Home Sales (Chicago, Aurora, Joliet: safe area, prices, safe)

[dtcbnd03]

Originally Posted by TBideon

Plenty of available and inexpensive/reasonably priced housing in 2/3 of the city, with many properties on the market for quite a while.

Don't let the North Centers or Logan Square's throw you off; Redfin tells a different story.

Agreed. Chicago is extremely affordable and plenty of supply on the market. Tight supply nationwide is causing housing (and not rents) to skyrocket but I don't see that happening in Chicago / Illinois due to taxes and the eviction moratorium.

I applaud Illinois and IHDA for getting out rental assistance quickly. But JB needs to stop extending the eviction moratorium so deadbeats stop taking advantage and we get back to normal.

[MikeL78]

Originally Posted by TBideon

Plenty of available and inexpensive/reasonably priced housing in 2/3 of the city, with many properties on the market for quite a while.

Don't let the North Centers or Logan Square's throw you off; Redfin tells a different story.

I’m planning a relocation to Chicago early next year. I just had this similar conversation with my realtor. All the other cities I was looking at it’s insane. 500k+ for basic houses and they’ll be 600k+ by March. Those basic houses will be sold in a day. Chicago has good inventory and it’s affordable even with high property taxes. I love these bungalows in Berwyn and they’re priced nicely along with other areas of Chicagoland. I’m doing another trip in 2 months to check out other neighborhoods/burbs before making a decision.

IDK how long the more balanced market will last tho. Once the secret is out that Chicago isn’t the war zone the local and national media portray it be. There could be a surprise surge in sales not predicted.

[Hiruko]

Originally Posted by MikeL78

I’m planning a relocation to Chicago early next year. I just had this similar conversation with my realtor. All the other cities I was looking at it’s insane. 500k+ for basic houses and they’ll be 600k+ by March. Those basic houses will be sold in a day. Chicago has good inventory and it’s affordable even with high property taxes. I love these bungalows in Berwyn and they’re priced nicely along with other areas of Chicagoland. I’m doing another trip in 2 months to check out other neighborhoods/burbs before making a decision.

IDK how long the more balanced market will last tho. Once the secret is out that Chicago isn’t the war zone the local and national media portray it be. There could be a surprise surge in sales not predicted.

Chicago and Illinois have relatively high unemployment and slower economic growth than most states. That is another factor in why home values aren't as high here as in other cities of similar caliber. So, once the secret gets out that you can get a nicer home here than you can in Denver, for example, the other secret that you might not be able to get a job or a job that is as high-paying, everything falls apart.

[MikeL78]

Originally Posted by Hiruko

Chicago and Illinois have relatively high unemployment and slower economic growth than most states. That is another factor in why home values aren't as high here as in other cities of similar caliber. So, once the secret gets out that you can get a nicer home here than you can in Denver, for example, the other secret that you might not be able to get a job or a job that is as high-paying, everything falls apart.

The Chicago July unemployment rate of 8% is the same as NYC and lower than LA at 10%. Smaller high growth sunbelt cities may be lower but the pay is too. I work from home so the company I work for can be anywhere. I know some people don’t have privilege. Hopefully the unemployment rate comes down. The good thing is I don’t see the city losing Fortune 500 headquarters.

[Canaan-84]

Originally Posted by dtcbnd03

Agreed. Chicago is extremely affordable and plenty of supply on the market. Tight supply nationwide is causing housing (and not rents) to skyrocket but I don't see that happening in Chicago / Illinois due to taxes and the eviction moratorium.

I applaud Illinois and IHDA for getting out rental assistance quickly. But JB needs to stop extending the eviction moratorium so deadbeats stop taking advantage and we get back to normal.

Can you show me those affordable homes? The only affordable ones I have seen on realtor websites are homes in the south which has high crime.

