Suburban Housing Boom Leaves Cities Scrambling To Meet Deficit

This  BREAKING NEWS ARTICLE On Suburban Housing Boom Leaves Cities Scrambling To Meet Deficit

Suburban Housing Boom may be the new way for the future.

• More and more first-time homebuyers prefer buying their homes in the suburbs than in the city
• Never in history has the out-migration numbers of people moving out of Chicago been as high as it is now
• Chicago, led by rookie freshman Mayor Lori Lightfoot, had high out-migration numbers prior to the coronavirus pandemic
• However, with the escalating crime and murder rates, recent riots, and increasing taxes, a large percentage of Chicagoans are calling it quits and leaving the city to the suburbs
• Lightfoot recently announced Chicago will be increasing property taxes again to meet the city’s $700 million budget shortfall
• Why are other cities in the nation thriving and raking in billions in revenues and Chicago is on the verge of bankruptcy and ranks as the murder capital of the nation
• Incompetence and corruption plaguing the city are some of the major issues
• However, the word is spreading suburban living has more benefits than living in the city

Suburban Housing Boom Nationwide: More Buyers Are Leaving City Living To Suburbs

California’s Inland Empire and other bedroom communities are seeing a suburban housing boom.

• More and more homebuyers are leaving city living and fleeing to the suburbs
• The coronavirus outbreak has forced many employers to turn their business models to have more remote employees
• Remote employees do not have to report to a brick and mortar office and can work at home
• Therefore, more homebuyers are opting to buy a home in the suburbs
• In general, you can get more house for the money in the suburbs
• Lots are larger so you have some distance from your neighbors, homes are larger, there is less traffic, and the suburb is a great place to raise a family
• The Inland Empire community is 45 miles from the city of Los Angeles
• It is undergoing a suburban housing boom and is at the center of a suburban land rush
• Countless homebuyers are flocking to the suburbs and making offers like never before in history
• Another surprising data recently released by Gustan Cho Associates is Millenials prefer buying homes in the suburbs versus in the city

One of the driving forces homebuyers are now turned off with city living is high taxes, high crime rates, higher cost of living, high cost of housing, and homes being too close to each other.

Home Offices Becoming The New Norm After The COVID-19 Outbreak

From large corporations to small businesses, companies are now implementing remote job positions versus reporting to brick and mortar locations.

• Many professions such as mortgage professionals, consultants, lawyers, accountants, IT workers, and others are being told they are now remote workers due to the coronavirus pandemic outbreak
• Many companies are happy with the outcome of having remote workers that they are planning on making the remote positions permanent

The housing market is booming nationally. There is more homebuyer demand for homes than actual inventory.

High Taxed Cities Are Seeing Out-Migration Numbers Skyrocket

The city of Chicago is the highest taxed city in the nation. Chicago, even being ranked the highest taxed city in the U.S., is still broke due to financial irresponsibility by politicians. Mayor Lori Lightfoot announced the city will most likely be raising property taxes again to meet a $700 billion shortfall. Chicago has the highest crime rate in the country. The murder rate in Chicago is the highest in the nation.  Due to high taxes and high crimes in the city, Chicago has the highest number of businesses fleeing the city to the suburbs and/or other lower-taxed states. Mayor Lightfoot seems clueless and lost. The only thing she knows to do is raise taxes to try to meet the budget shortfalls. However, increasing taxes in the city is backfiring on the rookie mayor. The city is reaching a deeper deficit due to both businesses and taxpayers making a mass exodus out of Chicago. The Chicago Police Department is seeing a huge increase in retirement requests by its police officers. This is due to the lack of support for police officers by the Lightfoot Administration and the increase of the Black Lives Matter (BLM) movement. It is no secret Lightfoot is not pro-police. Many police officers who use force on the job are being treated as criminals. They are either getting fired, disciplined and suspended, demoted or arrested. Many Chicago police officers are calling it quits and retiring earlier than planned. Chicago police officers with 20 years on the job can retire with 50% of their last annual salary for life. With 30 years of service, the police officer can retire with 75% pay. Most retired police officers that retire often leave the city. They either relocate to the suburbs and/or out of state. All employees with the City need to live in the city of Chicago. However, with the mass exodus of retiring Chicago police officers, firefighters, and other city employees, this has an economic impact on the city as well. The future of Chicago and many other cities look glim. The future seems that the population will greatly decrease. This also means housing prices in cities will decline. Suburban housing prices are skyrocketing due to the demand for homes. This is a developing story. Gustan Cho Associates will keep our viewers updated on developments of this story.

