flexiblefullpage
billboard
interstitial1
catfish1
Currently Reading

For housing costs, consider all occupancy costs - not just property taxes

Multifamily Housing

For housing costs, consider all occupancy costs - not just property taxes


By Robert Cassidy | Rob Cassidy | April 30, 2018

Annual mortgage payment plus property tax per average square foot of housing in US cities.

Source: World Business Chicago

Interesting op-ed article in Crain's Chicago Business (April 23, 2018) by Andrea Zopp, CEO, World Business Chicago, pointing out the differences in annual occupancy costs per square foot (annual mortgage payment + property tax) in U.S. cities.

Leading the way: San Francisco, at $60.21 occupancy cost/sf, followed by Seattle ($29.10), Boston ($28.95), and the District of Columbia ($27.94).

More affordable: Indianapolis ($4.92), Philadelphia ($6.64), and Phoenix ($8.64).

Even Chicago, which gets slammed for high property taxes (you should see my bill!) comes in at $11.07 annual occupancy costs/sf.

Her point: You get a lot more house in Chicago (avg. 1,568 sf) than you do in NY (1,137 sf) or Denver (1,134 sf, with $18.30 annual occupancy cost/sf).

World Business Chicago is an advocacy group with a "long-standing mission to support business attraction and drive job creation" in Chicago. But Zopp's math is interesting, and I'm sure she hopes Jeff Bezos will be influenced to locate the second Amazon HQ and its 50,000 jobs in Chicago.

More from Author

Rob Cassidy | Oct 2, 2020

Everyone's getting a fire pit!

Skeleton fire pit in Chicago, October 2020

Rob Cassidy | Mar 30, 2020

Your turn: Has COVID-19 spelled the death knell for open-plan offices?

COVID-19 has designers worrying if open-plan offices are safe for workers.

Rob Cassidy | Mar 25, 2020

Coronavirus pandemic's impact on U.S. construction, notably the multifamily sector - 04-30-20 update

Coronavirus pandemic's impact on U.S. construction, notably the multifamily sector - 04-30-20 update

Rob Cassidy | Nov 20, 2019

Word of the Year: "climate emergency," says the Oxford English Dictionary

The Oxford Word of the Year 2019 is climate emergency.

Rob Cassidy | Nov 1, 2019

Do car-free downtown zones work? Oslo, yes; Chicago, no

Two recent reports (October 2019) explore whether car-free downtowns really work, based on experience in Oslo, Norway, and Chicago.

Rob Cassidy | Oct 9, 2019

Multifamily developers vs. Peloton: Round 2... Fight!

Readers and experts offer alternatives to Peloton bicycles for their apartment and condo projects.  

Rob Cassidy | Sep 4, 2019

Peloton to multifamily communities: Drop dead

Peloton will no longer sell its bikes to apartment communities.

boombox1
boombox2
native1

More In Category




Reconsidering construction robotics

After decades when experts predicted that robots would become more prevalent on construction sites, it would appear that the industry has finally reached that point where necessity, aspiration, and investment are colliding. 

halfpage1

Most Popular Content

  1. 2021 Giants 400 Report
  2. Top 150 Architecture Firms for 2019
  3. 13 projects that represent the future of affordable housing
  4. Sagrada Familia completion date pushed back due to coronavirus
  5. Top 160 Architecture Firms 2021