It’s not a secret that Tennessee is a great place to live. In fact we have a number of people from several different states that are seeking our high quality of life and better property values. Chicago, Illinois is one are of the country where a lot of people are relocating. Chicago has a number of issues that are encouraging people to move to Tennessee.
Chicago Property Values vs Franklin Property Values
Chicago home prices are very expensive and you can afford much more of a home for a lower price in Franklin, TN. Could you imagine that the same type of home in Chicago with the same quality features priced at $1,400,000 would be around $750,000 in Franklin, TN? I checked and found a new construction home in Chicago with 4 bedrooms, 4 bathrooms, and 2782 sqft at 3455 N Oakley Ave that sold on April 18, 2019 for $1,400,000. By comparison I found 3073 Cheever Street #1761
Franklin, TN 37064 listed for $731,295. Both homes are 4 bedrooms, 4 bathrooms, have similar square footage and finishes, and were new construction. The biggest difference is simply the state and town in which the homes were built!
Chicago vs Franklin – Taxes
By far the most common compliant I hear from people in Chicago when they come to Tennessee is the taxes. Chicago taxes are exorbitant. Using the same two homes to compare, the Chicago house on N Oakley Ave had taxes of $30,461 (according to Zillow)! By comparison if the home on Cheever St has an estimated $4500 in taxes (according to the MLS listing). That is a difference of $25,961. If you take that price difference and divide it by a year that could be a monthly mortgage payment of $2,163 which could be a home price of $427,000 at a 4.5% interest rate (insurance and taxes not included). On the savings from taxes alone you could afford a nice home!
For comparison purposes I chose Franklin because it has some of the highest property values in Middle TN. If you are looking to spend less money or want a larger home the further out from Nashville you go the lower the property values tend to me. You definitely can find a beautiful home at a more affordable price than in Chicago.
Favorable Business Climate in Tennessee
In Tennessee businesses find a great home. The taxes are as extreme and businesses have lower costs to do businesses in our state. We also do not have a state income tax!
Tennessee has NO State Income Tax
Tennessee decided several years ago that an income tax was not right for the state. We have no state income tax to worry about. In Illinois the state rate is 4.95%.
What could you do with an extra 4.95% of you income?
Tennessee is simply beautiful!
Our weather is fantastic! Our snowfall events are minimal and typically disappear in 24 to 48 hours. Our local state government does not have the need to spend tons of money on snow removal. Tennessee salts the roads and keeps main roads clear but in most cases we simply let nature take its course and we are back on the roads again in a short period of time. Our springs are spectacular! Flowering plants and trees cover the landscape and the spring temperatures float between the lower 50’s up to 80.
Moving to Tennessee
If you are moving to Tennessee contact me today for more information. Find out why so many people love living here!
Homes for Sale in Franklin, TN
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