Oak Park board hears range of options to expand homeownership and address racial gaps

The Village Board of Oak Park held a study session on homeownership on an evening in February, hearing presentations from staff, local Realtors, the Illinois Housing Development Authority and Community Partners for Affordable Housing about rising prices, limited inventory and options to expand access to homeownership.

The meeting opened with Jonathan Birch, assistant village manager and neighborhood services director, who framed the discussion around two board goals: expanding the variety of homeownership opportunities and addressing racial disparities in access to homeownership. Birch said staff sought trustee feedback to shape policy development and later return with concrete proposals.

The Oak Park Area Association of Realtors presented data showing sharply higher prices and severely limited supply. Realtor Lisa Palermo said the median sales price for all housing types in Oak Park has climbed substantially since 2015; the association’s materials cited a median of about $423,000 (up roughly 33% since 2015). Palermo and Michael Bailey, Illinois Realtors’ local government affairs director, flagged a record-low months-of-supply figure — 1.4 months in January 2025 — and said lack of inventory was the primary driver of price gains. Bailey urged the village to consider…