Quote:
Originally Posted by TR Devlin
You say that property taxes are higher in Chicago than they are in NYC. But what if you compare the taxes on a 2 br condo in the South Loop to the taxes on a 2 br condo in Long Island City. Or compare the taxes on your 2400 sq ft condo in Lincoln Pk to a 2400 sq ft condo in a similar neighborhood in NYC? I bet what you'd see is that the taxes in Chicago are lower than they are in NY.
And also, thanks for all your posts. I really look forward to them.
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Thanks. NYC property taxes are low enough that the equivalent place in Brooklyn that costs $2.7M or $3.5M might only be $200 - $600 per month more than the equivalent $1M place in Chicago. But obviously the barrier to entry in Chicago is much lower to afford a place like that in that it could be 1/3 to 1/4 of the price of one in Brooklyn and even better when compared to one in Manhattan. We cannot afford a $3.5M place and in Chicago we can afford to equivalent.
On the other hand, property taxes in New Jersey are actually on average worse than Illinois (only state worse than Illinois) although there are some places with OK property taxes but still definitely more than NYC. Someone who still makes a good living there but cannot afford $3.5M might go to a suburb like Fort Lee, NJ for their housing. It is not a bad suburb actually with a lot of good Korean food and some walkability, but
this place is priced similar to something you could get in Lincoln Park. But the one in Lincoln Park is going to be a lot more updated than this. Property taxes are pretty similar between the 2 places. I am sure the equivalent $1M Lincoln Park place in a suburb like this would be like $1.2M and have more property tax of course.
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