Chicago 7th most expensive city in the world? (Geneva, Paris: employment, transfer)

[chet everett]

Originally Posted by Vlajos

No, it's not valid. New construction in Chicago is concentrated downtown, you know, the most expensive real estate market in the City. It is a ridiculous criteria to use. Median rent in Chicago is 25% less than LAs. Shoot, you can live in Lincoln Park where the average rent is about $1350 vs. $1750 downtown.

BTW, have you seen downtown median incomes? The lowest I found was $110,000 which is produces a rent to income level of 19%.

Give it up.

Do you have some reason to believe the new construction in Los Angeles or Belgium or London or some other place is more heavily concentrated in the low income areas of those cities? It's more realistic to base housing choices in a global survey on the kinds of real estate that logic tells you will be in the most desirable parts of the cities.

[Vlajos]

Originally Posted by chet everett

Do you have some reason to believe the new construction in Los Angeles or Belgium or London or some other place is more heavily concentrated in the low income areas of those cities? It's more realistic to base housing choices in a global survey on the kinds of real estate that logic tells you will be in the most desirable parts of the cities.

Just looked at West Hollywood rents, higher than downtown Chicago. By 10-20% from studio to 3 bedroom.

West Hollywood rents are 50-90% higher than Lincoln Park. From studio to 3 bedroom as well.

REIS is the source.

So again in conclusion. Chicago is cheaper than LA. UBS is wrong.

[chet everett]

Originally Posted by Vlajos

Just looked at West Hollywood rents, higher than downtown Chicago. By 10-20% from studio to 3 bedroom.

West Hollywood rents are 50-90% higher than Lincoln Park. From studio to 3 bedroom as well.

REIS is the source.

So again in conclusion. Chicago is cheaper than LA. UBS is wrong.

Gosh, I am sure those are all top tier units you tracked down...



Or perhaps they might have a little more confidence in:

...the participants in our survey, including students, UBS employees and various people around the world who tirelessly collected first-rate data for this report. We would also like to thank our colleagues..

...than they would in a narrow minded Chicagoan that refuses to acknowledge there are other valid ways to assess the relative burden one carries living under the corrupt and unresponsive kleptocracy...

[Vlajos]

Originally Posted by chet everett

Gosh, I am sure those are all top tier units you tracked down...



Or perhaps they might have a little more confidence in:



...than they would in a narrow minded Chicagoan that refuses to acknowledge there are other valid ways to assess the relative burden one carries living under the corrupt and unresponsive kleptocracy...

Lol, you're in denial, there is nothing particularly valid about the UBS study as has been clearly demonstrated. Certainly not to the vast majority of people in the world. The median Chicago family has an income 23% higher than the median LA family. The Cost of Living is over 13% less in Chicago than in LA. Wages adjusted for Cost of Living are also lower in LA.

Another data point:
Santa Monica rents range from 20-35% more than Downtown Chicago. And 50-80% higher than Lincoln Park.
Source: REIS

[aier3x]

Chicago is cheap for what you get for a major city and urban amenities. Coming from Boston and now in Chicago. Chicago is clearly cheaper then Boston.

[MassVt]

Originally Posted by chet everett

Gosh, I am sure those are all top tier units you tracked down...



Or perhaps they might have a little more confidence in:



...than they would in a narrow minded Chicagoan that refuses to acknowledge there are other valid ways to assess the relative burden one carries living under the corrupt and unresponsive kleptocracy...

I'm quite sure that most people in LA do not bathe while eating. Cherry-picking, even as a joke, doesn't apply here.

[chet everett]

Originally Posted by aier3x

Chicago is cheap for what you get for a major city and urban amenities. Coming from Boston and now in Chicago. Chicago is clearly cheaper then Boston.

... I can imagine that UBS might want to include Boston in future editions. As the world depends more and more on the kinds of innovations and financial expertise from schools like MIT or Harvard it is growing more important globally. http://www.citylab.com/work/2015/03/...l-city/386315/

Having been in Boston many times I can agree that its confined area does lead to a uniquely pricey locale. It may very well be more costly than Chicago, though it is not yet in the UBS survey. The prior edition of the survey was done three years ago, and as this is the 16th edition there are some valid reasons why Chicago has been in the survey longer...

[Vlajos]

Originally Posted by chet everett

... I can imagine that UBS might want to include Boston in future editions. As the world depends more and more on the kinds of innovations and financial expertise from schools like MIT or Harvard it is growing more important globally. The World

Having been in Boston many times I can agree that its confined area does lead to a uniquely pricey locale. It may very well be more costly than Chicago, though it is not yet in the UBS survey. The prior edition of the survey was done three years ago, and as this is the 16th edition there are some valid reasons why Chicago has been in the survey longer...

We haven't even touched actual for sale housing costs.

[chet everett]

Originally Posted by Vlajos

We haven't even touched actual for sale housing costs.

There are so many variables that would come into play when trying to compare across the 71 global cities that one ought to applaud UBS for wisely creating a study that accounts for the effects of disparate employment, vastly different political systems, and wide ranging economic strengths.

I have little doubt that if this thread was based off the "look how much press Chicago is gonna get" premise the sycophantic homers that live for the non-stop cheerleading would be heralding the study.

Instead, those of us that see it as a cautionary statement to the run-away train of developments that cater to the jet set and taxes that mock the idea of a middle class squeezed dry are criticized for not hewing the party line...

[Vlajos]

Originally Posted by chet everett

There are so many variables that would come into play when trying to compare across the 71 global cities that one ought to applaud UBS for wisely creating a study that accounts for the effects of disparate employment, vastly different political systems, and wide ranging economic strengths.

I have little doubt that if this thread was based off the "look how much press Chicago is gonna get" premise the sycophantic homers that live for the non-stop cheerleading would be heralding the study.

Instead, those of us that see it as a cautionary statement to the run-away train of developments that cater to the jet set and taxes that mock the idea of a middle class squeezed dry are criticized for not hewing the party line...

You are totally in denial, it's fun to watch at this point. Rents in the most expensive parts of LA are significantly higher than the rents in the most expensive parts of Chicago. And median rents are higher in LA than Chicago. The UBS study should remove the U.

Then we have the study using real incomes and rents showing LA to have one of the highest rent burdens in the nation. Miami is worse though. A city UBS claims is cheaper.

http://furmancenter.org/files/CapOne...pe_MAY2015.pdf