Chicago - Illinois Relocation, Transit, Schools, Income Taxes (sales, real estate)

[GA777]

Hi Everyone,

I am considering on relocating to Chicago, IL and I would like to receive your advice regarding the:

Transit system - am I able to live in the city without a car?

Schools - How are the schools in the city? How do they rank from all other states?

Income Tax - What is the % for income tax?

Tax Incentives - Does the city offer tax incentives if you purchase a historical home and/or update it with eco friendly technologies?

Rental Cost - Cost to rent a 2 bedroom/2 bath apartment, condo/loft, home?

Areas to Live in the city - easy walking commute to and from, stores, restaurants, affordable housing, etc..

I hope some one out there who is already living in the city is able to help me with these important questions.

In advance, thank you and I appreciate all of your help, assistance, and your informative knowledge!!!

[prairiestate]

Originally Posted by GA777

Hi Everyone,

I am considering on relocating to Chicago, IL and I would like to receive your advice regarding the:

Transit system - am I able to live in the city without a car?

Schools - How are the schools in the city? How do they rank from all other states?

Income Tax - What is the % for income tax?

Tax Incentives - Does the city offer tax incentives if you purchase a historical home and/or update it with eco friendly technologies?

Rental Cost - Cost to rent a 2 bedroom/2 bath apartment, condo/loft, home?

Areas to Live in the city - easy walking commute to and from, stores, restaurants, affordable housing, etc..

I hope some one out there who is already living in the city is able to help me with these important questions.

In advance, thank you and I appreciate all of your help, assistance, and your informative knowledge!!!

Transit, yes downtown and the north side it would probably be easier in many cases not to have a car. Farther out, certainly doable, but not as easy. However, the state doesn't seem to be as eager to bail out the CTA this year, so there could be some massive service cuts and fare hikes coming this fall.

Schools are significantly better then 10 years ago, or even 5, but they're still pretty awful overall.

The city does have some incentive programs for home buyers, but I don't know about one for creating an eco friendly home. Check the city's website for details.

Rental cost and areas to live, impossible to answer. Cost will vary wildly depending on where you're at. Where you're at depends on what you want. The info you've provided here could apply to dozens of neighborhoods. Be sure and take a look through previous posts, the topic of Chicago's neighborhoods comes up constantly. Not that I'm saying you shouldn't ask questions here, but you really do need to be more specific.

[GA777]

Originally Posted by prairiestate

Transit, yes downtown and the north side it would probably be easier in many cases not to have a car. Farther out, certainly doable, but not as easy. However, the state doesn't seem to be as eager to bail out the CTA this year, so there could be some massive service cuts and fare hikes coming this fall.

Schools are significantly better then 10 years ago, or even 5, but they're still pretty awful overall.

The city does have some incentive programs for home buyers, but I don't know about one for creating an eco friendly home. Check the city's website for details.

Rental cost and areas to live, impossible to answer. Cost will vary wildly depending on where you're at. Where you're at depends on what you want. The info you've provided here could apply to dozens of neighborhoods. Be sure and take a look through previous posts, the topic of Chicago's neighborhoods comes up constantly. Not that I'm saying you shouldn't ask questions here, but you really do need to be more specific.

The areas I was questioning about are Rogers Park & Buck Town?
Are these up and coming neighborhoods?
What is the cost of living in these areas?
Are these areas walkable neighborhoods?

Thanks again for providing me your excellent information!!!

[prairiestate]

Bucktown has already arrived. Rogers Park is getting there, but it will be a long slow process. Both are walkable, more so Bucktown. No real idea on housing costs. I'll say, roughly, $1000 a month or less will get you a comfortable place in Bucktown, Rogers Park will be cheaper. Bucktown is a lot closer to the Loop and is probably a bit safer. Saftey in Rogers Park is really block by block in most areas.

[GA777]

Thanks for the information - I will look into Bucktown further for rental & real estate.

[paytonc]

I live in Wicker Park-Bucktown (yes, both). I moved here to be away from cars, and it pretty much works. Many people think only of the "L," but WPB also has a number of crosstown bus routes that can get you to other north side neighborhoods pretty easily. More importantly, I can walk to most of what I need, and bicycle to everything else. However, it is not cheap.

School quality really varies between schools. I'm not qualified to speak on this matter, but since Chicago has a very decentralized school system, teaching approaches, curricula, etc. vary widely between even neighboring schools.

Income tax is a flat 3%, with a very low personal exemption. We make it up on sales and property taxes.

Owners of historic houses don't get as many tax incentives as owners of rental property, but still get some. Check out the assessment freeze, easement donation, and fee waivers detailed here:
http://www.landmarks.org/incentives.htm

The city will be hosting a Green Home fair on August 11. There are limited incentives for green rehabs; I'd argue (as a policy analyst) that such programs have very limited bang for the buck, anyhow.
pc