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Old 12-29-2013, 07:23 PM
 
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I was curious how a majority of north shore residents earned their money. I'm assuming most are business owners? Followed by executives. Aren't even doctors priced out of the north shore?

Thanks.
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Old 12-29-2013, 08:21 PM
 
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Our gracious hosts provide break-outs of occupational distribution for each town. Here is the info for Glencoe --

Lawyers (15%)
Top executives (10%)
Sales representatives, services, wholesale and manufacturing (9%)
Other management occupations except farmers and farm managers (8%)
Other sales and related workers including supervisors (7%)
Business operations specialists (6%)
Advertising, marketing, promotions, public relations, and sales managers (5%)


Read more: //www.city-data.com/city/Glenco...#ixzz2ovOWkEWy
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Old 12-29-2013, 08:32 PM
 
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In addition to CEOs and Lawyers, there are lots of jobs in investment and finance in Chicago. I'd think quite a few of those folks could afford to live on the North Shore.
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Old 12-29-2013, 08:47 PM
 
3,118 posts, read 5,337,794 times
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Quote:
Originally Posted by chet everett View Post
Our gracious hosts provide break-outs of occupational distribution for each town. Here is the info for Glencoe --

Lawyers (15%)
Top executives (10%)
Sales representatives, services, wholesale and manufacturing (9%)
Other management occupations except farmers and farm managers (8%)
Other sales and related workers including supervisors (7%)
Business operations specialists (6%)
Advertising, marketing, promotions, public relations, and sales managers (5%)


Read more: [url]//www.city-data.com/city/Glencoe-Illinois.html#ixzz2ovOWkEWy[/url]
So I take it the other 50% are business owners?
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Old 12-30-2013, 09:45 AM
 
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I suspect that "business owners" in a general sense are spread out all over -- folks whose business is a single location plumbing shop or liquor store are likely not living in Glencoe or any other costly spot on the North Shore.

Most of the folks that I know that "own" a family business that might be worth seven or more figures are rather intimately involved in the operations of it and tend not to have a whole lot of their worth tied up in a costly home.

The categories that are not accounted for on the list from Glencoe are those like physicians / surgeons which I know from experience are often quite common in higher income towns...
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Old 12-30-2013, 10:53 AM
 
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Why would doctors be "priced out of the North Shore"? Doctors do rather well for themselves in the U.S.

There's still tons of real estate under $1 million on the North Shore, and a two-income couple, even non-managerial level, can easily make enough to afford something nice. Even under 500k is doable inland.
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Old 12-30-2013, 03:31 PM
 
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Quote:
Originally Posted by MichiVegas View Post
Why would doctors be "priced out of the North Shore"? Doctors do rather well for themselves in the U.S.

There's still tons of real estate under $1 million on the North Shore, and a two-income couple, even non-managerial level, can easily make enough to afford something nice. Even under 500k is doable inland.
I guess I'm assuming most of the nice homes are 1 million and over. To get a nice home in Carmel Indiana outside Indianaoplis cost around 750k, so I'm assuming its at least double in Chicago. Doctors make like 200k a year, not enough for the North Shore IMO.
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Old 12-30-2013, 04:09 PM
 
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There are many nice homes available on the North Shore and other desirable suburbs in the region that are significantly below $1M. Further the decisions that drive folks to take on that kind of debt in areas like the Chicago region where the variety of employment options for highly skilled physicians is far greater than in less populous regions probably is a big factor that drives housing prices -- physicians that serve as faculty members for the many teaching hospitals can command high salaries as can those that work for more profit oriented "optional" subspecialities like plastic surgery, corrective laser opthamalogy, bariatic surgery, associated anesthesia, administrative roles within larger multi-location hospital and similar opportunities that come with a larger population base...
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Old 12-30-2013, 04:43 PM
 
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There are many, many, many doctors who cannot afford to live in the "nice" homes on the North Shore, and that number will only increase in the future. Between declining salaries, exponentially increasing student loans at a high interest rate (I have nearly $300k in student loans at 6.8% interest), and the fact that you make no salary during med school, and about $50k for 3-6 years during residency (so now you're perhaps 32 years old if you were lucky enough to get in to med school right out of college, and barely making enough to make the monthly payments on your loans). And if you want children during residency before you're say 32 years old, you have increased child care costs unless your spouse stays at home because you're working 80+ hours/wk. The jobs in major cities like Chicago actually pay LESS than rural areas, mostly because it costs more to entice physicians to rural areas and there is less supply and competition. While physicians at teaching hospitals (Northwestern, Loyola, University of Chicago, Rush, UIC) do enjoy more professional prestige from advancing their respective fields, they do NOT command high salaries compared to private practice physicians. They actual make significantly less (about 2/3 to 3/4 of their private practice counterparts depending on the field)... such is the price of being a doctor/teacher/researcher. You may start around $150k at an academic institution, and make your way up to $250k if you make your way to full professor which most never do. And now that you have started making good money after all those years of not making anything or very little with large loans and try to start making up for lost time, you get taxed at a very high rate "because doctors can afford it".

Ok, sorry end of my rant Much needed stress release from a long last week at work and frustration from last night's Bears game...My original point was to say that changes may shift where you see doctors buying homes - less in the upper class suburbs and more in the upper-middle class suburbs!
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Old 12-30-2013, 04:53 PM
 
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Sorry you are stressed out but I know for an absolute _F_A_C_T_ that the highest paid physicians in pretty much any town with a solid teaching hospital are those with senior positions not just seeing patients but supervising departments and making all the academic side of things run smoothly. They can EASILY pull down $300k and if their spouse has similar position (which is not at all uncommon) the household income puts them into the the "they can afford anything" category.

While I don't disagree that folks running optional type practices make out even better I would not shed any tears for med school faculty
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