It is common knowledge that prime locations within the city and well connected to amenities cost higher than areas far away from downtown. But a new report by John Burns of Real Estate Consulting, Chicago says that the cost of living away from the city has never before been so cheap.
With more and more young professionals, paying high to remain close to the places of their work, prime locations within the city are at an all time high. This is highly advantageous for families who are willing to literally travel the extra mile. Difference in cost between urban areas and areas farther away from town is now a huge abyss.
In Chicago area, homes within the city are at 15 percent higher than the peak value but once you get out in the interstate prices drop below 30 percent than the peak value. This is very true in other cities like Las Vegas, Washington DC too. Realtors are now trying to pull in the segment that are willing to live away from the city by providing several amenities that make daily commute hassle free.