Apts in suburbs cost same as the city. Why? (Naperville: to live, prices)

[rrah]

Originally Posted by supportyourschools

And BTW, I am very literate; however, I am not clairvoyant. Maybe you should try asking what you really mean instead of expecting everyone on the forum to read your mind.

Perfect!!!! I would add not being rude to people that are merely trying to be helpful.

[jman07]

My question was actually very specific and to the point.

My question was already answered earlier in the thread anyways. It's most likely because some suburbs don't allow a lot of apts to be built because of zoning because apartments owners don't contribute to property taxes as much and tend to be more "undesirables." This reduction in supply causes prices to rise higher than they would normally be.

[Ace Rothstein]

Originally Posted by jman07

My question was actually very specific and to the point.

My question was already answered earlier in the thread anyways. It's most likely because some suburbs don't allow a lot of apts to be built because of zoning because apartments owners don't contribute to property taxes as much and tend to be more "undesirables." This reduction in supply causes prices to rise higher than they would normally be.

You're completely ignoring the demand aspect. The more expensive locations are desirable places to live for many.

[linicx]

And the same expensive locations do price out individuals who might otherwise be terrific tenants and wonderful neighbors.

Originally Posted by Ace Rothstein

You're completely ignoring the demand aspect. The more expensive locations are desirable places to live for many.

[jman07]

[quote=Ace Rothstein;25612703]You're completely ignoring the demand aspect. The more expensive locations are desirable places to live for many.[

Demand is higher in the good areas of the city than a suburb. The whole basis and assumption of my question is obviously based on this. Living in a good area in the city of Chicago is generally more desirable than an apt complex in a suburb. Demand isn't being manipulated by zoning laws in the suburbs.

[jman07]

Originally Posted by Ace Rothstein

You're completely ignoring the demand aspect. The more expensive locations are desirable places to live for many.

Not to mention all the people crammed into the small desirable neighborhoods in the city. The density(demand for housing), is not even comparable to Naperville. Kind of like how it costs more to rent in New York City than Chicago or the middle of nowhere. More people in an area competing for limited space = higher demand = higher prices. It's common sense. Class is over.

[plates]

Originally Posted by jman07

Not to mention all the people crammed into the small desirable neighborhoods in the city. The density(demand for housing), is not even comparable to Naperville. Kind of like how it costs more to rent in New York City than Chicago or the middle of nowhere. More people in an area competing for limited space = higher demand = higher prices. It's common sense. Class is over.

Not always. Seattle is more expensive than Chicago.

[Ace Rothstein]

Originally Posted by jman07

Not to mention all the people crammed into the small desirable neighborhoods in the city. The density(demand for housing), is not even comparable to Naperville. Kind of like how it costs more to rent in New York City than Chicago or the middle of nowhere. More people in an area competing for limited space = higher demand = higher prices. It's common sense. Class is over.

It isn't about density when considering price, it is about how much of a product exists and how many people are willing to pay for that product. In this case, the product is apartments and many people are willing to pay more for that particular location because of schools and safety.

[jman07]

Originally Posted by Ace Rothstein

It isn't about density when considering price, it is about how much of a product exists and how many people are willing to pay for that product. In this case, the product is apartments and many people are willing to pay more for that particular location because of schools and safety.

Exactly "how much of a product exists." I just extensively discussed how the supply of apartments was being artificially held down in many suburbs.

[Ace Rothstein]

Originally Posted by jman07

Demand is higher in the good areas of the city than a suburb. The whole basis and assumption of my question is obviously based on this. Living in a good area in the city of Chicago is generally more desirable than an apt complex in a suburb. Demand isn't being manipulated by zoning laws in the suburbs.

Just as many people like living in the city, others prefer the suburbs. There are plenty of people willing to pay city prices in the burbs for a rental and it is not limited to Naperville.