Chicago: wealthy from suburbs to the city? (Oswego, Plainfield: 2013, how much)

[ToriaT]

No. I could move to the city if I wanted to and get a fancy condo or something but the crime, the congestion and the lack of parking or parking hassles, and pot holes really drive me up the wall. Maybe if I wanted to live in Streeterville or downtown but I don't really care for those parts of the city I am more of a neighborhood type. I think as you get older city life wears you down. I have some disabilities and I can't walk much so walking and public transportation has lost its appeal. Also the crime. Although some parts off the city are safe, when I hear about a forty year old woman being raped on the L line by a 16 year old it gives me pause. There is just too much crime even though they say its dropping most people don't believe it. I don't see any real significant influx of people moving to the city from the suburbs. There will always be a small population of people that is doing that. Frankly, most people I know are avoiding the city and not going in there as often. Its way too expensive with parking fees, museum admission fees, tickets to the opera or symphony etc. As much as we like those kinds of things we don't go as often now. The suburbs are not in decline and never will be.

[reppin_the_847]

Originally Posted by edsg25

there was a thread on the NYC forum about how so many of the wealthy in high end suburban enclaves like westchester county and choosing to life in the city, basically the gated communities for the 1% in the heart of Manhattan.

this got me thinking. what about Chicago?

and my thinking became somewhat more expansive here, beyond just the 1%. When you drive through areas of the the city such as the Near North Side, it looks like a boomtown compared to any areas I see in suburbia. high rise buildings shoot up throughout the area.

do you think a trend exists here…..do you think there will be a real shift of wealth from the suburbs back into Chicago? and do you think many of the young couples who populate the lakefront neighborhoods and who once when they started having kids would settle in the suburbs will instead in increasing numbers more and more stay in Chicago instead?

are we headed more in the direction of the European model where the core (city) is the prime real estate and the periphery (suburbs) is less wealthy in comparison?

I think Chicago being a very large market like NYC has enough room for this type of wealth both in the city & in the suburbs (ie. North Shore burbs like Winnetka, Lake Forest, West burbs like Hinsdale,etc., NW burbs like Barrington, etc.). I don't see this going away anytime soon because there are folks that still prefer to have sprawled out estates in the burbs. In NYC's surrounding area it's not as if Westchester County (ie. Bronxville, Scarsdale, Chappaqua, Rye Brook, etc.), Fairfield County in Connecticut (ie. Greenwich), Long Island's North Shore burbs, NJ's wealthy burbs (ie. Saddle River, Alpine, etc.) are going broke anytime soon either.

Detroit is a metro area where it might take a long time for true wealth to migrate back into the city, despite the pockets of growth in downtown & Midtown Detroit. Most of Metro Detroit's wealth remains in its suburbs (ie. Bloomfield Hills, Birmingham, Grosse Pointe, Northville, etc.).

[edsg25]

Originally Posted by williepotatoes

This is just so dead wrong. Chicagolands only significant population growth is coming from suburbia these days. It's the city that has to worry about shrinking further as it becomes more and more a metroplis of haves and have nots, with the gap getting wider all the time.

i disagree, willie. our suburbs are unsustainable. they were heavily subsidized from the start, coinciding with the interstate highway system that allowed them to spring up overnight.

energy costs will make them shrink. i have no question about that.

If Chicago shrinks and suffers, that means disaster for our suburbs. Look at Detroit.

Yes, income disparity is great, but Chicago like the suburbs has many of those "have's" you speak of.

[Bluefox]

Originally Posted by edsg25

there was a thread on the NYC forum about how so many of the wealthy in high end suburban enclaves like westchester county and choosing to life in the city, basically the gated communities for the 1% in the heart of Manhattan.

this got me thinking. what about Chicago?

and my thinking became somewhat more expansive here, beyond just the 1%. When you drive through areas of the the city such as the Near North Side, it looks like a boomtown compared to any areas I see in suburbia. high rise buildings shoot up throughout the area.

do you think a trend exists here…..do you think there will be a real shift of wealth from the suburbs back into Chicago? and do you think many of the young couples who populate the lakefront neighborhoods and who once when they started having kids would settle in the suburbs will instead in increasing numbers more and more stay in Chicago instead?

are we headed more in the direction of the European model where the core (city) is the prime real estate and the periphery (suburbs) is less wealthy in comparison?

