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Staying, I don't believe all the doom and gloom. If people are leaving Illinois, I wonder from where? Here in the Western burbs, I'm seeing new homes going up so if everyone is leaving, who are they building them for?
The OP's article stated Illinois lost over 37k people in 2016 the most of all the states and my family was part of that number! We lived in Illinois our entire lives but had enough! We lived in the SW suburbs (Northern Plainfield). Our property taxes reached just under $11K and every time we turned on the news it was corrupt politicians, no money for pensions and schools and how many people got shot in Chicago. We had enough! We moved to Saint John Indiana. Virtually no crime, our property taxes are capped at 1% of our properties assessed value, no tax on food, the state is in a fiscal surplus, schools are against that common core crap and ranked just as high as the schools my children came from. PLUS, we are close enough that my husband can still work at the same job. 40 miles from Chicago if we wish to go.
What's interesting is we live in a newly developed area. Most of my neighbors are also from Illinois. They came from Tinley Park, Homewood, Romeoville and Downers Grove. Just a few are originally from Indiana and only one from the southern suburbs of Chicago.
Except they all vote the way he tells them to or he deep sixes their requests and concerns. I keep hoping to wake up and find out he had a massive coronary overnight and he's gone. Until such time as the evil leprechaun is out of government there will be no progress and no change. Too bad we don't have a height requirement like the rides at the fair, i.e. you must be at least 5 feet tall to be speaker of the House.
He definitely is going to be in office until 2037......when he passes quietly in his sleep at 95. I read somewhere that he only eats an apple for lunch every day. And he lives in a modest bungalow in Clearing or Garfield Ridge on top of an immense pile of cash from his property tax law firm. He is clearly delusional, or sociopathic, or just completely corrupt to the core of his being. What stress could he possibly have regarding the state's dangerous level of debt. I think my breaking point came when I read an interview with one of his aides (which I can't find to link unfortunately) that was discussing the 1.3 million net loss of residents during Madigan's career. The aide played dumb and said something along the lines of "nobody really understands why people are leaving Illinois." More recently, Madigan has said it is the economic uncertainty provided by the Rauner administration.
Staying, I don't believe all the doom and gloom. If people are leaving Illinois, I wonder from where? Here in the Western burbs, I'm seeing new homes going up so if everyone is leaving, who are they building them for?
They're in small communities down state/outside of metro Chicago. Essentially every job created in Illinois these days is in Chicagoland. That's why you see more housing out west and dying communities outside the region.
Quote:
Originally Posted by Shooting Stars
What an interesting question.
I have a couple of relatives who work for the same company. They were transferred to the Chicago office a few years ago from Florida. They live in Yorkville.
They have already put in a transfer request to another city their company is thinking of opening an office in.
It's not the snow. It's not their surroundings. In fact, they've improved and decorated their house to death. It's the taxes alone that make them want to leave.
I'm over people saying it's the taxes. Yes property taxes can be high, but overall the COL in the top half in regards to affordability. People who move because of taxes will find themselves paying just as much or more depending on where they choose to move.
For clarity, Chicagoland is estimated to have grown, albeit slowly. The rest of Illinois is where the loses are.
They're in small communities down state/outside of metro Chicago. Essentially every job created in Illinois these days is in Chicagoland. That's why you see more housing out west and dying communities outside the region.
I'm over people saying it's the taxes. Yes property taxes can be high, but overall the COL in the top half in regards to affordability. People who move because of taxes will find themselves paying just as much or more depending on where they choose to move.
For clarity, Chicagoland is estimated to have grown, albeit slowly. The rest of Illinois is where the loses are.
Which is what scares me. Chicago is not going anywhere. World class city with so much to offer that is very affordable (for now). But all of Illinois is in this together and I completely understand why people move out when just across the border is better options. I'm from Rockford and my family's home prices haven't increased in the last 20 years. They've actually decreased with inflation. Also, my brother has a 2900 sq ft home worth approx. $200k and pays $10k/year in taxes which is INSANE.
You post some great facts about Illinois COL and debt per capita / GDP but the bottom line is why live in Rockford, Peoria, Springfield, etc. (notice I did not include Chicago which can not be replicated) when you can move to Indiana/Iowa and make the same amount of money and pay much lower taxes that actually go towards future benefits instead of a never ending black hole of debt.
