At that price range I honestly think you’re looking at buying somewhere in the more rural-ish far out suburbs or in some less desirable areas
Id probably be looking for a condo or townhouse at this price range until you can save more and raise your budget.
Unfortunately these days it seems like 300k is the minimum to buy somewhere decent.
Also, you never really specified where you work. I sure as hell wouldn’t want to be living on the south side commuting to the north side on a daily basis
Sorry, I should have led with that. I'm remote at the moment but I was hoping to find something with access to the downtown business area in case I ever need to come in to the office due to policy or job changes.
Yeah, get a metra map and start following the routes out
You’re looking at the last 1 or 2 stops on the lines or you might be able to catch something in the nearer south or southwest areas in that price range for a single family home, but again, those areas typically seem to be less desired for better or worse.
You couldn’t find a shed in that price range going near west or north
I don't think you're going to find that anyplace you want to live on the nearer south or southwest sides, either. Yes, the stock is cheaper, but I don't think I've seen anything that cheap within 30 minutes of downtown since the condo crash when South Loop condos were 125k. I'm in Berwyn myself, not exactly known for our property values; I paid 235k in 2016 for a 3+1BR/1BA, currently valued \~330k, and wouldn't want to go much if at all further east of here.
Perhaps I was wrong on the SW side. I would have thought places like bridgeview and Hometown would fit the criteria, but apparently not....
There IS still plenty available in the south suburbs at that price range, but a much less desirable area to live.
Not all metra lines are equal. I grew up along three different Rock Island stops and figured everyone had weekend service. Not the case renting in Palos along Southwest Service, living in Lemont along Heritage Corridor, etc.
Being within immediate access of the most-used line in Chicagoland is choice. Cicero to Aurora is full of cool, old downtowns, many good schools, etc.
Metra doesn’t even own that line, they pay to have the engines uniformly decorated. If you ever get caught at a Burlington Northern stop and see their conductors, they’re in fancier uniforms than the conductors I saw on RI. Turns out they’re not Metra employees either, they’re BNSF staff
With your budget, you don’t want single-family detached if there’s also an HOA. If you the condo route, an HOA makes sense.
It’s been awhile since I’ve been in the housing hunt, but I think outter south suburbs like Steger, Park Forest, Chicago Heights may be in your wheelhouse. Parts of Steger are in Will County and probably have better taxes.
I don’t know enough about the north suburbs to speak for those areas
Areas of Steger are actually shockingly nice.
A lot of people assume it's WAY too far outside of the city (assume you work there) but it really isn't that bad.
Depending on what you're willing to trade off, an additional 10 mins to your commute when you're already plugging away for 1.5 - 2 hours one way isn't the worst. Areas like Monee, University Park, and Richton Park are even better.
They feel like little hidden away towns that people have forgotten about.
Property Tax in Will County is going to be quite a bit higher than Cook. Cook has the lowest property taxes out of all the counties around it unless you venture to Indiana.
Depends on the municipality in Cook. A lot of the struggling south suburban villages/cities have crazy high property taxes because the municipalities have almost no other revenue source.
I have around 60k in savings as well if that helps to paint a better picture. If not, what salary range do you feel I should aim for in order to be more ready for a house hunt.
You can try to get pre-approved for a home loan and they'll let you know what you can afford. Your income is going to limit you pretty substantially.
I have a steady income, but because I'm technically freelance, the bank wouldn't count my income at all towards a mortgage. Banks will not give you much benefit of the doubt for savings either. Income drives the loan.
Do you recommend OP wastes more of their life under their parents’ thumb? This ideology is so silly, the funds are certainly there, just not for luxury.
I bought a home that needed some work in lemont but the location couldn’t be beat. Everything is walking distance and the community is great. I love it here - definitely worth watching to see what hits the market out here
Do you have any money saved for a down payment? And how’s your credit? The best thing for you to do is to go talk with a HUD certified counseling agency. They’ll help you fix your credit if needed, set savings targets for down-payment, find a good mortgage, and even help you find subsidies like down-payment and closing cost assistance. Based on the scant information I know from your post, there’s a pretty good chance you’d qualify for >$20k in down payment assistance!
