I’m very interested in real estate and research for fun in my free time because I’m hoping to buy a house in the next couple years but I am by no means an expert.
I am a Chicago native and I want to buy a home in the city and stay there even if I have a family. I’m hoping someone can explain why the prices are so high! I know it’s well known that city life is expensive but I’m hoping to get to the reasoning behind it. I know it’s normal/expected for nice-ish homes in high end areas of the city but what I’m seeing is the complete opposite.
Most information I see recites “location location” as the reason but I know at least this city very well and nearly every single home I see is completely run down, maybe 1 bathroom, the schools are absolutely shit, crime is high, and while I know that i value city life and have the means to fix a place up entirely on my own, I have a hard time understand that enough other people feel the same way to jack prices up to LITERALLY MILLIONS of dollars for a home in extremely unsafe and underfunded areas. It just doesn’t make sense to me.
If there are no good schools and high crime how is it a valuable location? Anyone with more expertise able to explain?