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Chicago Residents are Living the Dream
An affordable home for sale, highly rated schools, an easy commute,
and plenty of inventory are the four major factors on a homebuyer's
checklist for a homebuyer's dream neighborhood. But according to an
analysis by brokerage firm Redfin, only 25 neighborhoods check all the
four boxes across 80 major U.S. markets.
e report released by Redfin in January found that more than half
of the neighborhoods that "have it all" on the list are in the Chicago
area, a rare major metro area that has remained relatively affordable
and has not been affected by the severe inventory shortage trend seen
across the U.S. over the past few years. Neighborhoods in Pittsburgh,
Cleveland, San Antonio, Dallas, Houston, and Miami also made the
list.
ese neighborhoods were identified by Redfin on the basis of
affordability, home selling speed, highly rated schools, transit, and low
crime rates.
e report also said that the new tax bill, which caps state and local
tax (SALT) deductions at $10,000, compounds affordability concerns
especially in high-tax states like Illinois, where 14 of the 25 highlighted
neighborhoods are located.
"Our general rule of thumb in Chicago is to set aside about 2 percent
of the sale price for local taxes each year. ese are the same taxes that
help the city maintain a world-class transit system and help its schools
rank highly. is is one of the reasons why so many Chicago ZIP codes
made it to the list," said Alex Haried, a Redfin agent in Chicago.
Dunning in Chicago was ranked first on the basis of this analysis,
followed by Ashburn, Chicago. Squirrel Hill, Pittsburg; Jefferson Park,
Chicago; and Elmwood Park, Chicago, rounded up the top 5 on this list
of neighborhoods.
Redfin said that Squirrel Hill ranked high due to its access to job
centers. "Relocators have really taken kindly to Squirrel Hill not only
because of the affordability, but also the commute. Google, Uber, and
Carnegie Mellon University are large employers in the area and a short
commute away via public transit," said Jennifer Sowers, a Redfin agent
in Pittsburg.
