Are Your Neighbors Leaving Northbrook Real Estate?
Seems to be as though an exodus of sorts has hit our area. United Van Lines’ annual National Movers Study reports that since 2011 our neighbors have been leaving the Land of Lincoln at a steady trot. Reporters speculate three reasons:
1. Taxes –
The Illinois Policy Institute reports that property taxes are the second-highest in the nation. Illinois has “the ninth-highest overall tax burden per capita in the nation. And that’s even before factoring in the 67 percent income tax hike from 2011.” Also consider that the Illinois HB 1376 is in the offing. You will have to pay $500 for a sewer camera inspection every time you sell your home.
2. Work –
Not only are there allegedly less jobs, but it is apparently also harder and more expensive to start a business in Illinois. Licensing paperwork takes thirty days, compared to a week in other cities.
3. Real-Estate –
The cost of property and recently tightened credit requirements for obtaining a mortgage are reportedly higher than elsewhere. Crain’s Chicago Business (2014) showed that the Chicago area (including the Northern suburbs) took top national spot for moving in. Ironically, it was United Van Lines’ that formulated that report, too!
Consider, too, that our state ranks fourth in the country for hosting the most Fortune 500 companies. The economy ranks fourth in the world behind Tokyo, New York, and London. And Illinois ranks ninth in the nation for tourism.
Story by: Leah Zitter, dbfchicago.com Writer