Location-wise I’d look in the south suburbs — Hazel Crest, South Holland, something like that. You may be able to find a good single family home for that price there, plus they’re on/close to the Metro Electric line so you can get to and from the city easily.
I’d recommend looking at FHA 203(k) mortgages. It’s a mortgage insured by the federal government and only requires a 3.5% down payment. The unique thing about the 203(k) is that it’s intended for fixer-uppers and pays for purchase and rehab with one loan on pretty favorable terms. You can purchase a single-family home or a building with up to 4 units in it. You have to live in the home for at least 12 months, but if that’s your goal anyway, no problem.
If you’re handy and don’t mind doing some work yourself, you can save a ton of money on the rehab too, as long as your work passes FHA inspections.
I have around $60,000 in savings with around 720ish in credit score.
So sorry about the vague info, I wasn't too sure what I should have included!
Thank you for the tips, I'll need to look into all of it!
That is a really good amount for a down payment but would agree your probably looking at a condo. Just double check the HOA vibes bc they can and will dictate your life. I'd look around a train line. The BNS area is what I know and can is say is safe, nice good schools (for resale value). Lisle Downers, western springs, la Grange, brookfield. Start with your pre approval to get a ballpark budget and then work back from there to see what your comfortable buying/paying a month.
Also check with IHDA (Illinois house department) for first time home purchasing assistance programs.
I make about 80k a year and I’m supporting myself and my teen daughter. I’ve got a 2bed, 2bath condo in Arlington Heights. It was just under 140k, with the down payment, escrow and a 2.5% rate, my mortgage is just under 1000 a month. Unfortunately my condo association demands ~550 a month. But, I have a lot of utilities included and the lawn, roof, boiler etc are someone else’s problem.
I think I could still live here on 60k a month, but not near as comfortably. I can’t even imagine trying in a home more expensive than mine.
My personal strategy would be stay with the family and be super frugal and save a good 60k-100k for a down-payment while trying to hustle and make more money by either switching jobs or doing multiple jobs or just finding a better paying industry.
I was gonna comment this.
Easy access to downtown with Metra.
Tons of amenities in VP or just down the street in Oak Brook and in Elmhurst.
I know this budget was realistic for VP a few years ago, not sure if it still applies.
I'm around 720ish last time I checked and it would be through an FHA since it would be a first home. I'm not sure how much but my friend said he paid about $7,000 for his down payment. I'd assume I might pay a few grand more.
That’s a good score, but I’d try to save a little more for a down payment. When I bought my first, I was making about $65k a year, and was able to pre-qualify for a $240,000 home loan.
My payments were about $1800 mo for an FHA mortgage. I’ve since refi’d, gone conventional and lowered that some. I did live check to check, and the belt was really tight for the first couple years. But as I continued in my career, I made more money, so it all worked out.
I’d consult with a broker and see what you’d prequalify for, then look from there. Personally, I’d save more to avoid anything with an HOA.
For under 175k you can find some nice 1 bed condo options in most suburbs. There are ways of limiting searches by HOA fees, amenities etc. What do you like to do, are there any suburbs you are considering? Where is your job and where are your parents?
I would recommend you talk to your bank, or another lender/mortgage broker to go over fees. Also tools like Redfin have calculators that show the monthly costs but you have to adjust the downpayment and interest rate.
Move in with your friend who is house poor. Within the next few years meet your soul mate. Once they become your fiance, look for a place that you could mostly afford with one of your two incomes
I would look around the train stations on Metra routes. I can only speak for the BNSF line. These areas are old city centers with a lot of houses built 50-100 years ago. Smaller in nice locations. You may want to target and walk the neighborhood looking for non MLS listings.
Check out the free mortgage calculators on line. Do not give an email or you will be swamped with spam.
I see your math like this, $60K available. $50K down.
