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Old 10-22-2012, 01:20 PM
 
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Quote:
Originally Posted by OleSchoolFool View Post
and chi is also a lil cheaper than philly
Funny you bring up Philly, I have been looking at real estate in Philly for the past year; Two partners of mine and I recently purchased 4 buildings off Fairmount in the Art Museum Neighborhood in Philly. Again, at an Apples to Apples comparison, I don't see Philly being more expensive than Chicago.
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Old 10-22-2012, 03:38 PM
 
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Quote:
Originally Posted by prelude91 View Post
Seattle may have a higher average price market wide, but that is because Chicago has a much higher percentage of depressed/dilapidated neighborhoods, where Seattle is pretty middle class metro wide, or at least much more so than Chicago. However, like a stated, when comparing apples to apples the above list are the only markets that are across the board more expensive.

This.

We have some very undesirable areas that bring down the overall averages. You can buy a house for 100k if you want. Or you can get a 2bed apartment for 1m~. It really just depends.
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Old 10-23-2012, 12:23 PM
 
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ok so the question is then why is Chi cheaper than Boston, DC, San Fran, LA
and assuming Seattle and Philly are on par with Chi, why is that, since those cities offer less than Chi?
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Old 10-23-2012, 12:38 PM
 
Location: North by Northwest
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Quote:
Originally Posted by OleSchoolFool View Post
ok so the question is then why is Chi cheaper than Boston, DC, San Fran, LA
and assuming Seattle and Philly are on par with Chi, why is that, since those cities offer less than Chi?
Because real estate supply and demand curves (not to mention basic expenses such as food and transportation) do not strictly correspond with "desirability." Also, comparing the cities proper, Chicago actually is a hair more expensive than Philadelphia (105 vs. 101). In Philly, groceries, healthcare, and "miscellaneous" are marginally more expensive, transportation is marginally less expensive, and housing is significantly less expensive.

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On a metro level, things probably tilt a little more toward Chicago's favor because there are proportionally greater swaths of depressed satellite cities and their affordable, solidly-middle class bedroom communities, which makes sense given that Chicagoland encompasses so much more than the Delaware Valley (over double the land area). If the Philadelphia metropolitan area were the same size as Chicago's, it would include cities as far as Reading, Allentown, Trenton, and Atlantic City, which would also subsequently lower greater Philadelphia's aggregate cost-of-living.

Last edited by Yac; 10-24-2012 at 07:55 AM..
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Old 10-23-2012, 12:59 PM
 
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Quote:
Originally Posted by OleSchoolFool View Post
ok so the question is then why is Chi cheaper than Boston, DC, San Fran, LA
and assuming Seattle and Philly are on par with Chi, why is that, since those cities offer less than Chi?
Real Estate prices are determined by the free market (Supply and Demand) not the number of amenities a city offers.
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Old 10-23-2012, 06:20 PM
 
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Originally Posted by prelude91 View Post
Real Estate prices are determined by the free market (Supply and Demand) not the number of amenities a city offers.
but the question is why is that, what makes one place have more demand and less supply than another
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Old 10-23-2012, 06:30 PM
 
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Quote:
Originally Posted by HeavenWood;26632727[B
]Because real estate supply and demand curves (not to mention basic expenses such as food and transportation) do not strictly correspond with "desirability."[/b] Also, comparing the cities proper, Chicago actually is a hair more expensive than Philadelphia (105 vs. 101). In Philly, groceries, healthcare, and "miscellaneous" are marginally more expensive, transportation is marginally less expensive, and housing is significantly less expensive.

Moderator cut: link removed, linking to competitor sites is not allowed

On a metro level, things probably tilt a little more toward Chicago's favor because there are proportionally greater swaths of depressed satellite cities and their affordable, solidly-middle class bedroom communities, which makes sense given that Chicagoland encompasses so much more than the Delaware Valley (over double the land area). If the Philadelphia metropolitan area were the same size as Chicago's, it would include cities as far as Reading, Allentown, Trenton, and Atlantic City, which would also subsequently lower greater Philadelphia's aggregate cost-of-living.
In other words Philly and Chicago COL is the same. What else do real estate supply and demand curves correspond to then? More buildable land in the Midwest?

Last edited by Yac; 10-24-2012 at 07:55 AM..
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Old 10-26-2012, 06:44 PM
 
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Quote:
Originally Posted by OleSchoolFool View Post
How much cheaper is Chicago compared to NYC? I see diff figures. Discussing cities and their suburbs, particularly interested in how Northern NJ compares to Chi burbs. While some salaries can be higher in the NYC area, most are not significantly higher to cover the premium COL. While I understand why NYC is very expensive, what's more interesting to me is that why Chi is cheaper than all the other comparable American cities. What are the reasons of its affordability, besides harsher weather and non coastal location?
Chicago is FAR cheaper. The midwest location devalues it to an extent. An English country manor on Chicago's north shore (2-3 mil.) will get you a MUCH smaller house in, say, Bronxville. There's that derisive old saying: Midwest rich is East Coast upper-middle class.
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Old 10-26-2012, 07:07 PM
 
Location: roaming gnome
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NYC is doable, but the biggest difference is going to be Chicago's urban core is much more affordable while I imagine Manhattan and Brooklyn have a higher sloping curve which would push you farther away from the 2 CBD's than one could be in Chicago. Space will also be an issue, I would imagine the average 1 br in NYC being significantly smaller than what you would find in Chicago. Chicago's building style was very much a reaction to the squeezed in cities of the East Coast.
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Old 10-27-2012, 02:57 AM
 
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^interesting
Chicago does seem like it has more space, even the city itself
Are Chicago burbs also much cheaper than Northern NJ? By how much would yall say, like 30, 40%?
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