Re:The Fed now owns nearly 1/3 of all U.S. mortgages
by jointpdf on Wednesday September 09, 2020 @11:38AM
(#24422178)
Indeed, my shortlist is Chicago (and maybe Grand Rapids) at this point. I’ve always been in love with Chicago—such a gorgeous city. Housing wise, I’m enchanted by the industrial brick and timber loft condos that there seem to be a lot of for decent prices.
Can you recommend other neighborhoods besides Lakeview/Lincoln Park? Those are the only areas I’ve spent significant time in aside from downtown.
Re:The Fed now owns nearly 1/3 of all U.S. mortgages
by OldHand2018 on Wednesday September 09, 2020 @12:13PM
(#24422515)
It really depends on where you plan to work, where your friends are, etc. I would recommend that you rent for a year or two and spend time exploring neighborhoods. You'll find a location you love eventually. There are definitely dangerous areas, but you're going to hear a lot of very outdated advice such as "never go south of Roosevelt" when in reality from Roosevelt south to Hyde Park has seen an incredible renaissance over the last 20 years.
FYI, brick and timber loft condos are super cool, but they usually have strange layouts and the buildings tend to require a lot of maintenance. Don't let me scare you off, but you're going to want to rent one for a year before buying one, just to make sure.
Re:The Fed now owns nearly 1/3 of all U.S. mortgages
by jointpdf on Wednesday September 09, 2020 @01:39PM
(#24423562)
Strange layouts and maintenance projects are kind of my jam, so you may be increasing my enticement here. Thank you for the tips.
Re:The Fed now owns nearly 1/3 of all U.S. mortgages
by charlesu on Wednesday September 09, 2020 @06:37PM
(#24426709)
The Near South Side is a desirable neighborhood and the situation there is as I described. It's small condos with exorbitant HOAs. Do you mean Bronzeville?
Re:The Fed now owns nearly 1/3 of all U.S. mortgages
by OldHand2018 on Wednesday September 09, 2020 @08:37PM
(#24427666)
I'm glad you think so; many northsiders do not! But you know that, for example, the Near North Side has an average price per sq foot that is $50-100 higher than the Near South Side.
However, you can look at the tax rates within Cook County and even compare them to the suburban counties [1]. The composite property tax rate is as low as it gets around here. Most cities are double or triple the Chicago rate.
It isn't as good of a deal as when I moved here, but if you've got a tech or other white-collar salary, Chicago is still a really good deal. It's your responsibility to consider cost when choosing a location within the metro area. If you ignore it, you shouldn't be surprised that you pay more.
[1] https://www.cookcountyclerk.com/service/tax-extension-and-ra...
EDIT - Illinois and Texas heavily depend on property taxes for local funding. The actual rates you pay have an insanely high variance from city to city. Some taxing districts don't align with city boundaries either, so one neighborhood may pay more than another. You can use it as a proxy for how well-run a city is, but on the other hand Chicago isn't a particularly well-run city - it just has a huge amount of high-value commercial and industrial property (which is taxed at double the rate of residential property). If you're going to live in either state, you really need to look at the hyper-local tax rates and put that into your decision matrix. The data isn't even hard to find.