000
- 25 percent in Elmhurst, from $484,674 to $363,000
- 23 percent in Downers Grove, from $397,799 to $308,000
- 22 percent in Wheaton, from $401,228 to $313,000
- 19 percent in Glen Ellyn, from $437,807 to $353,000
(A full list, including projections for these towns for 2023, is available here.)
According to Sperling’s numbers, the average DuPage County home is valued at $264,000 right now. If these trends continue, the Policy Journal states, a Hinsdale home worth $939,000 in 2007 will be worth just $684,988 by 2023.
Hinsdale, La Grange, Countryside, Oak Brook, Glen Ellyn, Elmhurst and Naperville are still among the most expensive places to buy in the DuPage area, as shown in a heat map produced by Trulia. Still, they’re dropping — and fast.