U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Illinois > Chicago
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 02-22-2019, 02:38 PM
 
Location: In the heights
23,754 posts, read 24,841,629 times
Reputation: 12645

Advertisements

Quote:
Originally Posted by Kmanshouse View Post
Also, calling someone making 40% more than the average as "very high income" is laughable. If average is $50,000, then anything over $70,000 is "very high"?? That's barely entry level in some professional fields, maybe a mid-level in others.
I guess one thing may be to weigh middle income against cost of living and what a certain income can afford you in a city, but that’s a lot of added complexity.
Reply With Quote Quick reply to this message

 
Old 02-23-2019, 09:02 AM
 
3,846 posts, read 2,467,472 times
Reputation: 2990
Quote:
Originally Posted by OyCrumbler View Post
I guess one thing may be to weigh middle income against cost of living and what a certain income can afford you in a city, but that’s a lot of added complexity.
It’s needed complexity.

Whether or not you call a household ‘very high income’ or ‘zombie strike clan’, it does not exist in a vacuum.
For a family not on a champagne budget, that income point could certainly provide a healthy boost over the neighbors making 20K less, etc.
Reply With Quote Quick reply to this message
 
Old 02-23-2019, 10:24 AM
 
Location: River North, Chicago, Illinois
4,509 posts, read 6,751,665 times
Reputation: 6067
Quote:
Originally Posted by Thefuturehereanow View Post
Well I was talking about area around Harlem and Irving I think it's dunning. I like it there I think it feels like chicago when it comes to the people but the infrastructure on the outskirts of the city is more suburban to me so I just don't include it in city living like say northcenter where you are close to the lake, the L not gonna find a home under 600,000 in a decent chicago neighborhood that is more urban.
You may not think McKinley Park is good enough for you, but I was just looking at a newly renovated 4-bed, 2-bath, single family home that was a 7 minute walk to the Orange Line, a 10 minute walk to Target, a 5 minute walk to Mariano's, not on a major Street (so light traffic and noise), and easy access to the expressway for under $350k. For solid but unrenovated examples, they can be had for under $300k. The crime in that part is more comparable to Bridgeport than Brighton Park. There aren't a ton of walkable shops and bars like Lincoln Park, but a few, and the Orange Line gets you to the South Loop in like 20 minutes, walking included.

Excellent deals do exist. You have to search a little, but they exist.

Edit: this is the listing
Reply With Quote Quick reply to this message
 
Old 02-23-2019, 02:50 PM
 
576 posts, read 250,722 times
Reputation: 858
Quote:
Originally Posted by dtcbnd03 View Post
This is the problem. You have hundreds of homes within 15 minutes of downtown for under $300k yet people claim the middle class can't afford a house or that Chicago doesn't have enough affordable housing. The concept of a "starter home" is gone for today's middle class. Even for the upper middle class most of my friends are renting expensive apartments in the ritziest areas and then jumping to the "forever home" with 5 bedrooms and 4 bathrooms even though they have 0-1 kids. Use real estate to ladder up to the house/neighborhood you want. Buy a crappy fixer upper and live there for a few years fixing it up with some sweat equity. Then ladder up to the next bigger house or nicer neighborhood nearby. If you simply wait for the neighborhood to turn the houses will be $750k-$1M and you'll have missed out and be back to complaining about lack of affordable housing.



but even if you still buy a cheap fixer upper, then fix it up and it becomes a 700k-1m home your property taxes are going to become unaffordable!
Reply With Quote Quick reply to this message
 
Old 02-24-2019, 10:59 AM
 
3,846 posts, read 2,467,472 times
Reputation: 2990
Quote:
Originally Posted by smegmatite View Post
but even if you still buy a cheap fixer upper, then fix it up and it becomes a 700k-1m home your property taxes are going to become unaffordable!
You completely ignore the demographic/household income seeking out those wonderfully updated 700k-1m homes. They can afford the RE taxes.
Reply With Quote Quick reply to this message
 
Old 02-24-2019, 11:54 AM
 
576 posts, read 250,722 times
Reputation: 858
Quote:
Originally Posted by damba View Post
You completely ignore the demographic/household income seeking out those wonderfully updated 700k-1m homes. They can afford the RE taxes.



you completely missed my point
Reply With Quote Quick reply to this message
 
Old 02-24-2019, 12:55 PM
 
3,846 posts, read 2,467,472 times
Reputation: 2990
Quote:
Originally Posted by smegmatite View Post
you completely missed my point
No, I did not.

Your approach is a ‘one size fits all’ and mine is actually nuanced.

The McKinley park home is a good example. A typical buyer there is more likely to buy a home for 300k and fix it up a little to make it worth closer to 500k. These aren’t people looking for a Lincoln Park-like experience and will not be taxed from their homes.
Reply With Quote Quick reply to this message
 
Old 02-24-2019, 04:44 PM
 
428 posts, read 228,818 times
Reputation: 389
Quote:
Originally Posted by emathias View Post
You may not think McKinley Park is good enough for you, but I was just looking at a newly renovated 4-bed, 2-bath, single family home that was a 7 minute walk to the Orange Line, a 10 minute walk to Target, a 5 minute walk to Mariano's, not on a major Street (so light traffic and noise), and easy access to the expressway for under $350k. For solid but unrenovated examples, they can be had for under $300k. The crime in that part is more comparable to Bridgeport than Brighton Park. There aren't a ton of walkable shops and bars like Lincoln Park, but a few, and the Orange Line gets you to the South Loop in like 20 minutes, walking included.

Excellent deals do exist. You have to search a little, but they exist.

Edit: this is the listing
Great post and thanks for putting the listing here. McKinley Park is truly a great neighborhood that is underrated! The orange line is ridiculously fast as well.

The areas that are on the come up are definitely a steal..
Reply With Quote Quick reply to this message
 
Old 02-25-2019, 08:57 AM
 
Location: River North, Chicago, Illinois
4,509 posts, read 6,751,665 times
Reputation: 6067
Quote:
Originally Posted by smegmatite View Post
but even if you still buy a cheap fixer upper, then fix it up and it becomes a 700k-1m home your property taxes are going to become unaffordable!
Most of the places aren't going to become a million dollar home anytime soon. Bronzeville has some good choices, too. I would choose McKinley Park if I had kids, but there are listings like this one in Bronzeville, on the same block that Rep. Bobby Rush lives on, that offer good value.
Reply With Quote Quick reply to this message
 
Old 02-25-2019, 09:28 AM
 
576 posts, read 250,722 times
Reputation: 858
Quote:
Originally Posted by damba View Post
No, I did not.

Your approach is a ‘one size fits all’ and mine is actually nuanced.

The McKinley park home is a good example. A typical buyer there is more likely to buy a home for 300k and fix it up a little to make it worth closer to 500k. These aren’t people looking for a Lincoln Park-like experience and will not be taxed from their homes.
People bought homes in lincoln park for 300k not that long ago...

the point still remains... is the difference in 6k of taxes vs 10k of taxes (500 a month vs 833 a month) going to kill people in that price bracket? Whos to say... most folks live paycheck to paycheck and $333 a month would go a long ways to helping self fund retirement at a minimum
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Illinois > Chicago
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top