Probably not... I mean, hasn't it always been that way in Europe? At least in recent memory? Even in NYC and SF, I don't think the growth of wealth in the core is necessarily to the detriment of the suburbs. And I would think it is probably even less so for Chicago. Chicago is cheap compared to many coastal cities so for the wealthy elite, owning a second condo or home in the city is a drop in the bucket.

I think places like the North Shore will always appeal to the rich. It's quiet, has lakefront access, but close to the city without the hustle and bustle/congestion/noise/cramped conditions (relatively speaking of course) of the city which many will always find undesirable as nice as the city may become.

So I guess I half agree. I see it becoming more desirable as a "second home" destination, but not necessarily as a "let's move from the suburbs to the city" phenomenon. The only thing I think will really be a game changer is if our society becomes less autocentric. And I don't see that happening anytime soon, if ever.

[marothisu]

Originally Posted by Macgregorsailor51

You honestly think someone who can afford a 2nd home doesnt or shouldnt do it because they wont have the homestead reduction ? Really? I know a couple Drs Who own Condos with Lake Views for "Vacation" / Weekend Homes.. Like owning a Yacht, if you have to ask the milage it gets, you cannot afford it.. Your 2nd Paragraph was hilarious..None of us who own vacation HOMES because its the cheapiest way to have a Room to visit hahahaha

Yeah I know a few people like that too. They'll end up either renting it out or letting friends/family stay there when they aren't.

[NOLA101]

Originally Posted by edsg25

i disagree, willie. our suburbs are unsustainable. they were heavily subsidized from the start, coinciding with the interstate highway system that allowed them to spring up overnight.

The suburbs are much less subsidized than city centers. And residents of city centers use the interstates too, much more so than transit. Three quarters of Chicago residents own cars, and the rate is even higher among the non-poor.

The wealthy suburbs aren't going anywhere. The North Shore and places like Barrington will be fine, even if long term increases in valuation slow down from previous decades.

[jman07]

There are a lot more rich people in NYC competing for basically the same amount of land.n Manhattan is so expensive that you almost have to be rich to own a place there.

[williepotatoes]

Originally Posted by chet everett

The plural of "anecdote" is NOT data. Though I know many people that own vacation homes in all kinds of places from high end ski resorts in Europe or out west to luxurious parts of Florida, as well as nice spots nearer to Chicago like Michigan's 'Harbor Country' I also have worked with real estate and wealth advisory firms that cater to those with very substantial net worth and the strategy that such folks follow is often shaped by sophisticated tax strategies to enhance generational wealth. Spending money on recklessly is a great way to turn a large fortune into a small one -- Why Your Vacation Home May Not Be Your Retirement Home - US News

Chet, you're a little over the top here. Making a real estate purchase is hardly reckless financial behavior.

[NealIRC]

Originally Posted by ToriaT

No. I could move to the city if I wanted to and get a fancy condo or something but the crime, the congestion and the lack of parking or parking hassles, and pot holes really drive me up the wall. Maybe if I wanted to live in Streeterville or downtown but I don't really care for those parts of the city I am more of a neighborhood type. I think as you get older city life wears you down. I have some disabilities and I can't walk much so walking and public transportation has lost its appeal. Also the crime. Although some parts off the city are safe, when I hear about a forty year old woman being raped on the L line by a 16 year old it gives me pause. There is just too much crime even though they say its dropping most people don't believe it. I don't see any real significant influx of people moving to the city from the suburbs. There will always be a small population of people that is doing that. Frankly, most people I know are avoiding the city and not going in there as often. Its way too expensive with parking fees, museum admission fees, tickets to the opera or symphony etc. As much as we like those kinds of things we don't go as often now. The suburbs are not in decline and never will be.

This.

Chicago way a very White city back in the early 1900s and the increase of Blacks and Hispanics causes Whites to move to the burbs.

Isn't Chicago a very Democrat city? So it's the rich living in Evanston, Highland, Oak Brook, etc.

Only a % of White neighborhoods like Gold Coast have the rich.

[ToriaT]

Why bother with the mess of owning a second home and tying your money up in a condo, etc. when you want a city fix you can rent a hotel room or now you can do airbnb. I can rent a house or apt in wicker park or wherever and just visit when I want.