Anyone else concerned about the illinois budget standoff?

[pvande55]

Originally Posted by Fighting Fungus

I also have rentals and now is a good time to be a landlord especially if your properties are paid off. Rent is at an all time high, that being said the city is still in horrible position. We should be up there with San Fran and Newyork and we are not close. Real estate prices have not recovered in the majority of areas since the crash.


Let me give you some advice when this city/state goes bankrupt with in the next 10-15 that is a good time to increase your real estate portfolio.

Is that because new residents are afraid to buy in IL?

[RJA29]

Originally Posted by pvande55

Is that because new residents are afraid to buy in IL?

It's because fewer can afford to buy, especially young people without money saved up - or those who are just starting jobs.

I'd like to see if those who move here are afraid to buy - doesn't seem to be the case where I live.

[Taco1234]

Originally Posted by RJA29

It's because fewer can afford to buy, especially young people without money saved up - or those who are just starting jobs.

I'd like to see if those who move here are afraid to buy - doesn't seem to be the case where I live.

We've owned homes in IL and then sold a few years ago and rented as we started thinking about leaving and decided it would be easier to flee that way. Anyhow, we became really nervous about buying over the past year. We leave IL and close on a house in GA 2 weeks from today. Over the weeekend we saw all of our neighbors at Lagrange pet parade festivities and 9/10 said they're now fed up as they all got their reassessments. It's interesting to us because whenever we tell people we are leaving most say they don't blame us and would do the same if their parents didn't babysit, etc... this wasn't the case 2 years ago when we initially started talking about it (most people looked at us like we were crazy)... it's completely flipped.
The property taxes on our new house are right around 3k

[chet everett]

Originally Posted by Taco1234

We've owned homes in IL and then sold a few years ago and rented as we started thinking about leaving and decided it would be easier to flee that way. Anyhow, we became really nervous about buying over the past year. We leave IL and close on a house in GA 2 weeks from today. Over the weeekend we saw all of our neighbors at Lagrange pet parade festivities and 9/10 said they're now fed up as they all got their reassessments. It's interesting to us because whenever we tell people we are leaving most say they don't blame us and would do the same if their parents didn't babysit, etc... this wasn't the case 2 years ago when we initially started talking about it (most people looked at us like we were crazy)... it's completely flipped.
The property taxes on our new house are right around 3k

...and before somebody says "but you'll pay with income taxes" -- https://smartasset.com/taxes/georgia-tax-calculator Yes, the top rate in GA is higher than the rates in IL, but not vastly greater.

And the fact is income taxes are MUCH EASIER to deal with as they don't spiral up yearly, they largely coming right out of your pay check which for MOST earners is far more fair...

For folks unaware of how GA has invested in their schools there are several bands of schools in the US News "Gold" tier NE of Atlanta -- https://www.usnews.com/education/bes...chool-5921/map

All-in-all a pretty solid decision.

[Taco1234]

Originally Posted by chet everett

...and before somebody says "but you'll pay with income taxes" -- https://smartasset.com/taxes/georgia-tax-calculator Yes, the top rate in GA is higher than the rates in IL, but not vastly greater.

And the fact is income taxes are MUCH EASIER to deal with as they don't spiral up yearly, they largely coming right out of your pay check which for MOST earners is far more fair...

For folks unaware of how GA has invested in their schools there are several bands of schools in the US News "Gold" tier NE of Atlanta -- https://www.usnews.com/education/bes...chool-5921/map

All-in-all a pretty solid decision.

We know it's right for us, and that's the bottom line. Believe me, I've heard it all about the schools and the culture and everything else. Honestly, even if we weren't saving so much money we would still be motivated to go just because we have always wanted to live near mountains and we truly love the south east. I don't want anything bad to happen to any of my family or friends who will be here in Illinois, so I truly hope Illinois finds a way to improve its financial situation without taxing it's inhabitants to death.

Yea, the schools we feed into are excellent. That was our biggest priority.

It took us several years to make this decision. It's obviously not for everyone because you will hear plenty of people complain about Georgia like it's the worst place on earth. Heck, you will hear people complain about everywhere. That's the great thing, you can live where you feel happy and comfortable! It will be a big change, but we are looking forward to it even if we are moving in during the hottest month of the year