Chicago Home Purchase

Chicago Home Purchase And How Mayor Can Affect Homeowners

Gustan Cho Associates are mortgage brokers licensed in 48 states

This BLOG On Chicago Home Purchase And How Mayor Can Affect Homeowners Was PUBLISHED On March 2nd, 2019

Thinking about buying a home in the city of Chicago?

  • You may want to rethink a Chicago Home Purchase after reading this article
  • The city of City has one of the highest tax rates among all major cities in the United States
  • Everything is expensive in Chicago
  • Property taxes, sales taxes, gas taxes, income taxes, vehicle stickers, and extra city taxes
  • The city requires all city employees to be residents of the city of Chicago
  • It costs more money to close a Chicago Home Purchase loan
  • This is because Chicago has additional taxes on real estate closings
  • A Chicago Home Purchase also comes with additional transfer stamps for any property located within Chicago City Limits
  • Now with all of these extra revenues that the city is taking in, the City of Chicago should be rich, right?
  • Chicago has one of the worst financial statements and budget shortfall year after year
  • Some experts say the city is on the verge of bankruptcy
  • It is not how much you make but how much you spend
  • The City has one of the nation’s worst budget deficits

Many blame the economic mess to incompetent politicians. With the city in such a financial mess, will a Chicago Home Purchase make sense? Will it be wise to trigger a Chicago Home Purchase? How is Chicago’s financial chaos and incompetent politicians affecting homeowners and future Chicago Home Purchase buyers.

Will New Chicago Mayor Make A Difference

Rahm Emmanuel has proven to be a major disappointment to Chicagoans as the Mayor of Chicago. Mayor Rahm Emmanuel decided not to seek another term. This paved way for 14 mayoral candidates to become the next Chief Executive of Chicago. Among the top names who lost is former Mayor Richard M. Daley’s brother Bill Daley and former Chicago Police Superintendent Garry McCarthy. Garry McCarthy was the former Chicago Superintendent who was fired by Rahm Emmanuel. The top two candidates left to become the next Mayor of the Windy City are Lori Lightfoot and Toni Preckwinkle.

Lightfoot vows to change Chicago’s machine politics and get the city back to profitability. Chicagoans no longer care that Chicago will have their first female African American Mayor in the April 2nd, Mayoral Election. They care more about the financial stability of the city. Each homeowner is affected by at least $125,000 to get Chicago back to profitability. With this kind of deficit, smart home buyers will be deterred away from a Chicago Home Purchase.

Pension Debt By The City Of Chicago

For decades, having a government job with the city of Chicago was security for life. Chicago police officers and fire fighters make six figures. Besides having such high salaries, they get stellar benefits. An average Chicago police officer with 30 years on the job can retire with 75% pay and full benefits. Let’s do some basic numbers. A police officer joins the Chicago Police Department at the age of 21 years old. The officer works 30 years and retires at the age of 51 years old. This police officer will receive 75% of the $100,000 salary he earned when he retired. This is equivalent to $75,000 for the rest of this officer’s life. 51 years old is very young and this police officer will most likely start a second career. This type of pension is available to all city government employees in Chicago. The city does not have enough funds to be paying out these types of public worker pension debt.

Chicago Home Purchase And Risks Associated With Homeownership

Chicago is one of the most beautiful cities in the world.

  • There are hundreds of nationalities representing its residents
  • Chicago has the finest restaurants
  • The city has the best ethnic restaurants out of any city in the United States
  • The city is home to internationally renowned colleges and universities
  • The University of Chicago, Northwestern University, DePaul University, and The University of Illinois all have campuses in the city
  • Korean Town, China Town, Ukrainian Village, Greek Town, Polish Town, Little Italy, German Town, Vietnamese Town, and many other ethnic towns exist in the Great City of Chicago with thousands of businesses and tens of thousands of residents

Downtown Chicago is probably the most beautiful downtown out of any city in the United States if not the world. 

How Mayoral Race Can Affect Homeowners In Chicago

There are tens of thousands of residents and businesses fleeing Chicago and the state of Illinois due to high taxes. Many are on stand by on Chicago Home Purchase. Home buyers who want to purchase a home in Chicago want to wait until the April 2nd, 2019 Mayoral Election. They want to see what the new mayor will do to make Chicago better. If the new mayor is like Rahm Emmanuel, many will steer away from Chicago Home Purchase. Every politician want to reward its city employees. Every politician want to spend and spend and spend. However, politicians need to run government like they are running a business. That is why President Donald Trump is very successful and had to clean up Barack Obama’s mess. Stay tuned. Gustan Cho Associates will keep our viewers updated on more news on the Chicago Home Purchase and Housing Market.

The author(s) contributing content to this site, accept no liability or responsibility for errors, omissions or changes in market conditions that may impact the readers' conclusions drawn or assumptions related to the content of this site. The copywritten© information contained on this site is provided on an "as is" basis, at the time of publication, without guarantees of timeliness, thoroughness, accuracy, or usefulness to the consumer. The content on this site does not constitute financial or professional advice of any kind, and readers are encouraged to consult their own professional advisors for professional advice.

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