Travel experts are calling for people to get off their couches and get the hell out of their city.
According to a report from Accenture, the world’s third-largest travel company, the US has the third-highest hotel occupancy rate in the world, and the average home price in Chicago is over $300,000.
But while the cost of living here is still quite high, many travelers say the city is in desperate need of a fresh start.
“Chicago has the most expensive housing market in the country,” said Kevin Lacey, a research analyst at Accenture.
“It is going to be very challenging for the average person to save for a down payment on a home and a downpayment on a place to live, especially if they want to move here and start a family.”
Lacey says that if the US is to become more affordable, it’s going to need to take steps to bring down prices.
For example, he recommends people get a home equity loan.
That way, they’ll have some cushion to pay off their mortgage, which could help alleviate the financial pressure on families who may not be able to afford to pay it back in full.
“When you take a look at the housing market and what is actually going on, the reality is that the supply and demand for homes in the city of Chicago is not going to change much in the next five years,” he said.
“The supply of housing in Chicago will remain the same.”
Accenture found that the average household size in the US stands at about 2.1, which is well above the average of 2.0 that Lacey attributes to housing affordability.
Lacey also said that the number of new construction units is growing faster than the number that are being built.
But that growth has slowed dramatically over the last year.
According, the number in the Chicago area has declined by more than half.
While the overall population has increased, it has not seen a surge in new housing construction in recent years.
Accenture also found that Chicago is seeing a steady increase in traffic.
It has more people than ever living and working in the same place.
“The reason that the population of Chicago has grown is that we have an abundance of jobs, we have access to transportation, we’ve got good transit networks and we have good public transit,” said Lacey.
“So, we’re not a city that has really had any issues with its transportation infrastructure or its public transportation systems.”
So why would anyone want to come here?
Lacey said that Chicago’s population is “just not that big,” but it has the same quality of life as any other major US city.
He said that if you’re going to live in Chicago, you’ll want to get out.
“You want to spend time with family, you want to have friends who want to live here, you really want to be around other people who are enjoying the same things that you are,” he explained.
“You don’t want to just sit there and do nothing, you’re not going away.
So, you need to be active.”