CHICAGO — A 2-bedroom, 2-bath condo listed for $135,000 in Chicago’s South Shore neighborhood has gone viral — not for its affordability, but for what many are calling a warning sign about property ownership burdens in the city.
The 1,400-square-foot unit, located near Jackson Park, was initially posted as a value buy. But online reactions quickly turned into a debate about high property taxes, steep HOA fees, and whether buying in Chicago is financially sustainable.
In a now-viral post, a user compared buying a condo in Chicago to owning radioactive uranium:
“You can’t get rid of it. Your only hope is to survive the radiation (prop taxes & HOA) and wait out its half-life.”
Inside the Listing: Historic Charm With Hidden Costs
Highlights of the South Shore unit include:
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1,400 sq ft of pre-war construction
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2 bedrooms, 2 bathrooms
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Listed at $135,000
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Proximity to Jackson Park and Lake Michigan
But what seems like a deal on paper may be hiding major long-term costs, especially when factoring in Cook County’s property taxes and monthly HOA dues that can exceed hundreds per month.
According to the Cook County Assessor’s Office, the city’s complex property tax structure is a major burden for many condo owners — especially in older buildings.
Property Taxes and HOA Fees: Chicago’s Real Real Estate Cost
Chicago homeowners often face a double bind: modestly priced units that are later hit with high assessments, rising maintenance costs, and unpredictable tax increases. In some cases, the monthly fees end up rivaling or surpassing the mortgage.
Real estate experts point out that HOA dues often include:
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Building insurance
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Heating
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Maintenance reserves
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Special assessments for structural repairs
These recurring charges make affordability a long-term question — not a short-term benefit.
Chicago Buyers Say They’re Trapped
Frustrated Chicagoans say the cost of ownership feels more like a long-term liability than an investment.
“It’s cheap up front, but you’ll bleed out slowly in taxes and fees,” one commenter wrote.
The unit’s South Shore location, once viewed as a neighborhood on the rise, now sits in a broader debate over how the city supports homeownership amid high costs and aging infrastructure.
Have You Faced Rising HOA Dues or Property Taxes in Chicago?
Are you a homeowner dealing with unexpected costs in your condo? Share your story and join the conversation at ChicagoSuburbanFamily.com.
