-- Connecting the dots between our economy, government and business --
And from our report earlier this year: Sub-par home appreciation has cost Illinoisans a mind-numbing $250 billion over ten years.
Summary and audio linked here.
Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
This is another big cost of living in IL of which many residents aren’t aware. Let’s say you bought a house in IL for $300K 20 years ago, and it’s worth $300K (optimistically) today. In a number of other states, let’s say that $300K house appreciated two percent a year (conservatively); so, it’s worth $446K today. That means you’re out $146K by living in IL. At three percent, you’re out $242K.
Now also add in all the property tax’s here in Illinois during that timeframe especially in Rockford vs states like AZ at 0.8% of total value/CO at 0.6%/IN at 1.0% even CA at 1% we would be much much farther ahead. How and where do we apply for over payment reparations?
homes in chicago have been appreciating at much less than the rate of inflation, which is a sign that something is seriously wrong
The number is skewed downwards because there are so many lower middle class areas in Chicago that have seen negative growth over the last decade due to foreclosure, stagnant wages and population loss. You can literally draw huge circles on the map of Chicagoland of ‘not good’ places to live where home prices have been stagnant, including all of the Elgin area, the entire south and west sides of chicago, most of the south suburban cook county, aurora, north aurora, plainfield, crystal lake and the other ‘lake’ suburbs and so on. people are fleeing, banks have foreclosed, businesses are not… Read more »
seems like the north side 750k+ market is cooling down quite a lot as well due to the insane tax hikes and the SALT & mortgage tax deduction reduction