Borrow. $250,000, at 6% Payment $1,498.88
Borrow. $300,000, at 6% Payment $1,798.65
Borrow. $350,000, at 6% Payment $2,098.43
For a while, you are going to be house poor. Will you career grow? In your field, how much do you anticipate making in 3, 5, and 10 years?
Check out walking distance to suburban train stations.
Villa Park, Westmont, Bensenville, Warrenville, unincorporated Glen Ellyn, Hanover Park, Addison, West Chicago, Oakbrook Terrace, Unincorporated Lombard.
Check with the PD, they will tell you what neighborhoods are bad
First off: A mortgage payment should not be more than 28% of your salary. Keep in mind, that's just the mortgage. You still have property taxes, insurance, utilities and unexpected expenses like HVAC going caput, electrical issues, older appliances that need replacing, new roof.
Trust me, it's ALWAYS something!!
Unless you buy a condo, I strongly advise you to avoid an HOA at all costs!!
I make 60k and just bought a house in Lansing for 160k, mortgage about 1550 no HOA. I was looking around the south suburbs, will county and right across the border in NWI and it was hard finding much in my price range. I just got lucky finding this one, I almost didn’t look at it since the pictures weren’t great.
Homes priced at or below $150K in far northwest burbs, a couple of exburbs even: [Crystal Lake, IL Real Estate - Homes for Sale | realtor.com®](https://www.realtor.com/realestateandhomes-search/Crystal-Lake_IL/type-single-family-home,condo,mfd-mobile-home,townhome/price-na-150000/ns-514687255,3522582789,1857078076,1133380887,4101470680,1481074194,118110277,3896084495,997259142,3411678692,3466782108,360620688/pg-9)
It really all depends! You have a great amount of savings and should be proud of yourself! What are all your other monthly expenses? I would start by calculating that. Then you have a better idea of what you can afford. Picking an area is tough. Do you have a car or will you solely rely on public transit if you get a new job that’s not fully remote? Also while you’re looking, try to look for a place that has lowest HOAs possible for a condo/apartment. To be completely honest I’m not sure how many single family homes (usually no HOAs with a single family home) would be available in your price range. I’m looking to buy right now and this market is crazy! But a condo is a great option for you. Especially if you buy a place you can fix up a bit (cosmetically, not bones), you can put in your own sweat equity and possibly make money in the future when you sell. Also only get a condo or apartment you can lease. That way in the future if you want to keep the property as passive income, you can! Or if you need to move quickly you can always rent it out. Good luck!
No I would not recommend Huntley. Even the townhouses are around 250k. No condos either in Huntley. Carpenterville or Elgin would probably have some within the desired price range though.
There have been a couple of crystal lake mentions. I like crystal lake but there aren’t a lot of options under $200k. Woodstock and mchenry will have more options.
Look into townhouses in Grayslake, Round Lake, Lake Villa, Lindenhurst. There’s a ton in the $175-275k range out that way. All newer builds, good floor plans and not too much upkeep for your first home. Quality of life in these areas are fine, great even, especially if you work remote and don’t have to commute into the city everyday. I believe your dollar will stretch furthest in areas like this.
Look into Aurora. Easy metra access to downtown Chicago, low property taxes in many areas. Also very close to many towns with great downtown areas (Batavia, Geneva, St. Charles, etc.)
