CNN/Money Magazine labels Western Srpings "playground of the rich" (Western Springs: buy, live in)

[crbcrbrgv]

Originally Posted by mh7

I'd like to know where the heck mommy & daddy live then...

I would venture to guess that you are completely incorrect in your assumption.

And you would be guessing wrong. It is not an assumption. My mom has been in the Western Springs gossip loop for over 25 years. I am by no means saying there's a huge amount of couples doing this, but most certainly enough to skew the numbers.

[Anthera]

Originally Posted by Steve-o

... the playground for the VERY rich, Oak Brook is the playground for the filthy rich and Lake Forest is the playground for the immesely rich and....

Winnetka and Kenilworth are the playground for the .........

[Lookout Kid]

And Uptown is a playground for this guy...

[Steve-o]

Originally Posted by crbcrbrgv

And you would be guessing wrong. It is not an assumption. My mom has been in the Western Springs gossip loop for over 25 years. I am by no means saying there's a huge amount of couples doing this, but most certainly enough to skew the numbers.

And people do that all over the place in wealthy circles, including parts of your beloved Houston. Its not a Western Springs or Illinois phenomon by any means.

[crbcrbrgv]

Originally Posted by Steve-o

And people do that all over the place in wealthy circles, including parts of your beloved Houston. Its not a Western Springs or Illinois phenomon by any means.

But it is most definitely a pretty big Western Springs phenomenon. I can't say if it's better or worse than Houston or anywhere, but I know it's common in Western Springs. And what gives you the impression I love Houston so much????

[Steve-o]

Originally Posted by crbcrbrgv

But it is most definitely a pretty big Western Springs phenomenon. I can't say if it's better or worse than Houston or anywhere, but I know it's common in Western Springs. And what gives you the impression I love Houston so much????

Uhhhhh, thats all you ever talk about perhaps? Maybe your location status also gives it away?

[mh7]

Originally Posted by crbcrbrgv

And you would be guessing wrong. It is not an assumption. My mom has been in the Western Springs gossip loop for over 25 years. I am by no means saying there's a huge amount of couples doing this, but most certainly enough to skew the numbers.

In order for you (and your mom) to know if there is aid being provided by parents to children such that the quantity is "enough to skew the numbers," your moms western springs gossip loop would have to have a basis to compare the incidence of this occuring relative to other suburbs. This would require data which I somehow doubt your moms gossip circle is privy to. How does that saying go..."the plural of anecdote is not data" or something like that.

Further, while western springs is a very nice suburb, I don't believe there is wealth concentrated in sufficient quantities such that remittances from parents to children are significantly altering real estate values there.

[crbcrbrgv]

Originally Posted by mh7

In order for you (and your mom) to know if there is aid being provided by parents to children such that the quantity is "enough to skew the numbers," your moms western springs gossip loop would have to have a basis to compare the incidence of this occuring relative to other suburbs. This would require data which I somehow doubt your moms gossip circle is privy to. How does that saying go..."the plural of anecdote is not data" or something like that.

Further, while western springs is a very nice suburb, I don't believe there is wealth concentrated in sufficient quantities such that remittances from parents to children are significantly altering real estate values there.

Oh yes, yes there is. But I do understand why you are skeptical. I'm just some dude from Chicago living in Houston who posts a lot in a Chicago forum. If I were you, I wouldn't believe me either but knowing what I know I'm certain it is true.

[Larry Siegel]

Originally Posted by chet everett

LK:

I think you understand that very few people report to the Census Bureau the actual numbers that they have on their IRS forms. Further a lot of the "gross income" that people in a certain point in the lives might have is very different than the net income that they'll pay taxes...

Let's also not forget that 'wealth' and income are related but in a far more complex way than can be easily deduced from statistics.

Also, a lot of people in places like Western Springs are retired and used to earn a lot more money. The Western Springs ratio of income to house price is typical of older, established suburbs with a lot of older residents.

There are many reasons, lawful and otherwise, why one's available resources might not be fully reported to the IRS, but...the Census Bureau? I'd think people would report the same number to the Census Bureau that they report to the IRS.

[Lookout Kid]

Originally Posted by Larry Siegel

Also, a lot of people in places like Western Springs are retired and used to earn a lot more money. The Western Springs ratio of income to house price is typical of older, established suburbs with a lot of older residents.

There are many reasons, lawful and otherwise, why one's available resources might not be fully reported to the IRS, but...the Census Bureau? I'd think people would report the same number to the Census Bureau that they report to the IRS.

Why did you resurrect this old thread from 2009? It's interesting, though, to see what people were saying then. The funny thing is that we very nearly moved to Western Springs this past year, and got in to bidding wars on two houses there. And we are not rich by any means.