Why are Du Page County Home Values Declining?admin / 0 Comments /
A recent report released by the Du Page Policy Journal at the end of January pointed to some alarming statistics about the value of homes in Du Page county. According to the report, in the past decade, home values in Du Page county have seen a decrease of just over 11%. Home values in suburbs such as Hinsdale and Elmhurst have dropped approximately 25 percent since 2007. Worse yet, homes in Willowbrook are down 48 percent from values ten years ago. An article published in the Downers Grove Patch details the home value decreases of many Du Page County towns and villages. The article, written by Anicka Slachta, goes on to project what the next few years could look like for home values in this area of Illinois.
These numbers can be unsettling to home owners, especially considering favorable mortgage rates home buyers have been able to secure recently, which normally helps drive up home values. However, there is an obvious culprit behind these decreased home values. As homeowners in these suburbs can attest, there has been a significant increase in government spending and taxes increases brought on by school tax levies and city debts. As the homeowner rate taxes increase in these towns, the values of the property fall.
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Photo Credit: Craig Toocheck