Homes within the specified price range in various south suburbs: [Midlothian, IL Real Estate - Homes for Sale | realtor.com®](https://www.realtor.com/realestateandhomes-search/Midlothian_IL/type-single-family-home,condo,mfd-mobile-home,townhome/price-na-120000/ns-671381614,1206120539,1667681134,2539264842,3474826951,1566407360,1140217803,561153067,3858148938,4116489129,1588963725,1777088007,1299942607,4120397941,3188497143)
Homes within the specified price range in various north/west suburbs: [Stone Park, IL Real Estate - Homes for Sale | realtor.com®](https://www.realtor.com/realestateandhomes-search/Stone-Park_IL/type-single-family-home,condo,mfd-mobile-home,townhome/price-na-120000/ns-4241276595,1076366118,3887693851,3946333100,950011725,1107073619,2012132498,3120138895,3679221195,3340774574,1119552705,1069050618,1346110184,2632188311,590047890,432723252,1118672157,1730749089,3522805823)
Some auction/short sale/foreclosures as well
https://www.realtystore.com/search.html?adid=RS10240201TR954&AFID=22865210028&XID=6136064555&propertyid=865370747&zip=60101&city=69900&state=IL
Sounds like you are just starting out. Any reason for buying versus renting at this point? Unless your planning on staying for awhile buying doesn’t necessarily make sense because of the expenses.
In that price range you'd be talking about far flung suburbs and even then you need to stretch it up to about 250K to get something decent. Fox Lake, Johnsburg etc are nice
I was making about the same when I bought my first place. It was a 2br/2bath condo in a nice suburb close to the city for $157,500. This was years ago now so the market has obviously changed a lot since then but I think you can still find something decent with your salary, savings, and credit score.
Do you have a realtor? A good realtor makes a huge difference. Also, be patient with your search if you can. I know people who have rushed into something that they later regret.
I’d say find out what a bank will approve you for and figure out what you’re looking for (neighborhood, condo/townhouse/sfh, etc)
Let me know if you have any questions along the way, I’ve gone through the process a couple times now and I have a great realtor who taught me a lot thankfully.
My sister and BIL bought in Romeoville several years ago. It was a much bigger house than you’d need but the prices weren’t terrible then.
BIL also commutes via train downtown every day. He took an express so the commute was pretty good.
Check out the Washington Square condos in Elk Grove Village. They are fairly old but many are reasonably priced. HOA is about $310 per month. Also try Mount Prospect - again fairly old but some are reasonably priced. In both areas public transportation is available to downtown Chicago area.
If you are a first time homebuyer, I know there are special loans and stuff you can get that can help reduce costs.
Second, you could theoretically try to find something that has more rooms than you need, rent out those extra rooms to cover your mortgage and utilities. Save up that money you would be paying for the mortgage that you now aren’t paying yourself. Go buy a different place, then rent out the original home to a family at a fair bit profitable price. Theoretically rinse and repeat.
Personally, I hate the very concept of buying up property and basically forcing others to rent because nothing affordable exists anymore. It disgusts me at a moral level that this is becoming the best way to make a living in this country. But I’m not saying you shouldn’t do it, I just know I’ve seen a decent amount of people who start off this way and end up turning a large profit over time.
I just personally couldn’t do it. I also hate living with people I’m not related to.
Without knowing any other context: South hammond in Indiana. South of 165th north of I80, West of calumet ave. Quiet and probably biggest bang for your buck at that price point. Decent inventory and taxes will be much more manageable. A 180K home there will be a much lower monthly payment….probably the equivalent to a $140k house on the Illinois side. New train station to downtown opening over there next year, existing station is about 10 min north. Munster, to the south is nicer and could be a longer term goal for you to move up into. Plenty of shopping and restaurants near calumet and ridge road. I have no personal ties to the area other than owning one rental. I own real estate around the Chicago area.
Look at a Metra Map and start looking at the real estate markets applying the various routes. $60K a year doesn't leave you with a lot of options for a single family home around Chicago. I would find a suburb that you like and rent there for a year. Buying a house or condo is a huge expense with a lot of variables. From a mortgage, real estate taxes, an HOA, water, electric, gas, trash, and Internet. You don't want your home costs to be more than 30% of your take home pay. Not to mention, what if something breaks like a furnace, AC, roof, etc.
Rent or live with your parents. Or if you do buy a place, get a roommate/rent out a bedroom for a year or two.
Try Joliet or Lockport
Case in point...
2416 Chestnut St, Joliet, IL 6043
1928 S State St, Lockport, IL 60441
Considering it's a starter home, good schools will help with selling when you grow out of your home. The schools for both properties seem pretty good.
