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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?
What are the reasons of its affordability, besides harsher weather and non coastal location?
It has nothing to do with weather or location, Denver and Austin have neither but are still more expensive than Chicago. NYC is a sellers market as in it has less than 6 months of supply for pent up high demand, this raises your real estate prices up the nose. Chicago is a buyers market, it has more supply than demand which keeps its real estate prices lower.
but chi was cheap b4 the downturn too, and it doesn't make sense that lower tier cities like denver, austin and portland are more expensive, esp portland with its less than mediocre employment prospects
but chi was cheap b4 the downturn too, and it doesn't make sense that lower tier cities like denver, austin and portland are more expensive, esp portland with its less than mediocre employment prospects
Austin, Denver, and Portland are sellers markets because they have less than 6 months supply of real estate. Chicago has more than 6 months supply so its a buyers market and not as much demand so it's prices stay lower. The downturn in the market just made all cities cheaper because of foreclosures, etc.
First, that's for single family homes. Most of NYC's housing stock is rowhouses or apartment buildings though there are some single family homes. But if the OP is looking at the city itself ranking by single family homes might not be relevant. Also, Chicago's prices may be dragged down by declining neighborhoods few would want to move into if they had the choice.
but chi was cheap b4 the downturn too, and it doesn't make sense that lower tier cities like denver, austin and portland are more expensive, esp portland with its less than mediocre employment prospects
When comparing apples to apples, ie. similar neighborhoods, Chicago is more expensive than Denver, Austin, and Portland. Only on City Data, is insanely high housing costs seen as a positive.
I do a lot of investing in real estate, and consider myself to be quite educated in most major markets, and the following metros are the only ones I have seen that are clearly more expensive than Chicago:
New York
San Fran
Boston
DC
Los Angeles
San Diego
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.
When comparing apples to apples, ie. similar neighborhoods, Chicago is more expensive than Denver, Austin, and Portland. Only on City Data, is insanely high housing costs seen as a positive.
I do a lot of investing in real estate, and consider myself to be quite educated in most major markets, and the following metros are the only ones I have seen that are clearly more expensive than Chicago:
New York
San Fran
Boston
DC
Los Angeles
San Diego
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.
o i hear ya
well still then Chicago is the cheapest of the cities of its class like the ones you listed, like i said seattle, austin and denver are lower tier, and chi is also a lil cheaper than philly
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