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View Poll Results: Staying or Moving?
Staying 44 35.48%
Moving 65 52.42%
Not Sure 15 12.10%
Voters: 124. You may not vote on this poll

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Old 06-19-2016, 09:59 AM
 
Location: Nashville, TN
1,951 posts, read 1,635,816 times
Reputation: 1577

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Quote:
Originally Posted by flamadiddle View Post
compactspace, It's more than a few grand in taxes. A similar $500K home in the burbs of Atlanta, Nashville, Indianapolis, Cincinnati, etc, will have a $10K+ per year property tax differential (not including the higher sales tax, toll roads and other nickel and diming Illinois provides). Think about what that would add up to after 10 or 20 years of investing w/ compound interest!
Not to mention the type of home you can afford in that price point between areas. A $500k home in a decent area in Chicagoland will get you a somewhat upgraded 2000-2500 sqft home that's 40+ years old. Our modest 2200sqft home that's almost 50 years old will probably sell for $420-430k, as long as the buyers can stomach these $12k/year property taxes that rise each year.

We have our eyes on either Atlanta (Alpharetta), Nashville (Hendersonville, Mt Juliet or Franklin) or Dallas (Richardson). TN and TX have the added bonus of no state income taxes, so we end up saving more.

To put real dollars on this, if we were to move to Nashville, and my wife takes her 25% pay cut, we'll still save over $20,000/year vs staying in Illinois. If we invest those savings, we can retire a full 10 years earlier.

Is living in Chicago worth an extra $20,000/year and 10 extra years as a wage slave? Absolutely not for us.

From a financial standpoint, it's a fact that Illinois is a poor choice.
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Old 06-19-2016, 10:33 AM
 
3,495 posts, read 2,186,068 times
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Quote:
Originally Posted by flamadiddle View Post
Fair point, but doesn't make a difference to me. In my field (IT), I make the same no matter which city I pick.
I would say your field is more of the exception than the rule.
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Old 06-19-2016, 10:37 AM
 
3,495 posts, read 2,186,068 times
Reputation: 1950
Quote:
Originally Posted by numberfive View Post
Not to mention the type of home you can afford in that price point between areas. A $500k home in a decent area in Chicagoland will get you a somewhat upgraded 2000-2500 sqft home that's 40+ years old. Our modest 2200sqft home that's almost 50 years old will probably sell for $420-430k, as long as the buyers can stomach these $12k/year property taxes that rise each year.

We have our eyes on either Atlanta (Alpharetta), Nashville (Hendersonville, Mt Juliet or Franklin) or Dallas (Richardson). TN and TX have the added bonus of no state income taxes, so we end up saving more.

To put real dollars on this, if we were to move to Nashville, and my wife takes her 25% pay cut, we'll still save over $20,000/year vs staying in Illinois. If we invest those savings, we can retire a full 10 years earlier.

Is living in Chicago worth an extra $20,000/year and 10 extra years as a wage slave? Absolutely not for us.

From a financial standpoint, it's a fact that Illinois is a poor choice.
Disagree with the last sentence. For some, yes, but not for all. I make ~$25k more annually than a former classmate of mine in the same type of engineering position and with the same years of experience. He lives in Indy. No way taxes alone would offset that difference in compensation.
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Old 06-19-2016, 10:58 AM
 
2,029 posts, read 2,359,806 times
Reputation: 4702
Default Staying

I love the town where I live, and the family I have here. Chicago is a beautiful city with a lot going for it, working downtown makes me appreciate the vibrancy, architecture and soul of the city. Growing up in a sprawling town ( Los Angeles) I can honestly say no to a permanent life in one of those places again, maybe as a snowbird someday. What make me upset in this state is the composition of our politicians, a spineless, egotistical, self-serving bunch of individuals who have forgotten that they have been elected to serve their constituency and not themselves. The people of this great state and city need to somehow make it clear
(next election for sure ) that they need to a) get themselves in gear and pass a budget asap 2) pass a constitutional amendment regarding pensions and take the heat for it 3) work until the mess is cleaned up, even if it means no summer vacation and doing what they are supposed to do. Out with Madigan, Rauner, Cullerton, Durkin and whatever other politician is not doing their job. I am not moving for these bozos, but will stay in a great place and see it recover as it did with the Chicago fire and other man made disasters. Thanks for reading my rant!
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Old 06-19-2016, 11:27 AM
 
Location: Nashville, TN
1,951 posts, read 1,635,816 times
Reputation: 1577
Quote:
Originally Posted by My Kind Of Town View Post
Disagree with the last sentence. For some, yes, but not for all. I make ~$25k more annually than a former classmate of mine in the same type of engineering position and with the same years of experience. He lives in Indy. No way taxes alone would offset that difference in compensation.
You'd be surprised how much the overall tax burden cuts into your take-home pay. Not to mention the housing costs, cost of living, etc.

