Illinois is facing a housing shortage that has fueled increases in home prices and rental rates and negatively affected the economy. With home prices rising by 9 percent and asking rents increasing by as much as 10 percent across Illinois in 2024, this report explores the severity of the housing shortage and housing affordability issue in Illinois relative to other states—detailing the multitude of economic, regulatory, and demographic factors driving these trends while offering a range of options for policymakers and industry stakeholders to consider to stabilize the state’s housing market.