To answer the OP question...I am waiting until Jan. 18th to see if Madigan gets reelected speaker. If he does then I know it will be 2 more years of gridlock and no budget/reform. And then Rauner(who is our last savior) will be voted out. I have investment properties in Chicago and will slowly unwind them over the next 2-3 years because I truly believe the real estate crash in Illinois is coming in the next 5 years (without serious reform). It happened in Puerto Rico, Detroit, Stockton, etc. I will then stay in Chicago because the jobs are good there. But when it comes time to move to the burbs due to family I will be OUT of Illinois.
Which is what scares me. Chicago is not going anywhere. World class city with so much to offer that is very affordable (for now). But all of Illinois is in this together and I completely understand why people move out when just across the border is better options. I'm from Rockford and my family's home prices haven't increased in the last 20 years. They've actually decreased with inflation. Also, my brother has a 2900 sq ft home worth approx. $200k and pays $10k/year in taxes which is INSANE.
You post some great facts about Illinois COL and debt per capita / GDP but the bottom line is why live in Rockford, Peoria, Springfield, etc. (notice I did not include Chicago which can not be replicated) when you can move to Indiana/Iowa and make the same amount of money and pay much lower taxes that actually go towards future benefits instead of a never ending black hole of debt.
To answer the OP question...I am waiting until Jan. 18th to see if Madigan gets reelected speaker. If he does then I know it will be 2 more years of gridlock and no budget/reform. And then Rauner(who is our last savior) will be voted out. I have investment properties in Chicago and will slowly unwind them over the next 2-3 years because I truly believe the real estate crash in Illinois is coming in the next 5 years (without serious reform). It happened in Puerto Rico, Detroit, Stockton, etc. I will then stay in Chicago because the jobs are good there. But when it comes time to move to the burbs due to family I will be OUT of Illinois.
Instances like 08 are rare. Maybe once in a lifetime. The last time the bottom fell out like that it was 1929. Any RE crash in Illinois will coincide with a RE crash nationally. That'll likely be the result of Trump deregulating markets entirely. The man has said he loves a crash though. It gives him the chance to sweep in and buy for cheap!! Since he won't actually be divesting in his companies, I wouldn't be surprised to see him advocate for policies that make it easier for him to do so. Slightly off topic, but I don't understand how this man conned people into voting for him. it's something that will be studied for a while IMO. I don't see those hurting the most making out better than they did under Obama, but hopefully I'm wrong.
I do see student loan debt becoming a huge issue in the near future. I believe the amount of money owed by young adults has surpassed housing debt prior to the crash in 2008.
I do see student loan debt becoming a huge issue in the near future. I believe the amount of money owed by young adults has surpassed housing debt prior to the crash in 2008.
Oh, and should I say, I may be homeless but I have no student loan debt! My parents paid for it all.
And if I never buy property, always live for free or pay cheap rent, I'll never have home mortgage to pay off either. All my money just sits in the bank.. And make .75% interest rate. Which comes to $10/month.
I can be homeless / part-time and revenue just fine.
The interesting thing is, I think, maybe I could have a huge student loan debt, but if I'm never employed, I guess they can't ever go after it.
And I have good credit, I got 2 credits cards 1% and 1.5% cash back.
Instances like 08 are rare. Maybe once in a lifetime. The last time the bottom fell out like that it was 1929. Any RE crash in Illinois will coincide with a RE crash nationally.
I completely disagree. You are correct that a quick steep crash like the one in 08 is rare. But similar crashes do happen as a result of cities filing for bankruptcy or being in financial crisis like Illinois. I truly believe RE prices in IL have peaked and will begin to decline over the next 5 years with a crash to follow. Here are the examples...notice how deep debt, population loss and lack of jobs are the key factors...sound familiar?
