Home Buyers Leaving Chicago For The Suburbs To Purchase Home
- There are various reasons why so many potential home buyers are leaving the Windy City to the Chicago Suburbs
- Chicago is the nation’s second-largest city
- It is a beautiful city
- The city borders Lake Michigan and is ethnically diverse than any other city in the United States
- However, the city has had its own problems that have affected taxpayers
- The city of Chicago has the highest tax rates than any other major city in the United States
- With the highest tax rates in the Nation, the city is broke and on the verge of bankruptcy
In this article, we will discuss and cover the reasons why Home Buyers Leaving Chicago For The Suburbs.
Chicago’s Politicians And High Taxes
- Lori Lightfoot’s Administration is increasing and creating new taxes but is not cutting spending
- The city’s pension debt is mounting and no tax increase in the world will be able to balance it
- The city’s pension system needs reform
- However, Lightfoot and the city’s politicians are not willing to reform the city’s broken pension system
- To just get buy, the city is raising property taxes, sales taxes, and other taxes which is infuriating homeowners and taxpayers
- The city has a special city tax where it costs more to purchase something in the city than outside city limits
- Lightfoot and Chicago’s lawmakers do not seem to realize it is not how much you take in but how much you spend
- Lightfoot and city Aldermen have turned Chicago into a Sanctuary City allowing illegal undocumented immigrants to live in the city and providing benefits at the cost of taxpayers
- The city’s crime rate has been skyrocketing with no signs of decreasing
- This is another reason why Chicagoans are fleeing the city to the suburbs
- It is not just individuals leaving Chicago to the suburbs
- Countless businesses and companies said enough is enough and are leaving Chicago to the suburbs or neighboring lower-taxed states such as Indiana
Home Buyers Leaving Chicago For The Suburbs To Purchase Home: More House For The Money
It is not a new thing that Chicagoans are fleeing to the suburbs.
- Chicago has been losing thousands of Chicagoans to the suburbs
- One of the main reasons is due to the high property taxes and other city taxes
- Chicago has the highest tax rates than any other major city in the United States
- Everything costs more if you live in the city
- Property taxes are substantially higher than in the suburbs
- Chicago has city taxes on gas, merchandise, services, and other goods and services
- Many businesses and companies are either thinking of leaving Chicago or have left due to high taxes
- Homebuyers can buy more house for their money in the suburbs
- Price per square feet is substantially less in the suburbs versus the city
- Plus most homes in the suburbs have larger backyards
Everything in the city, you can find in the suburbs. Many Chicagoans have seen their businesses and/or companies leave the city to the suburbs.
The COVID-19 Pandemic Affects Of Chicagoans To Flee The City To The Suburbs
The aftermath of the coronavirus pandemic has many city dwellers thinking of fleeing to the suburbs. Many Chicagoans are fed up with city living during the pandemic and being couped up for the past two months. Many are eyeing moving to the suburbs. Many businesses have changed their business models and having their employees work remotely. Others do not feel safe living in a highly dense area and rather move to the suburbs where it is less dense. Homeowners in the suburbs have more space, parks, and larger lots where they can plant gardens and have more privacy.
Piotr Bieda of Gustan Cho Associates said the following:
As COVID-19 upends life in dense metropolises, many city dwellers are feeling cabin fever both inside and outside of the home. Nearly 40 percent of adults living in urban areas are considering moving out of populated areas and toward rural areas. 43 percent having actively browsed for homes or apartments outside the city online. It’s too early to tell whether COVID-19 could spur a true urban exodus, but some experts believe the movement is inevitable. There’s already been a trickle of residents from big cities to nearby suburbs in the past five years. That includes Chicago, which lost residents for the fourth year in a row in 2018 according to Census estimates — the greatest total decline in population after New York City and Baltimore that year What I believe is that the coronavirus will accelerate this trend because when you go to the roots of these pandemics, a lot of it is very, very dense urbanization. I think those who say we should have more density and more people in transit and shove more people into more and more crowded workspaces — what planet are these people living on? I predict that the droves of white-collar employees now working from home will become a permanent fixture life after COVID-19, transforming the calculus for city living. If you work at home, then your options for where you live begin to change. If you only go into the office once a week, living by the lake in Indiana or Wisconsin isn’t as big of a problem than if you had to go in every day.
Safety From The COVID-19 Pandemic
The coronavirus pandemic was a wakeup call for many city dwellers. Chicagoans live in a dense area. In the event another pandemic happens, city dwellers are more susceptible to getting infected than those in the suburbs where the areas are less dense. The pandemic changed business models for many companies. Many companies are now allowing countless employees to work remotely. Working remotely and not requiring to report to brick and mortar offices saves companies money, time, and increase productivity. Many people who lived in the suburbs often wasted a couple of hours per day in rush hour traffic. Remote workers can also settle to work in other states as well. Chicago and Illinois have one of the highest tax rates than any other city and state. Some remote workers are even thinking about buying a home in nearby Indiana, Wisconsin, Tennessee where taxes are substantially lower. Statistics and data show there is a mass exodus from Chicago and Illinois. Both the city and the state of Illinois are losing tens of thousands of taxpayers due to high property taxes and other taxes. Not only is Chicago losing thousands of individual taxpayers, but many businesses are fleeing the city to the suburbs and/or other states where taxes are lower. This is a developing story. We will update our viewers as this story develops in the days and weeks to come. STAY TUNED!!!
June 9, 2020 - 5 min read