[glowrock]

Originally Posted by twister244

I think you might be missing IIC's point here. I can see where you are coming from as a renter. However, once you begin leveraging your money, building wealth, owning property, etc, one of the key components of that process is growing your investment and reducing costs. If you own an investment, it's stagnant in value, but the cost to hold onto that is growing with time, you have an incentive to get rid of it and move on. That's exactly what IIC is explaining here. And I suspect your next statement might be "Well, it's a home, you shouldn't treat it like an investment if you live there". While that is a very acceptable position, the fact is most people build wealth over time by investing into real estate. And since we live in a society where taxes/values vary, folks have the freedom to pick up and move to where they will get more return if they have the means. This is exactly what you are seeing happen in Chicago.

I love Chicago, and if I was 10 years younger when I was renting, I'd probably live in the city and rent too. However, now that I own property, I have zero plans to invest in Chicago given everything that has occurred with local Gov't and what's going on right now with current violence, etc. It sucks, and I hope I am wrong, but many folks aren't optimistic about Chicago right now.

That could all change if the local gov't gets their shit together, reforms things, etc, but in the short term, it ain't looking good.

Oh, thanks so much for the condescending comments. Since I'm a renter, I obviously don't comprehend the concept of property taxes and how wealth-building and management and leveraging occurs.

God, sometimes I realize how much I truly DESPISE this forum, sometimes.

Aaron (Glowrock)