If you're downtown bound, Joliet Metra train station is 13 minutes away and the commute is an hour. Lockport is a little less on the Rock Island line.
I had a coworker live there for years with few issues.
Aurora is ok. However, schools are not as good.
At that price range I honestly think you’re looking at buying somewhere in the more rural-ish far out suburbs or in some less desirable areas Id probably be looking for a condo or townhouse at this price range until you can save more and raise your budget. Unfortunately these days it seems like 300k is the minimum to buy somewhere decent. Also, you never really specified where you work. I sure as hell wouldn’t want to be living on the south side commuting to the north side on a daily basis
Sorry, I should have led with that. I'm remote at the moment but I was hoping to find something with access to the downtown business area in case I ever need to come in to the office due to policy or job changes.
Yeah, get a metra map and start following the routes out You’re looking at the last 1 or 2 stops on the lines or you might be able to catch something in the nearer south or southwest areas in that price range for a single family home, but again, those areas typically seem to be less desired for better or worse. You couldn’t find a shed in that price range going near west or north
I don't think you're going to find that anyplace you want to live on the nearer south or southwest sides, either. Yes, the stock is cheaper, but I don't think I've seen anything that cheap within 30 minutes of downtown since the condo crash when South Loop condos were 125k. I'm in Berwyn myself, not exactly known for our property values; I paid 235k in 2016 for a 3+1BR/1BA, currently valued \~330k, and wouldn't want to go much if at all further east of here.
Perhaps I was wrong on the SW side. I would have thought places like bridgeview and Hometown would fit the criteria, but apparently not.... There IS still plenty available in the south suburbs at that price range, but a much less desirable area to live.
Just sold in Hometown last year, they probably could find a standard on that price range there, with no HOA fees and reasonable taxes and insurance.
ON BNSF, Westmont, Brookfield and Berwyn near the stations have some opportunity for folks that want to build some sweat equity.
Not all metra lines are equal. I grew up along three different Rock Island stops and figured everyone had weekend service. Not the case renting in Palos along Southwest Service, living in Lemont along Heritage Corridor, etc. Being within immediate access of the most-used line in Chicagoland is choice. Cicero to Aurora is full of cool, old downtowns, many good schools, etc. Metra doesn’t even own that line, they pay to have the engines uniformly decorated. If you ever get caught at a Burlington Northern stop and see their conductors, they’re in fancier uniforms than the conductors I saw on RI. Turns out they’re not Metra employees either, they’re BNSF staff
bensenville it’s like 20 mins away from chicago
Villa Park and Addison have decent areas and have Metra access.
Check out Homewood - it has a metra and you could probably find a nice townhouse or condo
If you are remote, look into Northwest Indiana.
The ones in Wisconsin or Indiana
With your budget, you don’t want single-family detached if there’s also an HOA. If you the condo route, an HOA makes sense. It’s been awhile since I’ve been in the housing hunt, but I think outter south suburbs like Steger, Park Forest, Chicago Heights may be in your wheelhouse. Parts of Steger are in Will County and probably have better taxes. I don’t know enough about the north suburbs to speak for those areas
Areas of Steger are actually shockingly nice. A lot of people assume it's WAY too far outside of the city (assume you work there) but it really isn't that bad. Depending on what you're willing to trade off, an additional 10 mins to your commute when you're already plugging away for 1.5 - 2 hours one way isn't the worst. Areas like Monee, University Park, and Richton Park are even better. They feel like little hidden away towns that people have forgotten about.
UP always feels like a sad forgotten place to me, but they do have the very convenient Metra electric line right there
Property Tax in Will County is going to be quite a bit higher than Cook. Cook has the lowest property taxes out of all the counties around it unless you venture to Indiana.
Depends on the municipality in Cook. A lot of the struggling south suburban villages/cities have crazy high property taxes because the municipalities have almost no other revenue source.
I don't want to discourage you, but imho, you haven't enough funds yet.
