>> Median household price in Detroit is under $10,000
http://www.freep.com/article/20120624/BUSINESS04/206240311/
Apples and oranges.
What was the median household price in Detroit BEFORE they went down the toilet?
You’ve done nothing to counteract the author’s facts pointing to the coming municipal finance catastrophe in Chicago that will certainly rival what happened in Detroit.
Debt and liabilities in Chicago are breathtaking. Unsustainably so.
As went Detroit, so shall go Chicago. Your fact-free protestations notwithstanding. It’s simply a matter of time.
Add time and you can claim anything.
Detroit debt per capita as of 2012 is $3223; Chicago isn’t far behind at $3116; http://online.wsj.com/news/interactive/CITIES2013?ref=SB10001424052702304799404579157780077670894
On the other hand, Detroit’s taxable real-estate per capita is a bit under $27,000 http://online.wsj.com/news/interactive/CITIES2013?ref=SB10001424052702304799404579157780077670894
Chicago doesn’t even make the bottom ten of that list, which indicates that whatever troubles it has, they aren’t nearly of the same magnitude as Detroit’s.
The WSJ article also makes the nice point that Detroit’s population dropped nearly a quarter over the decade: I don’t think Chicago has problems of the same magnitude.
I hope you enjoy the links—but if you look at flaglady’s home page, you’ll note that she is from the Chicago burbs, and the observations of someone with common sense on the ground may be worth taking into account, even if they don’t have links all over the place.
Exactly.
What happens to home values in Chicago if they double the property taxes? What will happen, is a sizable percentage of people won't be ale to live in them anymore and they will become vacant. When homes are vacant the neighborhood property values go down, causing more vacancies. As vacancies increase, crime moves in. As crime moves in, yet more people leave. That sound is Chicago circling the toilet. We don't call it Shitcago for nothing. LOL