That's where I was going with the last sentence in my last post... not just taxes, but the overall financial picture for Illinois residents is very dark. This isn't my opinion, it's a verifiable fact. I wish it wasn't and I could stay here, since it's a beautiful city. Not worth working an extra 10 years for free though.
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Old 06-19-2016, 11:47 AM
 
1,851 posts, read 2,169,985 times
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Since many here seem to be misinformed about Illinois' affordability

https://www.missourieconomy.org/indi...ost_of_living/

Groceries, health care, and transportation will cost you marginally more than average in Illinois. Everything else is below average.
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Old 06-19-2016, 11:52 AM
 
2,029 posts, read 2,359,806 times
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Quote:
Originally Posted by numberfive View Post
You'd be surprised how much the overall tax burden cuts into your take-home pay. Not to mention the housing costs, cost of living, etc.

That's where I was going with the last sentence in my last post... not just taxes, but the overall financial picture for Illinois residents is very dark. This isn't my opinion, it's a verifiable fact. I wish it wasn't and I could stay here, since it's a beautiful city. Not worth working an extra 10 years for free though.
Try moving to any comparable city ( NYC. San Francisco, Boston, Washington, LA ) and THEN see what your overall housing costs and cost of living are. You are way ahead in Chicago still, unless you move to town with fewer amenities, which many on this post see to be wanting to do. These are trade offs. I went to NW Indiana for a function the other day, and sorry, I can see why their taxes are so low. No way.
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Old 06-19-2016, 12:04 PM
 
3,495 posts, read 2,186,068 times
Reputation: 1950
Quote:
Originally Posted by numberfive View Post
You'd be surprised how much the overall tax burden cuts into your take-home pay. Not to mention the housing costs, cost of living, etc.

That's where I was going with the last sentence in my last post... not just taxes, but the overall financial picture for Illinois residents is very dark. This isn't my opinion, it's a verifiable fact. I wish it wasn't and I could stay here, since it's a beautiful city. Not worth working an extra 10 years for free though.
Still not following you. You state this as fact but the numbers simply do not back it up. Compare cost of living to other major metros with comparable amenities and attractions.
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Old 06-19-2016, 12:10 PM
 
Location: Nashville, TN
1,951 posts, read 1,635,816 times
Reputation: 1577
Quote:
Originally Posted by IrishIllini View Post
Since many here seem to be misinformed about Illinois' affordability

https://www.missourieconomy.org/indi...ost_of_living/

Groceries, health care, and transportation will cost you marginally more than average in Illinois. Everything else is below average.
Your link doesn't cover the Chicago metro area. Let's take a look at a source that does:

Chicago cost of living index: Moderator cut: link removed, competitor site

Nashville cost of living index: Moderator cut: link removed, competitor site


That means it's 17% more expensive to live in Chicago vs Nashville. Ouch.

Looks like a 19% spread there. Double ouch.

Last edited by Yac; 11-10-2020 at 01:16 AM..
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Old 06-19-2016, 12:10 PM
 
3,495 posts, read 2,186,068 times
Reputation: 1950
Quote:
Originally Posted by Justabystander View Post
Try moving to any comparable city ( NYC. San Francisco, Boston, Washington, LA ) and THEN see what your overall housing costs and cost of living are. You are way ahead in Chicago still, unless you move to town with fewer amenities, which many on this post see to be wanting to do. These are trade offs. I went to NW Indiana for a function the other day, and sorry, I can see why their taxes are so low. No way.
Regarding NWI, completely agree. I went to school in NWI and enjoyed it but could never see myself living there. Not to sound like a prick, but living in the nicer western suburbs and then visiting NWI it feels depressing there to me. To each their own but it's not for me even if I were to save money in propert taxes.
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