December 2022 | Chicago Luxury Condos for Sale | Luxury Living Chicago Realty

2023 Major City Inflation Guide: Los Angeles Inflation

Posted on December 28, 2022January 10, 2023 by LLCR Staff

As the second-biggest city in the U.S., Los Angeles has many perks: its famously beautiful weather, a fabulous food scene, and a packed calendar of sports, music and cultural events are all wonderful reasons to seek the City of Angels.

Los Angeles Inflation

For these and more reasons, you’ll pay a premium if you choose to move to L.A.: according to Payscale, the cost of living there is 54 percent above the national average. Perhaps most importantly, housing expenses in the area fall at a whopping 141 higher than the national average; the median home price is $958,932.

It’s no surprise that it was expensive to move to L.A. before inflation began setting in throughout the country – but unfortunately, inflation has only exacerbated the high costs associated with living in Los Angeles

While your mortgage will undoubtedly be your biggest expense, food, energy and consumer goods still make up a sizable portion of your wallet. According to the U.S. Bureau of Labor Statistics, food prices in Los Angeles have increased 10.3 percent year-over-year – a change which impacts both groceries and your bill at a restaurant.

As opposed to a public transportation-reliant city like Chicago, L.A. almost exclusively relies on cars to get around – making the price of gas directly correlated to month-to-month living expenses. While gas prices are falling nationwide, the average cost per gallon in the area still hovers around $4.23, according to the Los Angeles Almanac.

There’s no doubt that there’s a pretty notable weather discrepancy between Chicago and its Californian counterpart. That said, for those willing to embrace all four seasons, Chicago’s lower cost of living offers a reward: according to payscale, it’s 119 percent lower than LA. Additionally, living in a more condensed city makes life more convenient – neighborhoods are easier to navigate, and public transportation makes getting from A to B a breeze without LA’s infamous traffic.

If you’re considering purchasing your next home or condo in Chicago, our Luxury Living agents are here to make the process a breeze.

For a deeper dive into the effects of inflation across the U.S., follow the link below.

The Effects of Inflation by U.S. City for 2023

2023 Major City Inflation Guide: New York Inflation

Posted on December 26, 2022January 10, 2023 by LLCR Staff

While inflation has impacted the entire country, we’re going to examine New York inflation and how it compares to Chicago and other cities. Whether you live in the big apple or are contemplating your next move, it’s important to learn how inflation may impact your daily living.

New York Inflation

Reports indicate that the soaring prices for rent, meals and everything else in NYC are pushing younger workers to seek more affordable cities. MoveBuddha, a site where people can calculate their moving costs, confirmed that there’s a mass exodus happening in the Empire State. According to the U.S. Census Bureau population estimates, New York lost more residents than any other state between April 1, 2020 and July 1, 2021

Even without the burden of the current inflation, New York has always been known as one of the country’s most expensive city. Inflation has only made people’s budgets even tighter. As of 2022, New York is the second priciest place to call home.

Earlier this year, the U.S Bureau of Labor Statistics released new data indicating consumer prices grew 6.1 percent in the New York City Metropolitan.

When comparing inflation by cities, it looks like New York’s increase beats Chicago’s. New York is ranked 16th on the list, while the Windy City is 20th. Cities like Phoenix, Miami, Tampa, and Atlanta take the lead with the highest inflation increase in the nation.

If you are considering New York, note that the cots of living here is 55% higher than the national average. Housing is 148% higher than the national average. It’s also 85 percent more expensive than in the Windy City.

While living costs like groceries and utilities are steeper in the big apple, the biggest difference is housing. Chicago and New York mortgage rates are comparable, but the price tag for other homeowners is by far higher in the Big Apple. The average sales price of a New York home is $745,000, while tentative Chicago residents can expect to pay around $315,000.

Fees such as property taxes and homeowner association will also cost more for homes in the New York area compared to those in the Chicagoland area.

Your money will certainly stretch further in Chicago compared to NYC, but you can also get a similar urban living experience.

