Quote:
Originally Posted by bcp
It's not that people hesitate to invest in Chicago or buy property in Chicago - no t..at..all
People hesitate to STAY in the city once children reach a certain age, unless you live in the 1/10th of the city that has great schools (or isn't crime ridden)
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Pretty much - at least this hits home. We're planning on having children and also moving back to Chicago (one of the main reasons - affordability with children). Definitely been looking at properties and the rankings of schools in the areas. We don't want to live in the suburbs, but holy crap is moving to somewhere like Naperville in an area with schools with all 8-10 ratings going to be attractive at some point.
I'm very interested to see how this plays out in some of the north side areas though. I've noticed some decent or good rankings in Lincoln Park, Lakeview, etc. For some of the areas that are still gentrifying, curious to see how the school rankings follow.
There are also many people who cannot afford a 3 bedroom in the city in a neighborhood with good schools so there's that too. I'm not talking about people who aren't making a lot of money but there's also going to be people who have a household income of $150K and 2 children who still cannot reasonably afford with all of their other costs/financial goals to live in Lincoln Park or Lakeview in a 3 or 4 bedroom. So will they just end up going to another part of town, getting school ratings up or..? Here in NYC I think there's been shades of that - there's some schools with ratings now that are in those types of overflow areas that are improved from 10 or 15 years ago quite a bit.
Chicago though has absolutely no trouble attracting people to move to the city/region, contrary to popular belief. It's basically the churn that kills it and makes it look stagnant. If you actually look at the county data, Cook County is really no different than some of the top growing areas of the country with inflow. The issue is retention and outflow. However, I think it's more complex than that. I maintain that the region has been replacing its type of work force for a long time. There's a reason why you see $1M+ homes and condos with not much issue selling and then 10 miles away in Englewood people emptying out. Not that much different than what other cities went through previously. I still see Chicago heading down this path and nothing is stopping it yet.
https://flowsmapper.geo.census.gov/