How is Chicago doing?
I'm planning to buy a fourplex for the long term (30+ years) and after researching a lot of places, found Chicago to be a potential candidate. I wanted to know from people who know the city how it's doing.
Chicago appears to have a lot of problems. Government debt. High violent crime. Cold weather etc. But it also has many positives. Tons of great companies and jobs are here. It's the 3rd largest city in the US, and without a doubt the largest in the Midwest. I don't think it will lose that crown anytime soon. Most importantly, its real estate is very cheap compared to cities of it's size.
So, from those who know the city more intimately, is it worth investing in for the long term given it's problems? I could see Chicago being a great play if they are able to solve their crime problem, and as global temperatures rise, the weather will become more ideal with time. I also don't want to buy into the next Detroit, because although it is cheap, that doesn't mean it couldn't keep dropping in value...