In 2016, the Village commissioned a housing market study from Baker Tilly International to measure future housing demand in Downtown Homewood. This study measured the viability of "transit-oriented development" in the Village and assessed what kinds of housing would best fit into the downtown area in the future. The study looked at what kinds of housing may be supported by demand on different properties around the Downtown area. 

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Download the executive summary of the 2016 Housing Study here!

Download the full version of the 2016 Housing Study here! 

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What did the 2016 Housing Study find? 

This study found the following:

• As of 2016, there was a demand for at least 175 housing units for those making under $99,999/year* 

• As of 2016, there was a demand for at least 225 housing units for those making under $149,999/year.*

• Regional market-rate housing (housing in alignment with the average new housing costs for the region) is feasible in Homewood and has significant market demand. Developers considering larger projects (such as building on multiple development sites in Homewood) should consider phasing to ensure high absorption rates. 

• Several development sites in Downtown Homewood are suitable for market-rate multi-family development, and have walkability to nearby destinations that can support "transit-oriented" residential projects.

• The multi-family rental market is growing significantly and has a very low vacancy rate regionally (since 2016, this vacancy rate has not increased).

• Homewood has a lack of "Class A" housing and new housing construction. New construction is unlikely to have negative impacts on existing housing in Homewood, such as cost increases or high competition for renters at existing properties.

• The study assessed feasibility for residential development at six downtown development sites. The study found that the Village Hall parking lot (2024 Chestnut Road) was the best suited location for new residential development in the Downtown, followed by the Matrix Building site (2066 Ridge Road) and the Triumph Building site (2031 Ridge Road, site of the current Hartford Building).

Since this study was performed, one new "transit-oriented" residential development has been built (the Hartford Building at 2031 Ridge Road, opened 2023). This project provided 36 units of rental housing in Downtown Homewood.

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Questions about this study? Contact Economic and Community Development at (708) 206-3380 or pzc@homewoodil.gov.