Chicago provides amazing neighborhoods, dining, and attractions. Lake Michigan is also a huge pull if you don’t want to forfeit the water. Looking to avoid New York inflation and relocate to the Windy City? Let the Luxury Living team help you find a home and location that suits your lifestyle.

To learn more about the effects of inflation in other cities across the U.S., click the button below.

2023 Major City Inflation Guide: D.C. Cost of Living Increase

Posted on December 21, 2022January 10, 2023 by LLCR Staff

As the effects of inflation continue to affect everything from grocery shopping to home buying, it’s smart to consider how an increased cost of living could impact the choice of where you move – especially if you’re considering buying a home. This dynamic is present across the country, but if you’re thinking of relocating to the Washington, D.C. area, there are a few specific impacts to keep an eye on.

D.C. Cost of Living Increase 2022

As the nation’s capitol, D.C. is an attractive place to move: with abundant jobs (especially in the public sector), ample cultural destinations and a growing food scene, the city is a natural addition to any list of cities worth moving to.

From a housing perspective, D.C. is interesting because its metro area spans both Virginia and Maryland. While this does bode well for housing availability, according to Business Insider, the median home value has continued to increase year-over-year while some markets are beginning to cool off: the typical price in the area is $703,506.

As the biggest expenditure on your budget sheet, the value of your mortgage is perhaps the most important when considering a move. That said, consumer prices are also a key component of what your cost of living will look like, and they’re up 5.6 percent from a year ago in Washington, D.C., according to the Bureau of Labor statistics. This increase is specifically driven by food prices, which are likely to make grocery shopping and dining out more expensive.

While still a major city on the national stage, Chicago’s median house cost still falls almost $100K below D.C.’s, coming in at $613,525 according to Payscale. It’s a common perception that larger cities are more expensive – and that can be true – but Chicago’s consumer prices are pretty on-par with those of the capitol.

If you’re debating relocating, the Luxury Living team would love to work through the impacts of inflation on local markets with you. Reach out to us today to start your search.

To learn more about the effects of inflation by U.S. city in 2023, follow the link below!

2023 Major City Inflation Guide: San Francisco Inflation

Posted on December 14, 2022January 10, 2023 by LLCR Staff

If you’re considering relocating within the US, it’s natural to think about the culture, landscape and lifestyle of the west coast. The San Francisco area, specifically, draws many transplants because of its proximity to gorgeous nature (hello, Napa Valley!) and incredible jobs.

Considering supply and demand, it makes sense that the demand of this area has resulted in a notoriously high cost of living for San Franciscans: according to Redfin, the average cost of a home was $1.35M in November 2022. While high mortgage rates affect the whole country, the already-high cost of housing in San Francisco is especially impacted.

It’s no surprise that living in the Bay Area is expensive; this isn’t a new dynamic. That said, in addition to high housing costs, inflation continues to contribute to a rising cost of living in this region.

San Francisco Inflation

This year, specifically, residents of San Francisco can expect to pay $4,400 more annually for major goods and services, according to the San Francisco Chronicle. Households in the area already pay an average of $91,700 on those goods and services annually (data from 2019 – 2020).

While inflation has a nationwide impact, controlling your housing costs is one of the best ways to adjust for a higher cost of goods and services. According to Payscale, the median home price in Chicago $613K – less than half of San Francisco.

While the Bay Area can offer sunnier skies than Chicago, the Windy City offers culture and world-renowned museums, nationally-known sports teams and – juxtaposed to California’s infamous traffic – an efficient and expansive public transportation system.

Our Luxury Living team would love to tout the benefits of Chicago while helping you find your dream home here. Reach out to one of our agents to get started.

Want a deeper dive into the effects of inflation across the rest of the U.S.? Click the button below!

2023 Major City Inflation Guide: Boston Inflation

Posted on December 12, 2022January 10, 2023 by LLCR Staff

If you’re debating between living in Chicago or Boston, or you’re planning on relocating from Boston to Chicago, it’s important to understand Boston inflation and how it compares to the Windy City.

