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- Residents and stakeholders identify housing affordability as one, if not the main, attribute associated with them moving to McKinley Park. Maintaining diversity by preserving affordable housing choices is essential to the neighborhood plan. About 62 percent of housing units in the study area are in multifamily buildings, and 87 percent are renter-occupied. 70 percent of rental units in McKinley Park are affordable to those earning less than 60 percent of Area Median Income (AMI), but only 10 percent of those units are legally restricted. Almost all of the affordable units in McKinley Park are naturally occurring affordable housing (NOAH). The diversity of housing options has been a source of stability, allowing residents who may initially rent smaller units to move up to larger units, and eventually to homeownership.
- While housing costs have increased since the 2008 recession, McKinley Park prices remain low compared to other neighborhoods in Chicago. Preserving and creating opportunities for affordable housing will help protect existing residents against market pressures that could burden or displace them. Households spending more than half their income on housing are considered severely cost-burdened. Based on data specific to the McKinley Park community area in the period between 2012 and 2016, 38 percent of owner households and 53 percent of renters were burdened by housing costs. This impacts their ability to spend money and support local businesses, as well as access necessities like health care.
- McKinley Park has long been a port of entry for many immigrants. Today, McKinley Park’s population remains steady, increasing 2.9 percent from 2010 to 2016 (greater than Chicago’s 0.7 percent or the region’s 0.8 percent). This growth is largely attributed to the continued growth in the Asian population (16 percent). On the contrary, the Black, Latino, and White populations have decreased by 40 percent, 3 percent, and 3 percent respectively during this same period. Stakeholders consider the community’s diversity to be one of its greatest assets to preserve and celebrate. The plan explores ways to market the neighborhood’s diversity to preserve and attract new residents, visitors, customers, and investment.
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