Chicago is a prime example of the rising cost of housing in the United States.
Its population has grown by about 15 million people since 2007, and its housing market has been especially volatile.
But there are other cities, like Las Vegas, that have also seen house prices soar.
Al Jazeera’s Matt Duss says this trend is not unique to the US.
He says while there may be a trend of increasing house prices around the world, the effect is often not shared by the same cities.
“For example, in many places in Europe, house prices are rising at a much faster rate than in the USA,” he says.
“The house prices for people in Sweden are rising by about 60% in the last 10 years, while in the UK house prices have risen at about 30%.”
This means that, in the context of the US, house price increases tend to be much higher than in other parts of the world.
“Duss says rising house prices don’t necessarily mean there is an increased demand for housing, but they can increase the supply of housing.”
In the United Kingdom, for example, if there is a shortage of housing, people are willing to take on more debt, so that can drive up house prices,” he said.”
If you look at London, where there is almost no housing supply, house buyers can be buying houses at a very high rate.
“In Chicago, however, many buyers are willing and able to pay for a property.
But Duss warns that the housing bubble in the city is not the only reason people are moving out of the city.”
I think that, generally, people tend to want to move to the suburbs,” he added.”
We are seeing more and more people moving into the city and that’s not necessarily a good thing, especially if you look across the US.
“While some analysts have predicted that Chicago may see a resurgence in house prices, Duss doubts that will happen anytime soon.”
Chicago is a place where house prices aren’t growing as fast as they are elsewhere, so I think that it’s not likely that it will become the new hotbed of housing,” he told Al Jazeera.”
This bubble in Chicago is not going to burst anytime soon.”‘
People will move out of Chicago, which is a major city in the South, because they are not as interested in the housing markets,” he continued.””
When you have a population growing by 10 million people or more, the housing market is going to be very, very volatile,” he explained.
“People will move out of Chicago, which is a major city in the South, because they are not as interested in the housing markets,” he continued.
“They may leave, and that will make a huge impact on prices.”
But while Chicago is the largest city in Illinois, it is not alone in its housing boom.
In Florida, where a housing bubble has popped, the median house price has shot up by more than $1,200 in just four years.
“When you see a price increase like that, it’s going to have a huge effect on your finances, so it is going the opposite direction from what people want,” said Dr. Richard Levesque, an economist at the University of South Florida.
“It’s very difficult to say whether that will have an impact on the prices of houses or other types of assets in the future, but it’s a very, large amount of money.”
Dus says that despite rising house price, there is no sign of a slowdown in the market.
“Overall, house values in Chicago are still rising, but at a slower rate than other cities,” he concluded.