According to WGN, Chicago may not remain the third-largest city in the United States for long:
CHICAGO — The population in Chicago is dropping, and if it continues, we could lose our status as the third biggest city in the United States.
Last year, the city lost close to 3,000 residents while Houston saw population increases. It is currently the fourth largest city.
If the trends continue, Houston could pass Chicago in about 10 years.
And then there’s this:
Residents leaving Chicago and Illinois blame high taxes, the budget stalemate, crime, unemployment and the weather, according to a Tribune survey.
Chicago doesn’t have mountains, an ocean, a benign climate, or redwoods. It’s a place to work. Sandburg called it the “city of broad shoulders”. Those weren’t from playing tennis.
Chicago just happens to have one of the largest fresh-water lakes in the world. So does Kenosha, at a fraction of the prices and crime rate.
A mover from United Van Lines told us that 80% of his long haul traffic is people moving OUT of state. A broker told us people who are transferees are renting houses for a couple years, with little notion of staying in IL for the long haul.
For frame of reference, a $1.1MM home in DuPage county costs you $22K in property taxes. In Naples Florida, $8K.
Same broker also acknowledged a little understood concept: if your property taxes are as high or higher than post sales commission home appreciation, or equity accretion……………do you own or are you de facto renting?