Why there aren't any condos for middle class families? (Chicago: neighborhood, school districts)

[citylove101]

plenty of middle-income families can and do live comfortably with 2 or even 3 kids in a 3 bdrm condo. but in chicago and many other cities the big problem is, as someone above noted, the schools. since city schools too often are not a place most middle class families want to send their kids the demand for large middle income apartments is going to be in the 'burbs.

But the problem there is that some 'burbs (certainly in metro NYC but I don't know specifically about Chicago) have zoning that either prohibits or economically discourages any mulit-family housing at all

So where the schools are good and families might wnt to settle are either in expensive neighborhoods in the city, which puts the housing out of the reach of the middle and working classes, or in the suburbs, where zoning and tradition often generate hostility against any multi family housing at all. Ergo, reduced numbers of condos for middle-class families.

[jwaiter]

More? There's too many as it is!

[sunnyandcloudydays]

Condos market everyone
no class, gender race etc is missed on a buck to be made!

[FlyiMetro]

Originally Posted by chuylopezba

.

Good question. Urban core condos are often marketed to the young rich crowd. Affordable Condos would be great for Chicago. I know the high prices are to keep the ghetto people out, but the middle class normal people can not afford them either.

[FlyiMetro]

Originally Posted by andrewesque

- Good schools for their children: the "family" part
- Price/value-conscious: the "middle-class" part

Why is it that people assume the suburbs is where all the GOOD SCHOOLS are, like all the schools in the core are Eastside High with no Mr Clark?? Many factors go into creating and maintaining a good school.

[jman07]

I would say middle class in the city is household income of 100k which will get you a 300k condo which isn't hard to find. Its pretty easyfor example for the guy to make 60k a year and woman 40k.

[jsk1983]

Originally Posted by FlyiMetro

Good question. Urban core condos are often marketed to the young rich crowd. Affordable Condos would be great for Chicago. I know the high prices are to keep the ghetto people out, but the middle class normal people can not afford them either.

Aren't the high prices a result of market forces?

[Aleking]

I think my wife and I are the only ones in our building without kids...thank god.

[Aleking]

Originally Posted by jdiddy

Sadly, that one condo I posted about a week ago is now listed as Pending, before a final price reduction to $220,000.

Of course, with Austerity! all the rage now, I'm not too concerned about home prices rising a year from now.

home prices almost certainly will stay flat or fall depending on 'hood. That said interest rates could very well jump.

[aragx6]

I definitely think I'm going to start putting an exclamation at the end of Austerity! whenever I use it now. Good stuff.