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LAs weather. There's plenty of deals if you know where to look. Its not San Francisco/Bay Area.
Chicago is too cold has too many blighted areas away from the hot spots, and too little to offer as far as outdoor recreation to be as expensive as it is.
Chicago is really not *that* much cheaper than LA when you factor in rents, taxes, tolls, utilities, and fees. It has a way of nickle and diming you to death that LA simply does not. It only appears to be a bargain on the surface.
The real cheapness of Chicago lies in it's suburbs , where middle class starter homes can still be had in the low 300's, with low crime, and quality school districts.
Cold aside, Chicago has insane crime and urban decay, as well as political corruption that would make LA cops who worked the Rampart Division in the 90's blush.
Chicago is really not *that* much cheaper than LA when you factor in rents, taxes, tolls, utilities, and fees. It has a way of nickle and diming you to death that LA simply does not. It only appears to be a bargain on the surface.
The real cheapness of Chicago lies in it's suburbs , where middle class starter homes can still be had in the low 300's, with low crime, and quality school districts.
Cold aside, Chicago has insane crime and urban decay, as well as political corruption that would make LA cops who worked the Rampart Division in the 90's blush.
COL. I don't know if Chicago is the epitome of COL maximization, but I think if people shelled out $40 a day for their Cali weather, they'd think different about it than they do with the costs all bundled into some obscene mortgage payment that they don't dare think about.
COL. I don't know if Chicago is the epitome of COL maximization, but I think if people shelled out $40 a day for their Cali weather, they'd think different about it than they do with the costs all bundled into some obscene mortgage payment that they don't dare think about.
Most of the money you put on your mortgage in CA would just go to property taxes in Chicago.
$9,000 a year for a house purchased at $300,000
At least the home mortgage is over after 30 years and will offer a great return on investment!
Most of the money you put on your mortgage in CA would just go to property taxes in Chicago.
$9,000 a year for a house purchased at $300,000
At least the home mortgage is over after 30 years and will offer a great return on investment!
That's a good point. Although it is important to consider if higher property taxes yield greater services (or less other forms of taxes) that aren't there in LA.
Also I don't know if you could truly consider a higher priced home a true investment as it's likely property values won't increase like they have indefinitely and you have to consider the alternative of what you could have done with that money you would have saved in Chicago investing elsewhere.
That's a good point. Although it is important to consider if higher property taxes yield greater services (or less other forms of taxes) that aren't there in LA.
Also I don't know if you could truly consider a higher priced home a true investment as it's likely property values won't increase like they have indefinitely and you have to consider the alternative of what you could have done with that money you would have saved in Chicago investing elsewhere.
Depends, a lot of those services are needed due to climate. Roads need to be repaired more often, streets salted/plowed, grass mowed more frequently and more intensive landscaping. You also have to hire more cops for higher crime rate. But then you do get things like the EL, a squeaky clean downtown and such. Schools are not so hot in Chicago.
Based oN the schools and crime in Chicago, I am not sure the higher taxes are yielding a noticeable amount of higher quality services. In the Chicago suburbs, I think Chicagoland shines better in this regard vs California.
California real estate is probably one of the most solid investments someone could make. And it is perfect hedge against inflation. Buying a house in LA is going to always be worth way more than a house in Chicago at the end of a traditional 30 year mortgage, even if purchased at the same price in both cities. It's been that way literally since the 1950's.
The greater point I am making is that Chicago is really not the bargain it's boosters claim it is. The property taxes in Chicago alone really take much of the steam out of the "housing is cheaper" claim Chicago people love to make. And average rents in LA and Chicago are closer to each other than either one is to say, NYC or SF.
Last edited by WizardOfRadical; 01-25-2016 at 10:01 PM..
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