@Jeff Burdick
I'm convinced you either aren't reading these articles so I figured I'd pull out the snippets to show what the reality of the area's situation really is - in terms of crime, population loss, financial crisis.
btw: We haven't even mentioned overall employment rates for the area. Illinois, as a state, has the 46th worst unemployment rate in the nation (tied with West Virginia). So again, I would ask you, how in the world could you possibly recommend this area to an out of state investor.
Here are what I believe most people view as some of the key target characteristics of a good area to invest in:
1) Population growth. Chicago area is literally the worst of any city/region in the country.
2) Job market. 46th highest unemployment rate. Again. Thats NOT GOOD.
3) Landlord friendly area. Chicago/cook county one of the worst I've heard on here. An eviction takes 4 to 12 mos. I know because I've done a couple. And its been 4 to 6 mos each time. You can get a court to reschedule by saying you need to sneeze.
4) Crime. You can quote per capita stuff all you want. I'm sure there are always areas that will show a higher number. But large sections of chicago are a war area right now. And its one of the worst cities for crime (chicago is worse than new york or LA).
5) Other risk. In this case, you have a state that hasn't had a budget in several years now because they simply can't pass a balanced one given the billions of dollars of unfunded pensions. The mayor just passed the highest property tax increase in the city ever and they're still not done finding enough money to fund all their pensions.
The unknowns with this political environment are a huge risk.
What I just can't comprehend is how you can look at those items and the facts and suggest that you would recommend the chicago area above places like Texas and the like...... Something isn't adding up with your logic. Or else you don't really understand what most investors are actually looking for in terms of characteristics of a good investing area. But I can promise you, that chicago doesn't have them right now. Even in the nicer areas in chicago, you still have extremely poor landlord laws and you're still at huge risk of significant tax increases at both the city, county and state levels. Not to mention the much higher unemployment rate and the outflow of population that is occurring - whether you believe in the media's numbers or not.
But the title of the article will hopefully eventually sink in for you:
Chicago area sees greatest population loss of any major U.S. city, region in 2015
http://www.chicagotribune.com/news/local/breaking/...
Chicago area sees greatest population loss of any major U.S. city, region in 2015
Here are some highlights of the article which basically suggest you're either really
out of touch or just in complete denial:
-By almost every metric, Illinois' population is sharply declining, largely because residents are fleeing the state. The Tribune surveyed dozens of former residents who've left within the last five years, and each offered their own list of reasons for doing so. Common reasons include high taxes, the state budget stalemate, crime, the unemployment rate and the weather. Census data released Thursday suggest the root of the problem is in the Chicago metropolitan area, which in 2015 saw its first population decline since at least 1990.
-The Chicago area lost an estimated 6,263 residents in 2015 — the greatest loss of any metropolitan area in the country.
-"We talk opportunity all the time. If you're moving to California, you might be a tech worker, or you might be someone who likes sunshine," he said. "But when you see Illinois losing people to every Midwestern state, you know it's not weather. People are moving for economic reasons."
-Through the 1990s and 2000s, Illinois saw what demographers consider normal rates of exodus for the state, about 50,000 to 70,000 more residents moving away from the state than moving in. But in 2015, the number spiked to about 95,000, and in 2015 it reached more than 100,000 people, according to census data.
-Chicago residents leaving the state have cited the Chicago Public Schools' financial crisis and the city's red light camera controversy as motivating factors. The greatest concern, however, seems to be safety. Despite being the nation's third most populous city, Chicago outpaces New York City and Los Angeles in the number of homicides and shootings, though it fares better than some smaller cities on a per capita comparison.
- Indeed, the employment rate is an issue: Illinois this year is tied with West Virginia for the 46th worst employment rate of all states, at 6.3 percent, according to Bureau of Labor Statistics.
"People are leaving Illinois because we rank near the bottom in job growth in the Midwest and have among the highest property taxes in America,"
-It's important that communities engage in careful discussion about cutbacks, and begin planning for smaller populations and smaller economic growth, said Eric Zeemering, a professor at Northern Illinois University's School of Public and Global Affairs.
