Plenty of Reasons to stay in Illinois

[Justabystander]

Originally Posted by chet everett

There are already very nice homes in decent enough places like Flossmoor that have property taxes well above 5%. Those home prices are falling off a cliff. There are people that paid $700k for gorgeous homes when the former POTUS was still a Senator and those places are not finding buyers at $350k.

If you want that sort of devaluation to spread you are completely unhinged -- the forces driving such collapse in value include a horrendous loss of employment. The businesses that have left have not shutdown because they've been "killed by AI and robots" but have realized that the crushing effect of ever higher property taxes means they need to cross into northern Indiana -- Buddig to invest $3.7 million in Munster move | Northwest Indiana Business Headlines | nwitimes.com I know that it might not sound great to work in a plant that makes these -- https://www.walmart.com/ip/19593718?...&wl13=&veh=sem but the fact is people do eat those snacks and the folks who work in those plants are going build up the community while the area they leave behind continues to crumble...

Chet, you know full well that certain south suburbs with demographic changes have suffered price drops. The southwest suburbs are coming back, and the west in many places is equal to the pre-crash levels and continues to increase. Your "Debbie Downer" posts, along with Taco 123 who constantly complains and never moves but makes us suffer through her whining, are frankly infuriating. Industrial wearhouses have historically low vacancy rates, and HQ have moved to the Chicago area, and not moved out. Downtown Chicago is at full boom construction levels. I am with MyKindofTown, when are the west suburbs collapsing? Just a look at many on Zillow show healthy projected recoveries; hinsdale increased almost 7 percent last year and is projected to increase another 5 this year, ahead of many sun belt towns.

[cpm314]

Originally Posted by chet everett

There are plenty of things to agree with above! The fact is that many of the folks that live in the nicer towns and more desirable parts of Chicago almost certainly have done at least a "rough guess" that whatever changes they'd see in COL by moving would likely mean offsetting negatives in range of employment option AS WELL AS curtailing their current "quality of life".

The thing is, for those that do understand that the massive unfunded debt of Illinois increasingly means that we are on the verge of not just theoretical bad things but actual cuts to things like our state universities -- https://www.bondbuyer.com/news/lates...c-universities That WILL have a dominoe effect as cuts snowball and there are fewer folks to support the increasingly high costs of the wholly unsustainable system. Regular citizens WILL be asked to pay ever higher property taxes which WILL continue to depress the selling prices of homes and the folks MOST negatively impacted by these things will be those with the fewest options. The insanity of folks who don't understand these things OR assume that other states are "also facing such things" is unbelievable. Seriously, fools who've seized on to news stories about Dallas' pension woes or other cities are willingly sticking their head in the sand that Texas has largely "washed its hands" of the potential problem by setting up 403b & 457 options DECADES ago. Illinois clings to system that enriches insiders and is already causing some of the worst parts of the region to just fall off a cliff in value. Those ills are going to keep spreading!Illinois property taxes are crushing homeowners - Daily Southtown

While there are surely issues with the state finance things are going to have to get a lot worse to make a mass exodus from highly desirable suburbs in the north. While the state is spiraling into more debt we continue to see our home prices increase and more millionaires are tearing down older homes to put up much larger luxury houses and making a $6K property tax lot into a $24K property tax lot. While the economy continues to improve I imagine the financial health of the state will start to improve as different elected officials are elected, if it doesn't and Chicago turns into a ghost town, all the jobs leave, and my income tax is taxed at the much higher WI rate and my property taxes sore while the schools sour I'll be free to move to a different location. My house will be paid off and any loss won't have a material impact on my families finances. I likely couldn't have been in this financial position if I stayed in WI even if there state was in better financial shape. However, knowing that certain industries are growing in Chicagoland and so many people are investing in desirable communities I'm not too worried. No other city in the Midwest has an economy as strong as Chicago.

[Taco1234]

Originally Posted by Justabystander

Chet, you know full well that certain south suburbs with demographic changes have suffered price drops. The southwest suburbs are coming back, and the west in many places is equal to the pre-crash levels and continues to increase. Your "Debbie Downer" posts, along with Taco 123 who constantly complains and never moves but makes us suffer through her whining, are frankly infuriating. Industrial wearhouses have historically low vacancy rates, and HQ have moved to the Chicago area, and not moved out. Downtown Chicago is at full boom construction levels. I am with MyKindofTown, when are the west suburbs collapsing? Just a look at many on Zillow show healthy projected recoveries; hinsdale increased almost 7 percent last year and is projected to increase another 5 this year, ahead of many sun belt towns.

Hilarious that posts on here "infuriate you"... I'm not whining! I'm happy as can be! How is anyone making you suffer? Are we knocking on your door and forcing you to listen to our opinions? No... I believe your own paranoia and the knowledge in the back of your head that you truly ARE living on the worst state is why these posts make you so upset. You want to pretend it isn't real. And Hinsdale is not a good gauge of chicagoland housing prices

[RJA29]

Originally Posted by My Kind Of Town

Let me be more specific with my question since I honestly don't care about the south suburbs. When will the inevitable price drop hit the western suburbs? I'm asking specifically about the LaGrange-DG corridor.

This is probably what is relevant to a large majority of posters on this board -- the relatively affluent individuals who care about location and value, and do a large amount of research around improvements and purchasing. Yes indeed, there are areas that are declining in value -- but there are also areas that are improving, and significantly.

I'm not the first to say this: it's about specific, micro-locations. School districts, certain blocks, specific sub-divisions, etc. Some areas will do well, even if the broader economy stagnates or does not improve. There will still be wealth, and that wealth will concentrate in desirable locations.

Back to the overall theme of the thread - reasons to stay in IL? Yes - for some, No - for others. There is more to life than housing values!

[ipkl07]

I think everyone has to do what's right for them. I think the high taxes turns a lot of people off; however, I don't think it's a secret the taxes are high. There's plenty of fun things to do and great places to live in Illinois.