Region 5 - The Great Lakes | HUD.gov / U.S. Department of Housing and Urban Development (HUD)

Region 5 - The Great Lakes

From Illinois, Indiana, Michigan, Minnesota, Ohio and Wisconsin

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Tools & Resources

HUD Region 5 Section 3 Resource Hub - Discover Section 3 Resources in Illinois, Indiana, Michigan, Minnesota, Ohio, and Wisconsin.
Regional Housing Market Data and Analysis
Regional Narratives are published quarterly for each of HUD’s ten regions. Each narrative provides an overview of economic and housing market trends within the region. The reports contain an analysis of the year over year change in several key variables: nonfarm payrolls by sector, the unemployment rate, home sales, home prices, foreclosure data, vacancy rates, rents, and building permit activity. Current sales market and rental market conditions in major metropolitan areas are also discussed.
Regional Housing Market Conditions Narrative
- The economy and housing markets have been affected by rapid inflation in 2021 and 2022.
- In the Midwest region, economic growth is slowing compared with the relatively rapid gains a year ago, but growth continues at a faster rate compared with the 2010s.
- Rising home mortgage interest rates in 2022 affected the home sales market, with fewer homes sold and fewer homes listed for sale.
  - Sales market conditions are currently slightly tight, but easing from tight to very tight conditions a year ago.
- The apartment markets in the eight largest metropolitan areas in the region are mixed, with conditions ranging from slightly tight to slightly soft.
  - Compared with a year ago, the regionwide apartment vacancy rate increased from a 2-decade low, and rent growth slowed from the fastest gain in more than a decade.
HUD Resource Locator - Offers real-time HUD housing information and other resources.
Inspection Information for Residents
Community Assessment Reporting Tool (CART) - CART is a reference tool designed by the US Department of Housing and Urban Development to display HUD's investments in communities across the United States.
Grants.gov - Provides information on federal grant opportunities.
HUD Exchange - Resources and assistance for HUD's community partners.
HUD's programs - Information on HUD’s major mortgage, grant, assistance, and regulatory programs.
HUD Archives - Archives website where you will find content that was formerly found on www.hud.gov.