[Justabystander]

Originally Posted by Hiruko

Chicago and Illinois have relatively high unemployment and slower economic growth than most states. That is another factor in why home values aren't as high here as in other cities of similar caliber. So, once the secret gets out that you can get a nicer home here than you can in Denver, for example, the other secret that you might not be able to get a job or a job that is as high-paying, everything falls apart.

https://www.bls.gov/web/laus/laumstrk.htm
https://www.bls.gov/web/metro/laummtrk.htm

As was said before, Chicago and Illinois have a lower unemployment rate than California, New York, New Jersey and other high housing cost states. Chicago does have a relatively high unemployment rate at 7.5%, but pales in comparison to Los Angelels' 9.3% and is less than NYC 8.0%, peer metro areas. There was a recent study that I saw on City vs. City that had Cook, Lake and Dupage as having some of the most disposable incomes available after mortgage payments in the country. I have no idea what your are talking about Chicago not having high paying jobs compared to small towns and states with low unemployment rates

There are help wanted signs everywhere here. I tend to think people in big cities are collecting unemployment until they have to work; some of their positions in hospitality have been affected, just look at Hawaii's high unemployment rate.

Chicago has alot going for it; it has a position on the Great Lakes with the largest water resource in the world as opposed to water starved states in the west; it is out of the hurricane and tropical storm and Nor'estern paths in the South and on the East Coast, and sits in a sweet spot in the country.

[RamenAddict]

Originally Posted by Justabystander

https://www.bls.gov/web/laus/laumstrk.htm
https://www.bls.gov/web/metro/laummtrk.htm

As was said before, Chicago and Illinois have a lower unemployment rate than California, New York, New Jersey and other high housing cost states. Chicago does have a relatively high unemployment rate at 7.5%, but pales in comparison to Los Angelels' 9.3% and is less than NYC 8.0%, peer metro areas. There was a recent study that I saw on City vs. City that had Cook, Lake and Dupage as having some of the most disposable incomes available after mortgage payments in the country. I have no idea what your are talking about Chicago not having high paying jobs compared to small towns and states with low unemployment rates

There are help wanted signs everywhere here. I tend to think people in big cities are collecting unemployment until they have to work; some of their positions in hospitality have been affected, just look at Hawaii's high unemployment rate.

Chicago has alot going for it; it has a position on the Great Lakes with the largest water resource in the world as opposed to water starved states in the west; it is out of the hurricane and tropical storm and Nor'estern paths in the South and on the East Coast, and sits in a sweet spot in the country.

I know where my sister works (big tech), the pay here is only slightly less than the pay in HQ and Seattle. She lives in a more iconic style midcentury home. There is a comparable neighborhood by me where homes go for about 1/5 of what you can expect to pay there, with lots that are twice the size with a very appealing woodsy atmosphere.

I don’t think there is a huge incentive for some people to work now with the unemployment payments and eviction moratorium. I talked to some restaurant owner a few months ago who said that even paying $20 an hour with benefits for a dishwasher did not bring in applicants. That said, the schooling issue has also been problematic with hybrid or e-learning for a year and a half.

[TBideon]

Originally Posted by Canaan-84

Can you show me those affordable homes? The only affordable ones I have seen on realtor websites are homes in the south which has high crime.

Archer Hts for one. Belmont Craigin and Belmont Central too.

[Canaan-84]

Originally Posted by TBideon

Archer Hts for one. Belmont Craigin and Belmont Central too.

Archer and Craigin received an F when it comes to crime, their violent crime rate is 40%+ above national average, they have only improved in property crime which is much lower than national average.

[Justabystander]

Originally Posted by Canaan-84

Archer and Craigin received an F when it comes to crime, their violent crime rate is 40%+ above national average, they have only improved in property crime which is much lower than national average.

What do you consider affordable? I grew up in Orange County, CA and moved here from Boston. Everything looks like a bargain to me. If you are from Houston, then your persective is going to be different, since Houston might be one of the few large markets ( Houston and Philly) less expensive. To me, a safe affordable place in Chicago would be Mt. Greenwood, Evergreen Park, Oak Lawn, Oak Forest, Lyons, Berwyn, If these are too espensive for you, then maybe you should stick with Houston.

https://www.redfin.com/city/6341/IL/Evergreen-Park If this is too expensive in a safe area as an example, Chicago is not for you.