Pensions Make Homeownership Unaffordable in Illinois
The dream of homeownership is becoming unattainable due to low housing supply and soaring property taxes, driven by pension costs.
Decades of rising pension obligations have led to relentless property tax hikes, putting financial pressure on families already affected by a severe housing shortage.
- House prices have increased by 122% since 1996.
- Residential property taxes have grown by 232% since 1996.
Illinois has the highest property taxes in the nation, and those taxes are being driven up by pension costs.
Author's summary: Pension costs drive up property taxes, making homeownership unaffordable.
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