DuPage home prices drop
The home prices in DuPage County may have dropped by 9 percent over the past year, but it still ranks as one of the priciest places to live in the state.
This year's median sale price for existing single-family homes in DuPage County is $329,000, down from an all-time high of $360,000 in 2007, according to an annual report published by the DuPage Homeownership Center.
Following closely on the county's tail is Lake County with a $299,000 average, a number that dropped 2 percent from last year's median sale price.
And while wages showed a slight bump over the past year, one percent in DuPage County, there's still a "sizable gap" between the cost of housing and income in the area, according to the report.
Families earning the median income still fall short of having what it takes to afford a home in DuPage, said Sheila McCann, director of outreach and development for the Wheaton-based center. The average household income of $71,600 has only 65 percent of the monthly income needed to afford the median-priced single-family home in the county, the report said.
The U.S. Department of Housing and Urban Development recommends a family not spend more than 30 percent of monthly income on housing. Using that guidelines, a family would need to make $110,920 to be able to afford the average DuPage County home.
And even with the obvious housing downturn, McCann said, "we're still in a gap."
This year's median home price is lower, even, than home prices from two years ago. In 2006, the average sales price was $343,500.
"Housing prices might be getting more affordable, but there's still a big gap between income and what the average family can afford to pay," she said.
The DuPage Homeownership Center is a HUD-certified counseling agency that offers free advice and education to those interested in buying their first home, and those facing foreclosure and in need of mortgage counseling.
DuPage County Housing and Income
Median Home Price
2008 $329,000
2007 $360,000
2006 $343,500
Median Family Income
2008 $71,600
2007 $69,800
2006 $72,400
Source: DuPage Homeownership Center