Recent polls and data indicate that Home Buyers Leaving Chicago For The Suburbs To Purchase Home.

• There are various reasons why so many potential home buyers are leaving the Windy City to the Chicago Suburbs
• Chicago is the nation’s second-largest city
• It is a beautiful city
• The city borders Lake Michigan and is ethnically diverse than any other city in the United States
• However, the city has had its own problems that have affected taxpayers
• The city of Chicago has the highest tax rates than any other major city in the United States
• With the highest tax rates in the Nation, the city is broke and on the verge of bankruptcy

In this article, we will discuss and cover the reasons why Home Buyers Leaving Chicago For The Suburbs.

Chicago’s Politicians And High Taxes

The city’s mayor, Lori Lightfoot, seems beyond incompetent.

• Lori Lightfoot’s Administration is increasing and creating new taxes but is not cutting spending
• The city’s pension debt is mounting and no tax increase in the world will be able to balance it
• The city’s pension system needs reform
• However, Lightfoot and the city’s politicians are not willing to reform the city’s broken pension system
• To just get buy, the city is raising property taxes, sales taxes, and other taxes which is infuriating homeowners and taxpayers
• The city has a special city tax where it costs more to purchase something in the city than outside city limits
• Lightfoot and Chicago’s lawmakers do not seem to realize it is not how much you take in but how much you spend
• Lightfoot and city Aldermen have turned Chicago into a Sanctuary City allowing illegal undocumented immigrants to live in the city and providing benefits at the cost of taxpayers
• The city’s crime rate has been skyrocketing with no signs of decreasing
• This is another reason why Chicagoans are fleeing the city to the suburbs
• It is not just individuals leaving Chicago to the suburbs
• Countless businesses and companies said enough is enough and are leaving Chicago to the suburbs or neighboring lower-taxed states such as Indiana

Many seniors with paid-off homes can no longer afford the high property taxes in Chicago and are moving outside the city.

Home Buyers Leaving Chicago For The Suburbs To Purchase Home: More House For The Money

It is not a new thing that Chicagoans are fleeing to the suburbs.

• Chicago has been losing thousands of Chicagoans to the suburbs
• One of the main reasons is due to the high property taxes and other city taxes
• Chicago has the highest tax rates than any other major city in the United States
• Everything costs more if you live in the city
• Property taxes are substantially higher than in the suburbs
• Chicago has city taxes on gas, merchandise, services, and other goods and services
• Many businesses and companies are either thinking of leaving Chicago or have left due to high taxes
• Homebuyers can buy more house for their money in the suburbs
• Price per square feet is substantially less in the suburbs versus the city
• Plus most homes in the suburbs have larger backyards

Everything in the city, you can find in the suburbs. Many Chicagoans have seen their businesses and/or companies leave the city to the suburbs.

The COVID-19 Pandemic Affects Of Chicagoans To Flee The City To The Suburbs

The aftermath of the coronavirus pandemic has many city dwellers thinking of fleeing to the suburbs. Many Chicagoans are fed up with city living during the pandemic and being couped up for the past two months. Many are eyeing moving to the suburbs. Many businesses have changed their business models and having their employees work remotely. Others do not feel safe living in a highly dense area and rather move to the suburbs where it is less dense. Homeowners in the suburbs have more space, parks, and larger lots where they can plant gardens and have more privacy.

Safety From The COVID-19 Pandemic

The coronavirus pandemic was a wakeup call for many city dwellers. Chicagoans live in a dense area. In the event another pandemic happens, city dwellers are more susceptible to getting infected than those in the suburbs where the areas are less dense. The pandemic changed business models for many companies. Many companies are now allowing countless employees to work remotely. Working remotely and not requiring to report to brick and mortar offices saves companies money, time, and increase productivity. Many people who lived in the suburbs often wasted a couple of hours per day in rush hour traffic. Remote workers can also settle to work in other states as well. Chicago and Illinois have one of the highest tax rates than any other city and state. Some remote workers are even thinking about buying a home in nearby Indiana, Wisconsin, Tennessee where taxes are substantially lower. Statistics and data show there is a mass exodus from Chicago and Illinois. Both the city and the state of Illinois are losing tens of thousands of taxpayers due to high property taxes and other taxes. Not only is Chicago losing thousands of individual taxpayers, but many businesses are fleeing the city to the suburbs and/or other states where taxes are lower. This is a developing story. We will update our viewers as this story develops in the days and weeks to come. STAY TUNED!!!