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mqyl
7 months ago

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.

Freddy
7 months ago
Reply to  mqyl

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?

joe blow
7 months ago

homes in chicago have been appreciating at much less than the rate of inflation, which is a sign that something is seriously wrong

debtsor
7 months ago
Reply to  joe blow

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 »

Joe Blow
7 months ago
Reply to  debtsor

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