Chicago Violence Carries $5.3M Annual Pricetag: Study

National study of eight U.S. cities was released by the Center of American Progress this week

By Victoria Coleman
|  Thursday, Jun 21, 2012  |  Updated 12:59 AM CDT
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Chicago crime doesn't pay. It's costly.

Despite the impact it has on victims, dealing with violent crime costs the Second City about $5.3 billion a year, according to a national study released by the Center of American Progress this week.

That figure includes "intangible costs," like pain and suffering, as well as "direct costs" in dealing with the problem.

 
Researchers found that reducing current rates of murder, rape, assault, and robbery would provide a wide range of savings, based on a 2010 study of eight cities, including Chicago.

The Center said violent crimes cost Americans more than $42 billion per year. Those costs include policing, arresting and prosecuting perpetrators, correctional facilities, out-of-pocket-medical expenses by victims and lost earnings by both victims and perpetrators.

 
According to the report, Chicago spends an estimated $1.1 billion in direct cost of violent crimes.
 
While the study shows homicides, robbery and aggravated assault have decreased from 2005 to 2010 nationwide, murder in Chicago is up 36 percent this year through June 10, the Chicago Sun-Times reported, citing police data.
 
A 25 percent reduction in homicides would increase Chicago's home values by $5.5 billion the study said.

Other cities included in the study are Boston, Dallas, Houston, Jacksonville, Milwaukee, Philadelphia, and Seattle.  

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