I just read an article that had the top 10 states where people are leaving and IL is number 2! Right behind the Big Apple, Illinois is projected to lose 27,000 people per year. That is almost as many people in my town of Oswego, iL. Apparently this has been the average in the last 5 years.
The main reason they state people are leaving is the tax structure and loss of manufacturing jobs. I can understand that. With Cook County having a high sales tax and also a high real estate transfer tax if you are a home seller or home buyer you are going to get hit.
Sometimes agents forget to mention the cost of a real estate transfer fee to their sellers and/or buyers. Certain towns near me have rates almost as high as Cook county. Bolingbrook IL has $7.50 per $1000 which is split between buyer and seller. Larger towns like Aurora and Naperville are at $3.00 per $1000 so just by making a buying decision in a different town you are going to incur a higher cost.
Taxes definitely have an affect on a state's ability to hold on to its population especially when the weather is not conducive to year round activities. So Florida and Arizona will continue to receive an influx of people year after year despite economic conditions.
Oswego IL does not have a real estate transfer fee but like the majority of counties, Kendall has a .25 per $500 of purchase price.
Hopefully some of those 27,000 people will call me so I can sell their home before they leave the state!