Why is the city becoming so expensive? (Cicero, Berwyn: condos, crime)

[oakparkdude]

There hasn't been much change in the overall crime rates in the past four years. If anything, rates might have fallen slightly since then.

[Chicagoland60426]

Originally Posted by Canaan-84

Is crime really that high in those areas? I lived in Chicago for almost 21 years until 4 years ago and I had no problems in the neighborhoods I lived in. In fact I'd hear more about crime in the Lincoln Park area from the DePaul University newspaper. However, this was 4 years ago so who knows how much those areas have changed.

Lincoln Park is still safe. The murder rate in Chicago from Jan. to June has dropped 13% for the city compare to 2008.

You said Chicago has become expensive and I'm wondering what neighborhoods are you talking about. Downtown & the Northside(especially Lincoln & Lakeview) are the most expensive areas of Chicago. I'm saying Chicago can be affordable depending on your urban tolerance level like places outside of the core gentrified areas.

[Canaan-84]

Originally Posted by Chicagoland60426

Lincoln Park is still safe. The murder rate in Chicago from Jan. to June has dropped 13% for the city compare to 2008.

You said Chicago has become expensive and I'm wondering what neighborhoods are you talking about. Downtown & the Northside(especially Lincoln & Lakeview) are the most expensive areas of Chicago. I'm saying Chicago can be affordable depending on your urban tolerance level like places outside of the core gentrified areas.

Those areas look nice but they're far too expensive in regards to homes, another member mentioned two other neighborhoods which he claimed were decent (Jefferson Park and Portage Park). When I looked up one of those areas on wikipedia one of the zip codes they gave were 60641; I used to live in that area. I assume if I move back there I would relatively safe?

[softdev]

Coming from the east coast, I think Chicago is downright affordable. You can get a great 1BR in the nicest areas of the city (Lincoln Park, Old Town, Gold Coast, and I'm sure there's others) for 200-300k or about $300 to $400 per square foot. The same apartments would cost you a million in Manhattan. With some killer three bedrooms available for well under a million, it almost makes it almost worth staying in the Midwest

[Lookout Kid]

Four years dude?!? C'mon. Chicago is actually MORE affordable now than it was four years ago. Your original post made it sound like you hadn't lived here in decades. Hardly anything has changed significantly in the last four years. That's like a minute in Chicago.

[surlycue]

Why are you in such a hurry to buy? Plenty of people live in Chicago on far less then 50K a year. Guess what they do. They rent.

If you'll stretch yourself too thing to buy a house, consider renting. There is nothing wrong with it and in an over inflated real estate market (as we are still in until prices meet demand) it is a cheaper and more prudent option. If you want to move back, come back and rent until you find a happy medium neighborhood that you both like and can afford to buy into.

[NYrules]

Originally Posted by Canaan-84

It seems like Chicago is attempting to appeal to the upper middle and upper class more than an average middle class person. I had planned to go back to Chicago, I've been home sick here in Houston for 4 years, but with the recent rise in housing and cost of living it seems I might not be able to live that comfortably in Chicago even with a wage of $52,000-$54,000 a year which is what I would get paid once I obtain my degree in Nursing. Are there still suburbs that have reasonably priced homes (around 100-230K)?

Yes, there are plenty of suburbs where you can get a nice little place in the price range you named. Prices on homes have come down in the past few years. I am starting to see single family homes in Orland Park now going for about $200K - $250K which I haven't seen in years. Tinley Park is even lower. Like there are some single family homes now under $200K and the longer they are sitting on the market, the lower they keep going as nobody is buying anything.

[Jesse69]

Get a bungalow in the Cicero / Fullerton area. Hispanic neighborhoods like this aren't as bad as black ones. My friend who's a phlebotamist and and wife's a secretary raised 3 kids in one...

[Canaan-84]

Originally Posted by Jesse69

Get a bungalow in the Cicero / Fullerton area. Hispanic neighborhoods like this aren't as bad as black ones. My friend who's a phlebotamist and and wife's a secretary raised 3 kids in one...

No, I think I'll look somewhere else. I had family who lived in Cicero (up until 2003 they now live in San Antonio) and they said crime was starting to increase there. Anyway, I've written down some areas that people mention here as being good and found reasonably priced homes and condos. I still have about 2 years before I move, so in the meantime I'll save up some money and hopefully the prices will still be affordable in those areas.

[cd771]

Chicago prices have come down significantly. Even rents. I'm a two flat owner in Bucktown and we've had to reduce our rents. You could probably get a really good deal right now and live in an area before deciding if you want to buy into it. There are a ton of empty condos that are being rented and or sold at a loss. Being an optimist, I really hope things rebound in the next couple of years.