A statewide concern: Illinois’ population decline outpaces neighboring states – Wirepoints on ABC20 Champaign
“We are not in good shape” Wirepoints’ Ted Dabrowski told ABC 20 Champaign during a segment on Illinois’ latest population losses. Illinois was one of just three states to shrink in the 2010-2020 period and has lost another 300,000 people since then. Ted says things need to change. “It’s too expensive to live here, there aren’t enough good jobs and nobody trusts the government anymore. There’s just other places to go where you can be more satisfied.”
Have any of the authors of this article entertained the possibility that most of the decline in house prices on the north shore of Chicago since the peak of the housing bubble in 2006 can be better explained by the bursting of that bubble, i.e. national trends, rather than high real estate taxes in Chicago? Here is some pertinent data ommited from the article: the Case-Shiller national 20 city home price index was at 203.62 in November of 2006 and 192.23 in November 2016. This index is in nominal terms. During that same 10-year period, the CPI-U rose from 202.000… Read more »
You may or may not be right about the North Shore specifically (I haven’t worked through those numbers), but this article is part of a series in which other Chicago area markets are similarly discussed. And Case Shiller clearly shows the Chicago metro area in aggregate badly lagging behind national averages for years. See http://www.chicagonow.com/getting-real/2017/01/case-shiller-chicago-home-prices-falling-further-behind-nation/ You are certainly right that other factors are suppressing Chicago area prices, but I would hope nobody would deny that property taxes are at or near the top of the list of reasons why area prices are lagging or falling. McHenry County is now in… Read more »