Exodus from Chicago, Cook County IL Wanes, in Depths of Great Recession!

Back in the old days - the Ronald Reagan Days of deteriorating northern Rust Belt Cities, and unyielding urban sprawl - all it took was a bit of Hard Times to get Chicago Residents to consider packing their bags and leaving town. They would move to cities with warmer climates - and new jobs.

Or, if not that far, to distant Chicago Suburbs, just off our Expressways and Tollways, where industry was growing.

Not so much any more, apparently.

In 2009, deep in the grip of what many consider the worst Economic Downturn since the Great Depression began with the Stock Market Crash on October 29, 1929 - exactly 80 years ago today - outside jobs in places like California, Arizona, or Nevada are hard to come by.

And those Bargain Priced Houses in far-flung exurbs - like Lockport, or Shorewood, or Round Lake Beach - have lost, in some cases, as much as 40% of their value. or more!

Here in Cook County IL, Chicago and the nearby Chicago Suburbs have seen steady growth since 2006. The number of those leaving the county has fallen by 17% within the last three years.

And the stay-put trend is not unique to Chicago! According to University of New Hampshire Senior Demographer Kenneth Johnson, as quoted in a story by Chicago Tribune Reporter Greg Burns last Sunday, the total number of people leaving most larger cities in the Midwest and the Northeast have slowed considerably since the onset of our latest economic downturn.

As recently as 2005, home ownership in the U.S. approached 69%. Today, however, those purchasing recently can't sell their equity-depleted properties, and are hesitant to move anywhere.

Another factor to the downturn in local migration - our aging population. Many older adults have taken a disproportionate hit recently in their retirement accounts, and many no longer have the money to move to that retirement are out west, or down in Florida. Since 2006, those leaving the Chicago Area to move to Phoenix AZ have fallen by 17%. Folks packing up for Nevada - down 15% during the same period.

And those Chicago Renters looking for cheap housing in Will County, one of the more distant counties in the Chicago Metropolitan Area? Those exiting Cook County IL for Will County towns like Joliet - down 33% in the last three years.

Will the trend to leave increase again, as the economy begins to turn around?

Yes, says Demographer Johnson - but, likely, at a far lower level than before.

Please read our post today via BlogChicagoHomes.com.

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