Chicago 2nd most over priced city? (Winnetka, Media: sales, real estate, renters)

[ChiMack]

according to Forbes yes..

the top 4 are: LA, Chi, Miami and NYC

reasons why chicago is over priced:

Cost of Living: 44 of 50
Housing Opportunity: 36 of 50
Unemployment Rate: 43 of 50
Average Salary: 23 of 50

[ChiMack]

also $73,000 salary is needed to be qualified for a home
$73,000 salary needed to qualify to buy a Chicago home; renters also squeezed -- chicagotribune.com

[Venom]

Might as well give up on life now.

[ChiMack]

and the home sales are still falling

Chicago-area home sales fall 26% in first quarter -- chicagotribune.com

[eevee]

and the point of this is........?

[Chicago60614]

Originally Posted by ChiMack

also $73,000 salary is needed to be qualified for a home
$73,000 salary needed to qualify to buy a Chicago home; renters also squeezed -- chicagotribune.com

damn, I certainly don't make 73K a year, bought a 240K house less than a year ago and my broker was flattered about the whole thing.


I love how they say 73K salary is needed to QUALIFY for a home! Show's how silly all this crap is. You can find something outside a "hot" neighborhood

[chitown85]

In terms of renting, Chicago is much more affordable than NY, LA, or Miami. For housing, I can see Chicago being up there, but it's still not as bad as the other 3.

[PokerPlayer1]

I'd really, really like to see what underlying criteria they used to determine this (forgive, I didn't click the link)

Given that there are huge swaths of the city where housing is *extremely* cheap, this doesn't make any sense. It doesn't seem like the few top-tier neighborhoods would be enough to offset the fact that a large part (the majority?) of the city landmass is 'demographically undesirable' and real estate prices reflect this, in those areas.

As far as overall COL metrics (parking, groceries, etc), again, those decrease noticeably once you get outside of the primo areas. You also have many city residents who are within easy commuting range to Indiana, where things are even cheaper. Taxes are brutal here. That's inescapable.

The unemployment rate 'is what it is', but generations of Chicago-specific welfare cases contribute heavily to this and it doesn't exactly illumiinate a situation that would be applicable to working, otherwise upwardly-mobile people. I wish there was a way to statistically disregard them, but I guess if you did that, you would have to disregard the areas they tend to live in, too, which would bring the mean housing costs way up.

Its an interesting question, that's for sure.

[hsw]

Only regions w/as many >>$200K/yr jobs as Chic are NYC, Silicon Valley and LA (LA is really weak as it has relatively puny finance and legal industries for its size)

Low COL means nothing if have low wages and poor upward mobility opportunities

IL has 3% inc tax vs NYC's ~13% vs CA's ~10%

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

But inversely, new, upscale condo rentals in city are cheapest in Chic b/c of extensive new construction; SF is prob ?20% more costly than Chic; and NYC is ~50% more costly than SF

[Lookout Kid]

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.