Both the table and the map above demonstrate the dramatic growth of housing since
the 1970s, with a predominant amount of housing developed from 1990 through 2009.
Of this growth, 69 percent of the owner-occupied housing stock and 62 percent of the
rental stock was developed since 1970. The 1990s saw the largest growth in
development of housing for both owner- and renter-occupied housing stock, with more
than one-third of the County’s housing stock built from 1990 to the present. It should be
noted that not all “rental” housing stock is deemed as multifamily dwellings. Rather, a
significant portion of Lake County’s rental housing stock is contained within the singlefamily dwelling unit classification.
HOUSING AFFORDABILITY
Housing affordability is calculated using generally accepted cost burden principles to
assume that a household should pay no more than 30 percent of household income
toward housing payments (rent or mortgage). The median household income for Lake
County, based on the 2012 American Community Survey, was $79,085. For evaluation,
the table below shows the affordable monthly housing payment (an amount calculated
to prevent a household from being considered “cost burdened”) for a household at the
2012 median income level by race and ethnicity of the household. These calculations do
not take into account other housing costs such as utilities and maintenance or the
condition of the housing units. These additional costs can result in a household
becoming cost burdened.
Exhibit III-41.
Housing Affordability
Race/Ethnicity of Household
White
Black or African American
American Indian and Alaska Native
Asian
Some other race
Two or more races
Hispanic
Median
Household
Income
$ 86,159
$ 44,036
$ 46,943
$ 100,408
$ 46,739
$ 60,658
$ 44,457
Maximum
Monthly Housing
Payment
$2,154
$1,101
$1,174
$2,510
$1,168
$1,516
$1,111
Note: Insufficient data available for Native Hawaiian and Other Pacific Islander.
Source: 2012 ACS 1-Year Estimates.
56
APPLIED REAL ESTATE ANALYSIS, INC.
LAKE COUNTY, ILLINOIS