Neighborhood Assets and Housing Market Conditions
Commercial and community assets contribute to a neighborhood’s economy, cultural identity, and sense of place. Place based assets can be a driver, as well as a consequence, of changing market conditions. This mapping tool merges IHS’s Mapping Displacement Pressure map and MAPScorps’ survey of commercial businesses and community organizations to examine the relationship between changing housing affordability and the presence of neighborhood assets.IHS’s Mapping Displacement Pressure map identifies neighborhoods where vulnerable populations may be experiencing affordability pressures and displacement risk due to increased housing costs. To contextualize current housing market conditions, the tool color codes parcels as low-cost, moderate-cost, and high-cost. To signify changing housing market conditions, the color gradient denotes the degree of housing price change as stable, rising, or significantly rising.
High-cost neighborhoods with rising prices have high home values and are experiencing higher than average recent increases in sales prices. Displacement is likely well underway.
Moderate-cost with rising prices are experiencing higher than average recent increases in sales prices, but remain generally affordable. While certain areas may be at a tipping point where increased costs could soon displace vulnerable residents, other neighborhoods could be at risk for speculative investment.
Lower-cost with rising prices have the lowest values in the City of Chicago but are experiencing a higher than average recent increase in sales prices. Values are too low to signal displacement from rising cost and rising prices are a positive trend.
Neighborhood assets include public facing commercial and retail businesses as well as institutional and community organizations collected through walking surveys.