Boston Inflation

According to research conducted by Beacon Hill Institute, the inflation rate in Massachusetts is outpacing the country in several key categories, including gas, used vehicles, and electricity.

Those living in Boston can attest to the climbing costs. The U.S. Bureau of Labor Statistics indicates that prices in Boston, Massachusetts are seven percent higher in 2022 compared to 2021. That’s a $1.40 difference in value. This is a historic rise, partly attributed to growing housing and motor vehicle costs.

Consumers are finding that while almost all categories are increasing in price, gas, used vehicles, and electricity in the state are higher in Massachusetts than in many other places around the nation.

When it comes to cities with the fasting climbing inflation rates, recent findings rank Boston as number 13. Other cities finding themselves higher on the list include Phoenix, Miami, Atlanta, and Seattle.

So, how does Boston’s inflation stack up against Chicago’s?

Boston vs Chicago Inflation

While the Windy City has not been immune from the effects of inflation, the impact has not been as severe. Currently, Chicago is 20th on the list of highest inflation rates.

The overall cost of living is still around 26 percent higher in Boston than in Chicago. But let’s break it down a bit, starting with the cost of owning a home.

In 2022 the median price for a home for sale in Boston is $780,000, with a 3.6% year-over-year increase, while the median sales price for a Chicago home is $352,000, with a 0.7% increase over the previous year.

At the beginning of 2022, mortgage rates in Massachuchettes averaged around 3 percent. Over the past year, the average climbed four percent. In the last quarter, the average homebuyer would expect to pay around seven percent interest on a home loan. That four percent jump has greatly impacted the cost of owning a home, limiting who can afford to buy.

While mortgage rates are comparable in Chicago and access the nation, the price tag for other homeowners and living expenses are currently higher in Boston than in Chicago.

Fees such as property taxes and homeowner association will cost more for homes in the Boston area compared to those in the Chicagoland area.

Additionally, Boston residents can expect to pay roughly seven percent more on food, two percent more on transportation, 13 percent more on entertainment, and eight percent more on healthcare than if they lived in Chicago.

Consider Chicago living if you want to avoid the aggressive Boston interest rates and give your bank account a break. This magical city is comparable to Boston, offering phenomenal attractions, dining, housing, and lakefront wonder.

Whether you are definitely or tentatively relocating to Chicago, let our team of experienced brokers help you find your dream home.

Interested in learning more about the inflation effects on other U.S. cities? Follow the link below!

2023 Major City Inflation Guide: Austin Inflation

Posted on December 7, 2022January 10, 2023 by LLCR Staff

As many jobs welcome remote work, it’s natural to wonder about moving to a different city. The pandemic had many effects on the dynamic and cost of living in various parts of the U.S. – and these implications are especially apparent in Austin.

Home to the University of Texas, great food and what’s shaping up to be a tech boom, Austin is becoming a city of choice for many young people: in 2021, it was ranked in the top five of cities chosen by millennials, according to SmartAsset. Whether returning home or seeking something new, many are drawn to the area for the big city feel that’s proximate to natural areas such as Lake Travis.

There are many wonderful things to consider when thinking about a move to Austin. As with any city, there are pros, cons and budget to factor in. In Austin, inflation plays a big role in the cost of living – especially if you’re considering buying and settling down there.

Inflation in Austin

The Austin housing market reflects the increase in mortgage rates across the country. According to Norada Real Estate investments, in September 2022, the median price of a home sold was up 15% year-over-year at $620K.

While a mortgage is one of the biggest components of your budget, the rise in housing costs is also paired with a rise in the cost of living in Austin: in October 2022, the average Austin consumer was paying 2.2% more for food than the average U.S. consumer, according to the Bureau of Labor Statistics.

Driven mostly by an influx of tech jobs, Austin is weathering the storm of inflation – but as you think about the cost of living in various cities, these dynamics are worth considering.

If Chicago is at the top of your search for new cities, the Luxury Living team would love to discuss options that are right for your budget and lifestyle.

Follow the link below for more information on inflation effects by various other cities across the U.S. this year.

Month: December 2022