“Globally 200,000 people are added each day to urban areas who need affordable and healthy housing. High demand for affordable housing exists in the Chicago region. The Institute for Housing Studies at DePaul University found a gap of 187,848 affordable units in 2015. Between 2014 and 2015, nearly 9,000 fewer affordable units were available to lower-income renters, despite a growth of over 2,500 renter households needing affordable housing.
“What we’ve seen is the affordable rental stock shrinking. While demand has been pretty stable, the supply has shrunk,” said Geoff Smith, The Institute for Housing Studies at DePaul University executive director. Smith said the gap is caused by the increasing cost of rent and a decline in the number of two- and four-unit apartments. Because of the shortage, Smith said more households are now putting more than 30 percent of their incomes toward housing – what’s called being “rent burdened.” Some 53 percent of Cook County households were rent burdened in 2015, according to the study, and a majority of those were low-income."