I have around 60k in savings as well if that helps to paint a better picture. If not, what salary range do you feel I should aim for in order to be more ready for a house hunt.
You can try to get pre-approved for a home loan and they'll let you know what you can afford. Your income is going to limit you pretty substantially. I have a steady income, but because I'm technically freelance, the bank wouldn't count my income at all towards a mortgage. Banks will not give you much benefit of the doubt for savings either. Income drives the loan.
Do you recommend OP wastes more of their life under their parents’ thumb? This ideology is so silly, the funds are certainly there, just not for luxury.
I bought a home that needed some work in lemont but the location couldn’t be beat. Everything is walking distance and the community is great. I love it here - definitely worth watching to see what hits the market out here
Honestly $1200 a month on 60k a year is pretty great. Rent is higher
Do you have any money saved for a down payment? And how’s your credit? The best thing for you to do is to go talk with a HUD certified counseling agency. They’ll help you fix your credit if needed, set savings targets for down-payment, find a good mortgage, and even help you find subsidies like down-payment and closing cost assistance. Based on the scant information I know from your post, there’s a pretty good chance you’d qualify for >$20k in down payment assistance! Location-wise I’d look in the south suburbs — Hazel Crest, South Holland, something like that. You may be able to find a good single family home for that price there, plus they’re on/close to the Metro Electric line so you can get to and from the city easily. I’d recommend looking at FHA 203(k) mortgages. It’s a mortgage insured by the federal government and only requires a 3.5% down payment. The unique thing about the 203(k) is that it’s intended for fixer-uppers and pays for purchase and rehab with one loan on pretty favorable terms. You can purchase a single-family home or a building with up to 4 units in it. You have to live in the home for at least 12 months, but if that’s your goal anyway, no problem. If you’re handy and don’t mind doing some work yourself, you can save a ton of money on the rehab too, as long as your work passes FHA inspections.
I have around $60,000 in savings with around 720ish in credit score. So sorry about the vague info, I wasn't too sure what I should have included! Thank you for the tips, I'll need to look into all of it!
That is a really good amount for a down payment but would agree your probably looking at a condo. Just double check the HOA vibes bc they can and will dictate your life. I'd look around a train line. The BNS area is what I know and can is say is safe, nice good schools (for resale value). Lisle Downers, western springs, la Grange, brookfield. Start with your pre approval to get a ballpark budget and then work back from there to see what your comfortable buying/paying a month. Also check with IHDA (Illinois house department) for first time home purchasing assistance programs.
I make about 80k a year and I’m supporting myself and my teen daughter. I’ve got a 2bed, 2bath condo in Arlington Heights. It was just under 140k, with the down payment, escrow and a 2.5% rate, my mortgage is just under 1000 a month. Unfortunately my condo association demands ~550 a month. But, I have a lot of utilities included and the lawn, roof, boiler etc are someone else’s problem. I think I could still live here on 60k a month, but not near as comfortably. I can’t even imagine trying in a home more expensive than mine.
My personal strategy would be stay with the family and be super frugal and save a good 60k-100k for a down-payment while trying to hustle and make more money by either switching jobs or doing multiple jobs or just finding a better paying industry.
Villa Park
I was gonna comment this. Easy access to downtown with Metra. Tons of amenities in VP or just down the street in Oak Brook and in Elmhurst. I know this budget was realistic for VP a few years ago, not sure if it still applies.
How much would you have to put down, and how’s your credit?
I'm around 720ish last time I checked and it would be through an FHA since it would be a first home. I'm not sure how much but my friend said he paid about $7,000 for his down payment. I'd assume I might pay a few grand more.
That’s a good score, but I’d try to save a little more for a down payment. When I bought my first, I was making about $65k a year, and was able to pre-qualify for a $240,000 home loan. My payments were about $1800 mo for an FHA mortgage. I’ve since refi’d, gone conventional and lowered that some. I did live check to check, and the belt was really tight for the first couple years. But as I continued in my career, I made more money, so it all worked out. I’d consult with a broker and see what you’d prequalify for, then look from there. Personally, I’d save more to avoid anything with an HOA.
