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
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.
March 2, 2019 - 3 min read