2 Illinois cities ranked in top 100 cities with cheapest housing --- here's why

A new report says Chicago and Aurora have some of the cheapest housing in the country. 

And yes, we were just as surprised as you are. 

Out of 152 cities, Aurora ranked 82nd and Chicago 92nd on the list for affordability. 

It all has to do with high interest rates, nearly 8 percent cutting into the sale price of homes.  

"What it also reflects is people are moving out of Chicago sort of like green acres. Instead of living in the city, they're moving to the country. Some people are fearing the crime, so people are leaving the city. That is creating more inventory. That lowers prices," said Phil Flynn, FOX Business analyst.


Flynn says right now the cost to buy an existing home is cheaper than building a new one. 

That is because of a worker shortage and the fact that labor costs have nearly doubled. Materials, like wood and windows, are also up. 

Many people might buy an older home with hopes of rehabbing it, but that could prove to be an expensive venture. 

The bottom line: the good news is that the cost to buy a home is low, the bad news is interest rates are still through the roof.