{ "media_type": "text", "post_content": "What’s everyone’s long term outlook with living in the city? Lease finishes end of July and thinking of moving back closer to fam. Feel like COVID has flipped consulting and living in the city permanently with the move to wfh", "post_id": "5eb87e6531c4ba0029e1563a", "reply_count": 29, "vote_count": 7, "bowl_id": "5a52faa2d440e70018605006", "bowl_name": "Chicago Consulting" }

What’s everyone’s long term outlook with living in the city? Lease finishes end of July and thinking of moving back closer to fam. Feel like COVID has flipped consulting and living in the city permanently with the move to wfh

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COVID is accelerating the upcoming bankruptcy of both Chicago and the State of Illinois. Our pension obligations were hundreds of billions of dollars in the red, and now that tax revenue has essentially bottomed out, neither the City nor the State will be able to function much longer without significant federal help. And I very much doubt that the Feds will want to bail out a City/State that has had a junk credit rating for a generation. Basically, I’m moving to a more stable state in the next year. Consulting could more or less be done from anywhere close to any airport pre-COVID, and now that WFH has been ‘normalized,’ I see no reason to stay in high COL places that are becoming more fiscally unstable

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I mean as someone that moved to Chicago last year from NYC I don’t feel the tax burden really here. My tax was way higher in NYC with a mandatory 3% income tax on top of federal and state. Sure property tax percentage wise is lower in NYC but does that really matter when a 2 BR is 800k to 1 million? Here it’s like 200-300k. I can see how it feels expensive to live here compared to the country side or the south but for east coast natives like me, it still feels pretty LCOL.

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It’s lower compared to East and west coast cities, but as someone who moved here from California I can tell you it will become expensive quickly. Income and sales tax hikes have cause COL to increase pretty significantly during the last 5 years

Regardless of COVID, the taxes and politicians make this city tough to live in with taxes. Such a great city but the property taxes are outrageous

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Did all of you live alone prior to covid? I just signed a new place with my current roommates in Lakeview. I love my parents and I visit them as often as I can (they live in MN) but I can’t imagine moving back home long term and I’m only 24 years old. My thought process was I’d rather spend time with my 2 roommates and have full autonomy than be with my parents and lose a lot of autonomy. I’ll gladly pay my rent, still saving a lot of money on food/entertainment. Long term though I have no interest in owning property in Illinois but like NYC associate consultant alluded to above, renting is pretty cheap here compared to any other city with a population over 2 million.

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No I lived with roommates. The roommate I get along with really well lost her job so we are going to try to ride out the storm with the rents and hope for the best. I’m still paying rent at home for it to go to groceries etc as my family needs the help rn. It’s weird but it’s weird times.

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My lease ends in July too. Already gave them the notice for moving out. firm is wfh for the next 3 months at the least so I'm staying with parents. Will reassess later in July if I want to move back to Chicago, move elsewhere, or just stay put with parents til a vaccine arrives. Saving a few thousand too

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Already pulled the trigger and moved back to the suburbs with family. Was not an easy decision since I really value having my own place, but honestly having been in the burbs for almost 2 months now I'm very happy I made the decision. Financially amazing choice, plus I think I'll value this extra time with my parents down the road a lot. Not that it comes without its own issues, miss having my space and there are days where I'm just annoyed with certain things they do, but they're my parents after all and I'm sure they've put up a lot more crap from me than the other way around.

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Likely will be 3-5 years but will be moving to a suburb or exurb where I can be on a minimum 2-5 acre plot of land. The complete bungling of the city’s response and the borderline authoritarian tactics of shutting down the lakefront trail and threatening to jail POC who were congregating does not inspire confidence in Chicago’s leadership, and I say that as someone who spent long enough in public health and health policy to assess intentions.

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Agreed, the city’s response has completely removed any incentive to stay and pay. People are moving out like crazy.

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This city really sucks without access to the lakefront. Waiting to see if BCG will allow people to WFH from anywhere in non consulting roles if the office stays closed.

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To people who moved back home, what made you pull the trigger? Financially it makes sense, but I’m really struggling giving up a sense of my own place and space

@GAM1, Oak Park, Skokie, Evanston/Wilmette etc

I was in the process of selling my condo because I don't see any upside to owning property in this city (or state for that manner). Buyer backed out when the whole COVID thing blew up.

Planning staying for at least the next 2-3 years. Yeah covid + US response fucked up Chicago’s summer but it’s still a great city. Along with others, won’t be investing in real estate however.

Company just closed our office until end of September and the rest of 2020 is optional if it reopens. As much as I hate leaving my place saving the money and moving home with my family is the smart decision.

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