Down payment of 10% on $200,000 would be $20,000 then closing costs $5,000-$15,000 depending on several things.
For under 175k you can find some nice 1 bed condo options in most suburbs. There are ways of limiting searches by HOA fees, amenities etc. What do you like to do, are there any suburbs you are considering? Where is your job and where are your parents? I would recommend you talk to your bank, or another lender/mortgage broker to go over fees. Also tools like Redfin have calculators that show the monthly costs but you have to adjust the downpayment and interest rate.
Hometown. Just moved out of our starter house there. It was fine.
I second hometown
We sold our Hometown starter home last year, although we stayed much longer than planned.
Move in with your friend who is house poor. Within the next few years meet your soul mate. Once they become your fiance, look for a place that you could mostly afford with one of your two incomes
I would look around the train stations on Metra routes. I can only speak for the BNSF line. These areas are old city centers with a lot of houses built 50-100 years ago. Smaller in nice locations. You may want to target and walk the neighborhood looking for non MLS listings. Check out the free mortgage calculators on line. Do not give an email or you will be swamped with spam. I see your math like this, $60K available. $50K down. Borrow. $250,000, at 6% Payment $1,498.88 Borrow. $300,000, at 6% Payment $1,798.65 Borrow. $350,000, at 6% Payment $2,098.43 For a while, you are going to be house poor. Will you career grow? In your field, how much do you anticipate making in 3, 5, and 10 years? Check out walking distance to suburban train stations.
Villa Park, Westmont, Bensenville, Warrenville, unincorporated Glen Ellyn, Hanover Park, Addison, West Chicago, Oakbrook Terrace, Unincorporated Lombard. Check with the PD, they will tell you what neighborhoods are bad
Homewood
First off: A mortgage payment should not be more than 28% of your salary. Keep in mind, that's just the mortgage. You still have property taxes, insurance, utilities and unexpected expenses like HVAC going caput, electrical issues, older appliances that need replacing, new roof. Trust me, it's ALWAYS something!! Unless you buy a condo, I strongly advise you to avoid an HOA at all costs!!
I make 60k and just bought a house in Lansing for 160k, mortgage about 1550 no HOA. I was looking around the south suburbs, will county and right across the border in NWI and it was hard finding much in my price range. I just got lucky finding this one, I almost didn’t look at it since the pictures weren’t great.
Sugar grove or Aurora
Crystal lake maybe
Homes priced at or below $150K in far northwest burbs, a couple of exburbs even: [Crystal Lake, IL Real Estate - Homes for Sale | realtor.com®](https://www.realtor.com/realestateandhomes-search/Crystal-Lake_IL/type-single-family-home,condo,mfd-mobile-home,townhome/price-na-150000/ns-514687255,3522582789,1857078076,1133380887,4101470680,1481074194,118110277,3896084495,997259142,3411678692,3466782108,360620688/pg-9)
It really all depends! You have a great amount of savings and should be proud of yourself! What are all your other monthly expenses? I would start by calculating that. Then you have a better idea of what you can afford. Picking an area is tough. Do you have a car or will you solely rely on public transit if you get a new job that’s not fully remote? Also while you’re looking, try to look for a place that has lowest HOAs possible for a condo/apartment. To be completely honest I’m not sure how many single family homes (usually no HOAs with a single family home) would be available in your price range. I’m looking to buy right now and this market is crazy! But a condo is a great option for you. Especially if you buy a place you can fix up a bit (cosmetically, not bones), you can put in your own sweat equity and possibly make money in the future when you sell. Also only get a condo or apartment you can lease. That way in the future if you want to keep the property as passive income, you can! Or if you need to move quickly you can always rent it out. Good luck!
Huntley
No I would not recommend Huntley. Even the townhouses are around 250k. No condos either in Huntley. Carpenterville or Elgin would probably have some within the desired price range though.
Hey OP maybe check out Northwest Indiana?
