Recently, I compared prices for condos in Evanston and Rogers Park (just south of Evanston) for a woman in Los Angeles considering accepting a position at Northwestern University in Evanston.
The first difference I’ll point out is that buyers in Rogers Park must pay a buyer transfer tax since Rogers Park is in the city of Chicago. Currently, the tax is $7.50 per $1,000 of value, so the tax on a $400,000 condo is $3,000 (400 * 7.5). At this time, there is no such tax in Evanston and most suburbs.
The woman is interested in a 2 bedroom, 2 bath condo with at least one garage space. Prices* start just under $200K in Rogers Park and just over $200K in Evanston. The median price for 2 bedroom, 2 bath condos with garage parking in Rogers Park is $340K, but another $100K higher in Evanston at $440K!
Comparing median prices for the past 3 months (Sept – Nov) to the same period last year, such homes in Rogers Park saw an increase of 6.2% and an increase of 2.5% in Evanston.
So a buyer will probably pay more for a comparable condo in Evanston, but will avoid Chicago’s buyer transfer tax. Either area would probably be good to buy in since both have seen price appreciation this past year for this specific housing type.
*Based on Multiple Listing System of Northern Illinois (MLSNI) Data
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{ 2 comments… read them below or add one }
While I agree with your math, there is a large difference between the two areas, especially when it comes to safety. Considering your client is a female, Rogers Park is easily one of the most dangerous neighborhoods on the north side of the city. Evanston on the other hand is a much more safe and well managed suburb. Safety comes at a price, and only your client can determine how much that is worth to her. If she does choose Rogers Park, I would suggest she buy near the Loyola campus, as there are plenty of police and campus security patrolling at all times.
Based on my experiences and the experiences of my clients who have purchased homes in Rogers Park and Evanston, I disagree that there is a large difference between the two areas in terms of safety.
My clients who most recently bought a condo in Rogers Park feel much safer than they did when living in Uptown.
I agree that Evanston is a very well managed suburb, but it is also varies in terms of safety. I’ve shown homes to buyers all over Evanston and there are parts of Evanston where I’ve felt less safe than in many parts of Rogers Park.
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