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Old 05-09-2009, 10:51 AM
 
3,674 posts, read 8,628,593 times
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Quote:
Originally Posted by Lookout Kid View Post
Try living in New York, San Francisco, Los Angeles, and Chicago... And then tell me which ones are "overpriced". In my field, you perhaps earn 10% more in New York or the Bay Area, but the cost of living increase is MUCH higher than that. The quality of life we have in Chicago is IMMEDIATELY apparent if I go visit my friends in those cities who do the same work I do.
I agree. It's completely ridiculous.

Chicago may be overpriced in some ways, because any time there is a cluster of highly valuable real estate the selling price inevitably goes higher than the "real" price an investor would realize... Generally because there's a market to support it, at least for a limited time.

Quality of life is a huge draw to Chicago. God knows the city can't compete on nature, geography or climate. Ease of life and quality of life are the two biggest advantages Chicago has, and the city council would do well to remember that.
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Old 05-09-2009, 01:18 PM
 
11,289 posts, read 26,065,670 times
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Well if you think about it the article said you need an income of $73K to afford the average home price of $225K in Chicago.

Most people living in homes around the metro area are not single people in houses, it's famlies or couples.

So really for a married family, each person would need to make around $37K a year to afford a house.




Either way....I make $60K a year, bought a house for $15K more than the average price, and my mortgage broker said I easily qualified with my salarty. It helps I have good credit, but I know plenty of people making in the $50's and living alone who have places around $200K. I have friends who went into together, each making $55K a year, and bought a $400K place. It helps a lot that taxes are low in the city. I pay $1995 a year, which really isn't too bad.
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Old 05-10-2009, 12:18 AM
 
1,817 posts, read 4,907,047 times
Reputation: 640
How do you set someone to ignore? Ive been having to read this guys comments for too long.
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Old 05-10-2009, 12:26 AM
 
1,119 posts, read 2,732,205 times
Reputation: 389
Why are so many threads being hijacked by the same guy?
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Old 05-10-2009, 12:28 AM
 
1,817 posts, read 4,907,047 times
Reputation: 640
Quote:
Originally Posted by skipcromer View Post
How do you set someone to ignore? Ive been having to read this guys comments for too long.
Figured it out.

Bye Bye buddy!
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Old 05-10-2009, 11:41 AM
 
Location: Middleton, Wisconsin
4,229 posts, read 17,553,386 times
Reputation: 2315
Lets keep this thread on topic. No more personal attacks are negative comments. Ok? If you have to think twice about posting, then you probably shouldn't post it.
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Old 05-10-2009, 11:54 AM
 
Location: Chicago - mudhole in the prairie...
1,624 posts, read 3,277,781 times
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Quote:
Originally Posted by hsw View Post
Land in Eastern Winnetka/LF is almost 2x cost of most elite SV suburbs which are in turn ~2x cost of most elite NYC suburbs

There are a few houses in the Hamptons would probably buy most of Winnetka.
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Old 05-10-2009, 12:05 PM
 
21,529 posts, read 30,936,665 times
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Quote:
Originally Posted by dementor View Post
There are a few houses in the Hamptons would probably buy most of Winnetka.
You are comparing a playground for the rich and famous to affluent suburbs. Incomparable, IMO.

That said, while land is pricier in the Chicago area, COL is substantially higher in NYC's burbs. Many towns in CT's New York burbs have minimum zoning of a few acres - this pushes the median home price of the area to well over a million dollars.
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