Is this a good idea right now, with the economy / housing prices / mortgage rates / property tax rates? It would probably be in Lake county I've been renting since Nov 2010 and I feel like I'm just throwing away money with nothing to show for it. Any thoughts / advice are greatly appreciated
I wouldn't. Your not throwing away money, look at the price on at 30 year FIXED mortgage of your target home, then add taxes, up-keep and repairs. It gets expensive fast. then price in how much you want to be there for many many years.
#9 Lake County, Ill. - America's Most Miserable Cities 2013 - Forbes Perhaps a very good time to buy if you can wait out the current economy.
I'm being biased but Skokie's not TOO bad if you want an average home, near the north shore, if you want an average neighbourhood....
I'm slightly biased, but at a younger age I would not be inclined to move to Lake County. Truthfully I wouldn't even move out of the city.
That's Forbes, the NYC cheer leaders that always have to slam Chicago in almost all their slightly biased surveys. Buy in the city, downtown if possible. South of the loop is still rather well priced and still growing.
Eh... I'm over it. Call me old at heart (i'm 25) but I'm done with the city, just want a house I can decorate and modify as I please, and a garage of my own. Needs to be north unfortunately, for work / girl. I appreciate the advice though.
I moved here a year ago and am just floored by the property taxes. I am renting a home in Wynstone and the owner pays $33k a year in taxes. There is no way in hell I will buy a house here.
#5 Attorney General Lisa Madigan (D) #4 Senate President John Cullerton (D) #3 Public sector unions (D) #2 $98.6 Billion unfunded state pension liability and the #1 reason not to buy a house in Illinois, ~ Speaker of the House, Michael Madigan (D) IMHO
Politics and other prejudices aside, if you plan to stay in the Chicagoland area more than five years, you will probably be better off buying. The economy and real estate market are improving and you will more than likely at least break even. if you plan to move from the area in the next two to three years, you will probably do better renting.
Dont forget unkempt toll roads, red light cameras, corrupt city councils, teachers unions raising taxes on their own,(yet rank #48 of 50 in the us) the highest combined business/personal tax rate in the country. yes, Illinois taxes when you add state/fed/business are higher than any place else. Even worse in cook county. forclosing hospitals, city parking stickers, parking meters will hit $13.00/hr to park on the street by next year in chicago. oh, and everything everyone else said. Move to wisconsin or indiana and save a ton.
