Home Buyers Leaving Chicago For The Suburbs

Home Buyers Leaving Chicago For The Suburbs To Purchase Home

Gustan Cho Associates are mortgage brokers licensed in 48 states

BREAKING NEWS: Home Buyers Leaving Chicago For The Suburbs To Purchase Home
Why home buyers are leaving Chicago in the suburbs to buy a homeRecent polls and data indicate that Home Buyers Leaving Chicago For The Suburbs To Purchase Home.

In this article, we will discuss and cover the reasons why Home Buyers Leaving Chicago For The Suburbs.

Chicago’s Politicians And High Taxes

The city’s mayor, Lori Lightfoot, seems beyond incompetent.

  • 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

Many seniors with paid-off homes can no longer afford the high property taxes in Chicago and are moving outside the city.

Home Buyers Leaving Chicago For The Suburbs To Purchase Home: More House For The Money

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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.

Safety From The COVID-19 Pandemic

What should the security of the COVID-19 pandemic look like?

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!!!

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