Suburban Housing Boom Leaves Cities Scrambling To Meet Deficit

Gustan Cho Associates are mortgage brokers licensed in 48 states

This  BREAKING NEWS ARTICLE On Suburban Housing Boom Leaves Cities Scrambling To Meet Deficit

Suburban Housing Boom may be the new way for the future.

  • More and more first-time homebuyers prefer buying their homes in the suburbs than in the city
  • Never in history has the out-migration numbers of people moving out of Chicago been as high as it is now
  • Chicago, led by rookie freshman Mayor Lori Lightfoot, had high out-migration numbers prior to the coronavirus pandemic
  • However, with the escalating crime and murder rates, recent riots, and increasing taxes, a large percentage of Chicagoans are calling it quits and leaving the city to the suburbs
  • Lightfoot recently announced Chicago will be increasing property taxes again to meet the city’s $700 million budget shortfall
  • Why are other cities in the nation thriving and raking in billions in revenues and Chicago is on the verge of bankruptcy and ranks as the murder capital of the nation
  • Incompetence and corruption plaguing the city are some of the major issues
  • However, the word is spreading suburban living has more benefits than living in the city

Suburban Housing Boom Nationwide: More Buyers Are Leaving City Living To Suburbs

California’s Inland Empire and other bedroom communities are seeing a suburban housing boom.

  • More and more homebuyers are leaving city living and fleeing to the suburbs
  • The coronavirus outbreak has forced many employers to turn their business models to have more remote employees
  • Remote employees do not have to report to a brick and mortar office and can work at home
  • Therefore, more homebuyers are opting to buy a home in the suburbs
  • In general, you can get more house for the money in the suburbs
  • Lots are larger so you have some distance from your neighbors, homes are larger, there is less traffic, and the suburb is a great place to raise a family
  • The Inland Empire community is 45 miles from the city of Los Angeles
  • It is undergoing a suburban housing boom and is at the center of a suburban land rush
  • Countless homebuyers are flocking to the suburbs and making offers like never before in history
  • Another surprising data recently released by Gustan Cho Associates is Millenials prefer buying homes in the suburbs versus in the city

One of the driving forces homebuyers are now turned off with city living is high taxes, high crime rates, higher cost of living, high cost of housing, and homes being too close to each other.

Home Offices Becoming The New Norm After The COVID-19 Outbreak

From large corporations to small businesses, companies are now implementing remote job positions versus reporting to brick and mortar locations.

  • Many professions such as mortgage professionals, consultants, lawyers, accountants, IT workers, and others are being told they are now remote workers due to the coronavirus pandemic outbreak
  • Many companies are happy with the outcome of having remote workers that they are planning on making the remote positions permanent
  • Michelle McCue, a senior mortgage professional at Gustan Cho Associates, is one of the top loan originators at Gustan Cho Associates
  • Michelle McCue along with Jammi Cash help countless borrowers who are fleeing the city to the suburbs
  • Both Jammi Cash and Michelle McCue belong to the consumer direct division of Gustan Cho Associates and are licensed in multiple states
  • Jammi Cash and Michelle McCue have noticed many of their borrowers looking for a home with home offices due to being newly remote workers for the company they used to work for

The housing market is booming nationally. There is more homebuyer demand for homes than actual inventory.

High Taxed Cities Are Seeing Out-Migration Numbers Skyrocket

High Taxed Cities Are Seeing Out-Migration Numbers Skyrocket

The city of Chicago is the highest taxed city in the nation. Chicago, even being ranked the highest taxed city in the U.S., is still broke due to financial irresponsibility by politicians. Mayor Lori Lightfoot announced the city will most likely be raising property taxes again to meet a $700 billion shortfall. Chicago has the highest crime rate in the country. The murder rate in Chicago is the highest in the nation.  Due to high taxes and high crimes in the city, Chicago has the highest number of businesses fleeing the city to the suburbs and/or other lower-taxed states. Mayor Lightfoot seems clueless and lost. The only thing she knows to do is raise taxes to try to meet the budget shortfalls. However, increasing taxes in the city is backfiring on the rookie mayor. The city is reaching a deeper deficit due to both businesses and taxpayers making a mass exodus out of Chicago. The Chicago Police Department is seeing a huge increase in retirement requests by its police officers. This is due to the lack of support for police officers by the Lightfoot Administration and the increase of the Black Lives Matter (BLM) movement. It is no secret Lightfoot is not pro-police. Many police officers who use force on the job are being treated as criminals. They are either getting fired, disciplined and suspended, demoted or arrested. Many Chicago police officers are calling it quits and retiring earlier than planned. Chicago police officers with 20 years on the job can retire with 50% of their last annual salary for life. With 30 years of service, the police officer can retire with 75% pay. Most retired police officers that retire often leave the city. They either relocate to the suburbs and/or out of state. All employees with the City need to live in the city of Chicago. However, with the mass exodus of retiring Chicago police officers, firefighters, and other city employees, this has an economic impact on the city as well. The future of Chicago and many other cities look glim. The future seems that the population will greatly decrease. This also means housing prices in cities will decline. Suburban housing prices are skyrocketing due to the demand for homes. This is a developing story. Gustan Cho Associates will keep our viewers updated on developments of this story.

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