1. DETROIT. Filed for bankruptcy July 2013. People fled the city as the population went from 1mm in 2000 to 700k in 2014. One in every 764 homes faced foreclosure and home prices declined 35% on average from a few years before. Detroit Real Estate: Doomed? | Investopedia
2. PUERTO RICO. Can't file bankruptcy as a state but few want to buy with the island in crisis mode. More than 1 in 10 people can't find jobs and the government is deep in debt. Since Puerto Ricans are U.S. citizens, many are simply packing up and moving to Florida, Texas and other states. The island has lost over 10% of its population -- roughly 440,000 people -- in the past decade. The exodus appears to be accelerating since the island defaulted for the first time ever in August 2016. Homes that sold for over $1 million only a few years ago now are lucky to get $400,000 (a 60% decline!). Puerto Rico has more foreclosures now than the national average at the peak of the housing crisis in 2010. Puerto Rico's other crisis: Plunging home values - Feb. 21, 2016
5. STOCKTON AND SAN BERNARDINO, CA - filed for bankruptcy Jun 2012 and Jul 2012 respectively. Real estate market crashed big time but more due to the 08 crash and simply kept going down. The bankruptcy certainly didn't help. Now prices are rebounding but that has more to do with California (nice weather) and locations to LA and SF. Illinois does not have this luxury.
to NealIRC:
Metra operates to Cary, IL.
Cary's comp. TV or GPM is developing and hiring production people for 2nd shift and are prepping for 3rd shift soon. I ain't their HR but only heard of it. If something appealing to you, you may call. I don't know how much monthly Metra pass costs, but can be planned around commuter cost plan. Just get ready to have no cellphone on you at all, while working, and will be OK. Hard working and respectful employees are rare, but that's what this comp. is looking for. You seem to fit the bill.
I completely disagree. You are correct that a quick steep crash like the one in 08 is rare. But similar crashes do happen as a result of cities filing for bankruptcy or being in financial crisis like Illinois. I truly believe RE prices in IL have peaked and will begin to decline over the next 5 years with a crash to follow. Here are the examples...notice how deep debt, population loss and lack of jobs are the key factors...sound familiar?
1. DETROIT. Filed for bankruptcy July 2013. People fled the city as the population went from 1mm in 2000 to 700k in 2014. One in every 764 homes faced foreclosure and home prices declined 35% on average from a few years before. Detroit Real Estate: Doomed? | Investopedia
2. PUERTO RICO. Can't file bankruptcy as a state but few want to buy with the island in crisis mode. More than 1 in 10 people can't find jobs and the government is deep in debt. Since Puerto Ricans are U.S. citizens, many are simply packing up and moving to Florida, Texas and other states. The island has lost over 10% of its population -- roughly 440,000 people -- in the past decade. The exodus appears to be accelerating since the island defaulted for the first time ever in August 2016. Homes that sold for over $1 million only a few years ago now are lucky to get $400,000 (a 60% decline!). Puerto Rico has more foreclosures now than the national average at the peak of the housing crisis in 2010. Puerto Rico's other crisis: Plunging home values - Feb. 21, 2016
5. STOCKTON AND SAN BERNARDINO, CA - filed for bankruptcy Jun 2012 and Jul 2012 respectively. Real estate market crashed big time but more due to the 08 crash and simply kept going down. The bankruptcy certainly didn't help. Now prices are rebounding but that has more to do with California (nice weather) and locations to LA and SF. Illinois does not have this luxury.
Those places don't have the economy of Chicago. A total collapse in prices in a place like NYC, LA, SF, Boston, DC, or Philly would have me worried. Puerto Rico, Jefferson Co, Central Falls, and Stockton/San Bernardino, not so much. Those places tend to be impoverished and it's an apples to oranges comparison. I'm not telling you not to sell. Do what you want. I just don't see prices falling off in Chicago given they're already low compared to peer cities.
Those places don't have the economy of Chicago. A total collapse in prices in a place like NYC, LA, SF, Boston, DC, or Philly would have me worried. Puerto Rico, Jefferson Co, Central Falls, and Stockton/San Bernardino, not so much. Those places tend to be impoverished and it's an apples to oranges comparison. I'm not telling you not to sell. Do what you want. I just don't see prices falling off in Chicago given they're already low compared to peer cities.
I think we're talking past each other. I agree with you that Illinois and Chicago are two entirely separate things. Chicago is a strong diversified economic hub that is not going anywhere. But the rest of IL is not and once the rest of IL sinks it will be tough for Chicago to stay afloat when the rest of IL tosses them a $130 billion debt weight saying "You pay...we're outta here!" That's when Chicago's taxes will skyrocket (even further). So it may happen in two stages...IL crumbles....and then Chicago follows due to having to prop up the rest of the state.
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