The next five years in Illinois (Chicago, Evanston: mortgage, neighborhoods, prices)

[Grlzrl]

Originally Posted by pvande55

What everyone seems to forget is that taxes aren't the only expense. The two biggest are housing and transportation. High property taxes, yes. But housing prices are lower than in many thriving metros. Transportation is also mitigated because of the best rail transit in the Midwest, in the top 5 nationwide.
And, though this may be optimistic, the new governor is willing to work with the legislature to get things done.

And the great news is that even though property taxes are going up, property values are going down like a lead balloon.

[pvande55]

Originally Posted by Grlzrl

And the great news is that even though property taxes are going up, property values are going down like a lead balloon.

It has to bottom out sometime. Probably after those high rise apartment buildings are completed.
https://chicago.curbed.com/maps/high...nstruction-map

[smegmatite]

Originally Posted by pvande55

What everyone seems to forget is that taxes aren't the only expense. The two biggest are housing and transportation. High property taxes, yes. But housing prices are lower than in many thriving metros. Transportation is also mitigated because of the best rail transit in the Midwest, in the top 5 nationwide.
And, though this may be optimistic, the new governor is willing to work with the legislature to get things done.

Healthcare and Education are also massive expenses for families... taxes are a horrible added burden to already tight budgets, and its why real estate has completely tanked in the past year. Rising taxes with the changes to the federal tax code have not done well for real estate in places like Chicago

[Pundcakesss]

Originally Posted by Grlzrl

And the great news is that even though property taxes are going up, property values are going down like a lead balloon.

Just wait until the next recession hits in a year or two.
You haven't seen anything yet. Property values will drop like a 500 pound anvil.

[jasperhobbs]

Originally Posted by Pundcakesss

Just wait until the next recession hits in a year or two.
You haven't seen anything yet. Property values will drop like a 500 pound anvil.

Thanks for the heads up Nostradamus.

[Grlzrl]

Originally Posted by jasperhobbs

Thanks for the heads up Nostradamus.

You don't need to be Nostradamus. You just have to understand basic economics.

[damba]

Originally Posted by Grlzrl

You don't need to be Nostradamus. You just have to understand basic economics.

So you are apparently the forum’s female Nostradamus LOL

[jasperhobbs]

Time will tell

[BRU67]

Originally Posted by jasperhobbs

Thanks for the heads up Nostradamus.

Hopefully the property value fairy won't let that happen.

[Grlzrl]

Well, I can tell you that my suburban house is down 20% in the last year and a half.