CHICAGO | General Discussions

[Kenmore]

Originally Posted by SamInTheLoop

Great point. Does the city have an affordability problem in areas with schools at least average-rated, and at least average transit access....might be an interesting and meaningful way to pose the question.

it obviously does, in chicago half a million gets you 3 bedrooms in a neighborhood with garbage schools

[moorhosj]

Originally Posted by Stockerzzz

^Wrong.

Here’s a 3 bed, 2 bath for $450,000 in Lincoln Park.

Schools are Oscar Mayer (one of the best elementary schools) and Lincoln Park High School (top 10 in the State).

Link

Now add in the $200/mo HOA over 30 years and you get $72k. Present value of that is almost exactly $50k.

Also worth noting that Oscar Mayer is a magnet school, so you need to win computerized lottery to attend.

[Vlajos]

Originally Posted by moorhosj

Now add in the $200/mo HOA over 30 years and you get $72k. Present value of that is almost exactly $50k.

Also worth noting that Oscar Mayer is a magnet school, so you need to win computerized lottery to attend.

Mayer is open to all kids that live in it's boundaries.

And Stockerzz is absolutely correct it's not hard to find relatively affordable housing in good CPS school attendance boundaries. Will it be a single family home with a yard? Not necessarily certainly not in the closer in neighborhoods. But to expect that is strange in a large US city anyway.

[the urban politician]

Housing in well regarded schools is generally expensive, even in the suburbs.

In my estimation, the biggest driver of real estate prices is schools and safety. Access to transit is a third one, but that’s not as big of a factor in the suburbs (although a home adjacent to Metra gets a few extra points)

[moorhosj]

Originally Posted by Stockerzzz

^ Wrong. Please do some research before posting inaccurate things.



Link

You are correct, this is a boundary magnet, not just a magnet. Point remains, this is a $500k home.

[Steely Dan]

Originally Posted by Kenmore

it obviously does, in chicago half a million gets you 3 bedrooms in a neighborhood with garbage schools

We got a 3 bed for 420 one block from a good school (Waters).

and a 1/2 block from a brown line stop to boot!

[the urban politician]

I still don't understand the need to buy a condo if one can buy a bungalow in the bungalow belt, or even a 2 flat, for under $500k, in still decent neighborhoods of this city.

In North Park, for example, you can still buy 2 flats for that price. Schools are decent and the areas are very family friendly and safe, as well as walkable (although not as urban as, say Ravenswood and Lincoln Square, you still have walkable Main St shopping strips nearby)

[Steely Dan]

Originally Posted by the urban politician

I still don't understand the need to buy a condo if one can buy a bungalow in the bungalow belt

there is no need to buy anything. some people buy condos in lincoln square and some people buy bungalows in north park.

it's all about what you want and what you can afford. for some families, SFH trumps all. for others, location is the highest priority.

the system works!

[the urban politician]

^ No argument there.

In a free market where multiple products are available, let the consumer decide what works for them. That philosophy keeps costs down.

Lets hope it stays that way

[LouisVanDerWright]

Originally Posted by Steely Dan

there is no need to buy anything. some people buy condos in lincoln square and some people buy bungalows in north park.

it's all about what you want and what you can afford. for some families, SFH trumps all. for others, location is the highest priority.

the system works!

My wife just sent me this, a bungalow right in the middle of Lincoln Square, for $550k. She of course wants to buy it...


The "affordability crisis" is a myth in Chicago. It's a rumor we've heard is happening in far away places, but it's not happening here...

[Handro]

Originally Posted by LouisVanDerWright

My wife just sent me this, a bungalow right in the middle of Lincoln Square, for $550k. She of course wants to buy it...


The "affordability crisis" is a myth in Chicago. It's a rumor we've heard is happening in far away places, but it's not happening here...

$550k is affordable?

Originally Posted by the urban politician

I still don't understand the need to buy a condo if one can buy a bungalow in the bungalow belt, or even a 2 flat, for under $500k, in still decent neighborhoods of this city.

In North Park, for example, you can still buy 2 flats for that price. Schools are decent and the areas are very family friendly and safe, as well as walkable (although not as urban as, say Ravenswood and Lincoln Square, you still have walkable Main St shopping strips nearby)

Some people prefer urban conveniences over a yard

[Steely Dan]

Originally Posted by Handro

$550k is affordable?

no, not for most people.

but our resident forum goofball said "in chicago half a million gets you 3 bedrooms in a neighborhood with garbage schools".

which is patently untrue. half a million can definitely buy you a 3 bed in a neighborhood with good schools.

[LouisVanDerWright]

So we were talking about VC pyramid schemes the other day. I'd like to add Peloton to the list. Another arbitrage scam waiting to dry up when planet fitness realizes they can sell generic web bikes...

[Kenmore]

Originally Posted by Steely Dan

We got a 3 bed for 420 one block from a good school (Waters).

and a 1/2 block from a brown line stop to boot!

and all for nearly half a million, affordable stuff

https://www.deptofnumbers.com/income/illinois/chicago/

telling how yall get so defensive about this fact, chicago is livable only for the wealthy

[IrishIllini]

Originally Posted by Kenmore

and all for nearly half a million, affordable stuff

https://www.deptofnumbers.com/income/illinois/chicago/

telling how yall get so defensive about this fact, chicago is livable only for the wealthy

There are more neighborhoods more affordable than Lincoln Square than less.

[LouisVanDerWright]

I posted the bungalow to show not only can you get a condo in a nice area for $500k, you can get a SFH.

I've already posted multiple SFHs in Logan that are $300kish in the past...

[Steely Dan]

Originally Posted by Kenmore

and all for nearly half a million, affordable stuff

i never said that a $420K was affordable for the average chicago family, i was merely countering your asinine assertion that "a half a million gets you a 3 bedroom with garbage schools".

you can easily buy a 3 bedroom home in this city in a neighborhood with good schools for under half a million if you're willing to do a little research.

[Investing In Chicago]

Originally Posted by Steely Dan

i never said that a $420K was affordable for the average chicago family, i was merely countering your asinine assertion that "a half a million gets you a 3 bedroom with garbage schools".

you can easily buy a 3 bedroom home in this city in a neighborhood with good schools for under half a million if you're willing to do a little research.

It's also a bit of the Chicken and the Egg situation too, more often than not, CPS schools are "garbage" because of the parents, not the teachers. For example, if you picked up whatever k-8 school is in Englewood and plopped it at Southport and Grace (where Blaine is), with the same teachers, it would overnight be one of the top performing schools in the city...because the vast majority of parents give a damn about their child's education in the Blaine boundaries.

[Investing In Chicago]

Originally Posted by Handro

$550k is affordable?

Affordable is a relative term, but yes, $550k is affordable to a large number of families.

[SamInTheLoop]

Originally Posted by Investing In Chicago

It's also a bit of the Chicken and the Egg situation too, more often than not, CPS schools are "garbage" because of the parents, not the teachers. For example, if you picked up whatever k-8 school is in Englewood and plopped it at Southport and Grace (where Blaine is), with the same teachers, it would overnight be one of the top performing schools in the city...because the vast majority of parents give a damn about their child's education in the Blaine boundaries.

This is just patently dumb. Poor-performing schools perform poorly because the parents don't care about their kids. Nice.