The Homes for a Changing Region report identifies strategies that address the need for a wider diversity of housing in the Village (townhouses, condos, etc.) for young adults and empty-nesters seeking affordable options, as well as more single-family housing. We thank the Metropolitan Mayors Caucus for their guidance, and look forward to seeing your next new home being built!
HOUSING NEEDS ANALYSIS
Richton Park offers a diverse mix of housing types. As of 2021, 55% of all residential units are single-family homes. About 10% of homes are duplexes or townhomes, 3% of homes are triplexes or quadruplexes, 10% of homes are in small multifamily buildings (5-9 units), 5% are in mid-size multifamily buildings (10-20 units), and 17% are in large multifamily buildings (20+ units).
Overall, housing units are nearly split between owners and renters. Roughly 54% of households own their home and 46% rent their home. Beyond the above baseline information, a review of housing data and discussions with local stakeholders has identified the following three key takeaways regarding housing in Richton Park.
RICHTON PARK HAS EXPERIENCED MARKET CHALLENGES IN DEVELOPING NEW HOUSING
As stated above, economic downtown caused by the 2008 recession had lasting impacts on the housing market in Richton Park. As shown in the chart below, the recession caused home sale prices in Richton Park and neighboring communities to fall below the level they were in 2000 and remain below this level throughout much of the next decade. Stagnant housing prices affected homeowners in Richton Park, limiting the amount of wealth they could build through their home values appreciating. The stagnant housing market also severely impacted potential for new housing development during this time. While the recession's impact on housing prices was felt throughout Cook County, housing prices took longer to recover in the south suburbs.
Over time, the housing market in Richton Park recovered. As shown in the chart above, housing prices in Richton Park and neighboring communities began rising during the past decade and increased quickly since 2020 when low mortgage interest rates enabled more households to purchase homes. Another way to notice the local housing market's recovery is through decreases in vacancies. According to the U.S. Census, the homeowner vacancy rate in Richton Park