Illinois is headed for disaster and I don't want to be here for it (Chicago: low income, unemployment rate)

[wase4711]

aside from new york new jersey, and California, what other states in the US have higher taxes than chicago/illinois?

from the Intuit tax rate site

"
Combined sales and income tax leaders

The Tax Foundation interprets individual tax burden by what taxpayers actually spend in local and state taxes, rather than report these expenses from the state revenue perspective used by the Census Bureau. Its State and Local Tax Burden Rankings study reported that Americans paid an average rate of 9.9 percent in state and local taxes in 2017. According to the foundation, the five highest state-local tax states were:

• New York 12.7 %
• Connecticut 12.6%
• New Jersey 12.2%
• Illinois 11.0%
• California and Wisconsin 11.0%"

[damba]

Originally Posted by wase4711

aside from new york new jersey, and California, what other states in the US have higher taxes than chicago/illinois?

from the Intuit tax rate site

"
Combined sales and income tax leaders

The Tax Foundation interprets individual tax burden by what taxpayers actually spend in local and state taxes, rather than report these expenses from the state revenue perspective used by the Census Bureau. Its State and Local Tax Burden Rankings study reported that Americans paid an average rate of 9.9 percent in state and local taxes in 2017. According to the foundation, the five highest state-local tax states were:

• New York 12.7 %
• Connecticut 12.6%
• New Jersey 12.2%
• Illinois 11.0%
• California and Wisconsin 11.0%"

Taxes is only one component though. Price of owning a piece of property is well beyond the reach of most in two of those locales you've cited. Chicago doesn't have that issue, luckily.

[wase4711]

define "well beyond the reach"..are you saying house prices in chicago are low?

maybe in the more run down, crime infested areas they are, but not anywhere nice...wrigleyville, lakeview, edgebrook, downtown, lake shore, all very expensive housing prices and real estate tax bills..

[damba]

Originally Posted by wase4711

define "well beyond the reach"..are you saying house prices in chicago are low?

maybe in the more run down, crime infested areas they are, but not anywhere nice...wrigleyville, lakeview, edgebrook, downtown, lake shore, all very expensive housing prices and real estate tax bills..

Overall, yes they are. Are you aware of how much income is required to get anything in Silicon Valley that's often still far away from your job? Do you realize how many people live far from DC along a train line just to be able to afford a small condominium? My friends who are doctors in NYC have no plans to buy homes and it's not because their profession doesn't pay well either.

In the context of what I posted, see my reference/comparison to high tax locales you just posted. Prices in greater Chicago are not a barrier for entry like they are in LA/SF or NYC. Of course if you cherry pick the nicer/popular places in Chicago they will be higher. Head away from the core, in no way limited to crack den infested areas, and you will still find affordable properties for DINKS/families. This does not mean *everyone* can afford Chicago, but compared to those other places, it's doable here. Take a peek at the homeowner statistics by city to get an idea where it's not affordable to buy.

[wase4711]

maybe compared to calif/new york, its more affordable in chicago, but, if you compare it to the top 100 cities/metro areas natiowide for affordability, then its a different story..

[damba]

Originally Posted by wase4711

maybe compared to calif/new york, its more affordable in chicago, but, if you compare it to the top 100 cities/metro areas natiowide for affordability, then its a different story..

You are moving the goalposts, and significantly may I add.

Good luck finding big city opportunities in many of the other ‘top 100’ cities. Among the largest ones, Chicago stands alone, most importantly on the ability to own RE.

[CAtoIndytransplant]

Originally Posted by damba

You are moving the goalposts, and significantly may I add.

Good luck finding big city opportunities in many of the other ‘top 100’ cities. Among the largest ones, Chicago stands alone, most importantly on the ability to own RE.

Denial is intoxicating. Shouldn't do so much of it.

[Jandrew5]

Originally Posted by damba

It’s mostly gloom and doom. With a graduate degree, you should have less trouble finding a job here. What types of employment would you be seeking?

I guess business, communications, marketing, etc. Somewhere in that realm. Just curious about the state of Chicago. I know CD is hyperbolic about everything, but this thread has been really piling it on.

[mwj119]

Originally Posted by damba

You are moving the goalposts, and significantly may I add.

Good luck finding big city opportunities in many of the other ‘top 100’ cities. Among the largest ones, Chicago stands alone, most importantly on the ability to own RE.

You're absolutely correct. And this point is why Chicago will never completely break.

[sahd0w]

My issue with this state is that anytime people try to have a reasonable discussion about Illinois, people from the city will jump on them for saying anything negative about it.