Two separate reports show that it's easier to afford a home now than it has been historically, although with interest rates going up that could change quickly.
The region is certainly not more affordable than it has ever been – especially since they were gaming the calculations using a 3.1% 30 year mortgage … that rate was not widely available and certainly not accessible to everyone, especially those with low credit. But as I’ve posted repeatedly here – the savings from moving out of IL to another state are gone. Nearly everywhere else has increased in price more than Chicago. The higher home price elsewhere, repaid with interest, offsets the cheaper real estate taxes. Tampa used to be cheap now it’s up 30% in one year! This… Read more »
Last edited 4 years ago by debtsor
mmack
4 years ago
Does that “affordability” cover that in the Collar Counties, you’d be paying a double mortgage (mortgage + monthly property tax amount [Yearly Amount / 12])?
When we left the monthly amount for property taxes was higher than our mortgage payment sans taxes.
Pat S.
4 years ago
All real estate sold in Chicago should require mandatory bullet proof vests at closing.
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
The region is certainly not more affordable than it has ever been – especially since they were gaming the calculations using a 3.1% 30 year mortgage … that rate was not widely available and certainly not accessible to everyone, especially those with low credit. But as I’ve posted repeatedly here – the savings from moving out of IL to another state are gone. Nearly everywhere else has increased in price more than Chicago. The higher home price elsewhere, repaid with interest, offsets the cheaper real estate taxes. Tampa used to be cheap now it’s up 30% in one year! This… Read more »
Does that “affordability” cover that in the Collar Counties, you’d be paying a double mortgage (mortgage + monthly property tax amount [Yearly Amount / 12])?
When we left the monthly amount for property taxes was higher than our mortgage payment sans taxes.
All real estate sold in Chicago should require mandatory bullet proof vests at closing.