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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.
True, there are more maintenance issues. I don't know why the whole great lakes region seems to have problems with schools.
I wouldn't call a house in Cali a solid investment. It's sitting on a fault, there's water issues, rising interest rates are really going to hurt if you have to stack 6% interest on a home mortgage instead of 3.5%, and houses usually don't just glide down to reflect changing values, they stumble.
True, there are more maintenance issues. I don't know why the whole great lakes region seems to have problems with schools.
I wouldn't call a house in Cali a solid investment. It's sitting on a fault, there's water issues, rising interest rates are really going to hurt if you have to stack 6% interest on a home mortgage instead of 3.5%, and houses usually don't just glide down to reflect changing values, they stumble.
I would not say the whole great lakes region has issues with schools. Most K-12 schools there are good. Just not the ones in the cities, which tend to have massive underclasses.
LoL not every house in California sits on a faultline. And really natural disasters is kind of strawman. Chicago could flood, have another great fire, a tornado, or go bankrupt.
If rising interest rates hurt California real estate, it's going to hurt Chicago too.
Like I said, you can look at real estate values for both Chicago and LA. Pretty much since WW2 LA real estate has been a better investment than Chicago. The return on investment is simply much larger in LA, when comparing homes sold at the same price point. Though Chicago does certainly have a much better "bang for your buck".
I mean I hear what you are getting at, I am just pointing out Chicago is nowhere near the bargain it's boosters claim it to be.
The way you set up this question already prompted many people to choose LA. For ego reasons, some people won't want to sound or feel "cheap" by choosing COL. Actually, LA has better weather than SF but still cheaper than SF. So COL in LA is not that bad. The most complaints about LA are bad traffic, long commute, pretentious people, no tree and no water. COL in Chicago is lower than LA but not by a whole lot. Chicago's COL is only considered "very low" when compared with SF and NYC because it offers similar urban lifestyle.
Don't forget California's state income tax is considerably higher. I grew up and lived most of my life in LA & SF and liked both cities, but definitely don't like them enough to justify a 13.3% state income tax personally.
Don't forget California's state income tax is considerably higher. I grew up and lived most of my life in LA & SF and liked both cities, but definitely don't like them enough to justify a 13.3% state income tax personally.
That's assuming you would be making over $1 million a year.
The median personal income of LA is around $28,000, while the median household income is about $56,000. With CA income tax brackets, someone like this would be taxed 4% and 9.3% respectively.
And Illinois has a flat tax rate which is very conservative republican and regressive.
A dishwasher has to pay the same percent of their paycheck to taxes as a CEO.
That is part of the reason Illinois is in a much publicized budget crisis. It is so bad, that they were talking about today on NPR....The SAN FRANCISCO NPR station.....
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.
Not true on the real estate assessment of Chicago v LA as far as real estate return. Lincoln Park, Lakeview, Logan Square, the south Loop and Wicker Park amongst ohers, if bought in the 90"s, would have netted you far more than many LA neighborhoods. Even in the west suburbs, a teardown on a decent lot valued at $200,000 in the early to mid ninties could go for $1M in towns like Western Springs and Hinsdale, just for the lot alone. I agree that towns like San Marino in the San Gabriel Valley are outrageously expensive, but where is return of investment on large swaths of LA such as in Bell Gardens, Garden Grove, Norwalk etc.? It is bad to generalize; but your point is well taken, Chicago is not cheap.
This is an apples to oranges comparison. Either you like warm weather and need it, or you like aspects of a big city that you just cannot get in LA. Since I moved from LA to Chicago, you can probably guess which one I prefer, but don't blame those who need the heat.
Not true on the real estate assessment of Chicago v LA as far as real estate return. Lincoln Park, Lakeview, Logan Square, the south Loop and Wicker Park amongst ohers, if bought in the 90"s, would have netted you far more than many LA neighborhoods. Even in the west suburbs, a teardown on a decent lot valued at $200,000 in the early to mid ninties could go for $1M in towns like Western Springs and Hinsdale, just for the lot alone. I agree that towns like San Marino in the San Gabriel Valley are outrageously expensive, but where is return of investment on large swaths of LA such as in Bell Gardens, Garden Grove, Norwalk etc.? It is bad to generalize; but your point is well taken, Chicago is not cheap.
This is an apples to oranges comparison. Either you like warm weather and need it, or you like aspects of a big city that you just cannot get in LA. Since I moved from LA to Chicago, you can probably guess which one I prefer, but don't blame those who need the heat.
Care to explain what these aspects are? Los Angeles is more than just great weather.
Not true on the real estate assessment of Chicago v LA as far as real estate return. Lincoln Park, Lakeview, Logan Square, the south Loop and Wicker Park amongst ohers, if bought in the 90"s, would have netted you far more than many LA neighborhoods. Even in the west suburbs, a teardown on a decent lot valued at $200,000 in the early to mid ninties could go for $1M in towns like Western Springs and Hinsdale, just for the lot alone. I agree that towns like San Marino in the San Gabriel Valley are outrageously expensive, but where is return of investment on large swaths of LA such as in Bell Gardens, Garden Grove, Norwalk etc.? It is bad to generalize; but your point is well taken, Chicago is not cheap.
This is an apples to oranges comparison. Either you like warm weather and need it, or you like aspects of a big city that you just cannot get in LA. Since I moved from LA to Chicago, you can probably guess which one I prefer, but don't blame those who need the heat.
Speaking of Norwalk, my aunt bought her home there in 1999 for $185,000. Zillow estimates its value now at $450k, and about $590k before the recession. Most areas in LA/OC have bounced back to or exceeded pre-recession levels, but Norwalk and probably surrounding areas like Cerritos, Lakewood, Cypress, much of inland south LA, not as much.
Care to explain what these aspects are? Los Angeles is more than just great weather.
Quote:
Originally Posted by NativeOrange
Speaking of Norwalk, my aunt bought her home there in 1999 for $185,000. Zillow estimates its value now at $450k, and about $590k before the recession. Most areas in LA/OC have bounced back to or exceeded pre-recession levels, but Norwalk and probably surrounding areas like Cerritos, Lakewood, Cypress, much of inland south LA, not as much.
Considering he was 18 years old, from Orange county (Fullerton), and left SoCal in the 1980's, I would take his view of Los Angeles City with a grain of salt.
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