Young People Hit Hardest By Recession

A new report from the Institute for Housing Studies at DePaul University finds that young renters are suffering the most from an affordable rental housing shortage in Cook County. According to the study, more than three-quarters of households making less than $35,000 per year pay more than 30 percent of their income for rent. The Institute is a partner of The Preservation Compact which is working to preserve existing affordable rental housing in Cook County.

Younger people are much more likely to rent than older people and, as a new Pew Research Center study shows, make considerably less money now compared to 25 years ago.

The Pew study showed that households headed by an adult under age 35 had a 68 percent lower net worth than a same-aged household in 1984, after adjusting for inflation.

In other words, young people have been steadily losing ground and at an alarming rate.

That doesn’t bode well for the Chicago region, which has become a mecca for young people starting out in their careers.  People rent for all kinds of reasons: cost, flexibility, and just not ready yet to settle down.

While the region needs the infusion of talent, creativity and innovation that young people bring, it won’t be able to attract them if they can’t find an affordable rental.