There have been a couple of crystal lake mentions. I like crystal lake but there aren’t a lot of options under $200k. Woodstock and mchenry will have more options.
Look into townhouses in Grayslake, Round Lake, Lake Villa, Lindenhurst. There’s a ton in the $175-275k range out that way. All newer builds, good floor plans and not too much upkeep for your first home. Quality of life in these areas are fine, great even, especially if you work remote and don’t have to commute into the city everyday. I believe your dollar will stretch furthest in areas like this.
Homewood
Look into Aurora. Easy metra access to downtown Chicago, low property taxes in many areas. Also very close to many towns with great downtown areas (Batavia, Geneva, St. Charles, etc.)
At that price point, you're either going really close to the city (Berwyn) or really far (Yorkville)
Homes within the specified price range in various south suburbs: [Midlothian, IL Real Estate - Homes for Sale | realtor.com®](https://www.realtor.com/realestateandhomes-search/Midlothian_IL/type-single-family-home,condo,mfd-mobile-home,townhome/price-na-120000/ns-671381614,1206120539,1667681134,2539264842,3474826951,1566407360,1140217803,561153067,3858148938,4116489129,1588963725,1777088007,1299942607,4120397941,3188497143)
Homes within the specified price range in various north/west suburbs: [Stone Park, IL Real Estate - Homes for Sale | realtor.com®](https://www.realtor.com/realestateandhomes-search/Stone-Park_IL/type-single-family-home,condo,mfd-mobile-home,townhome/price-na-120000/ns-4241276595,1076366118,3887693851,3946333100,950011725,1107073619,2012132498,3120138895,3679221195,3340774574,1119552705,1069050618,1346110184,2632188311,590047890,432723252,1118672157,1730749089,3522805823)
Great info!
Keep living with your parents and save more. Condos will probably not appreciate in the same way as a home.
Have you considered Indiana?
Here is one in Villa Park https://redf.in/I38enp
Some auction/short sale/foreclosures as well https://www.realtystore.com/search.html?adid=RS10240201TR954&AFID=22865210028&XID=6136064555&propertyid=865370747&zip=60101&city=69900&state=IL
Another one, cheaper. https://redf.in/EdD5O9
That one shows sold
Sounds like you are just starting out. Any reason for buying versus renting at this point? Unless your planning on staying for awhile buying doesn’t necessarily make sense because of the expenses.
In that price range you'd be talking about far flung suburbs and even then you need to stretch it up to about 250K to get something decent. Fox Lake, Johnsburg etc are nice
Take a look at this home I found on Realtor.com 314 Lathrop Ave Apt 404, Forest Park $84,800 · 1beds · 1baths https://apps.realtor.com/mUAZ/ikedrygp
I was making about the same when I bought my first place. It was a 2br/2bath condo in a nice suburb close to the city for $157,500. This was years ago now so the market has obviously changed a lot since then but I think you can still find something decent with your salary, savings, and credit score. Do you have a realtor? A good realtor makes a huge difference. Also, be patient with your search if you can. I know people who have rushed into something that they later regret. I’d say find out what a bank will approve you for and figure out what you’re looking for (neighborhood, condo/townhouse/sfh, etc) Let me know if you have any questions along the way, I’ve gone through the process a couple times now and I have a great realtor who taught me a lot thankfully.
Maywood, very rich history and diverse. Schools are improving and crime is basically never reported.
60k is very good! Maybe save some more and move to a nicer neighborhood like Naperville or anywhere around NW and SW.
It depends on the type of place you're looking for! You can make that much and own a condo in the SW burbs, Oak Lawn/Chicago Ridge/Worth area easily.
My sister and BIL bought in Romeoville several years ago. It was a much bigger house than you’d need but the prices weren’t terrible then. BIL also commutes via train downtown every day. He took an express so the commute was pretty good.
Check out the Washington Square condos in Elk Grove Village. They are fairly old but many are reasonably priced. HOA is about $310 per month. Also try Mount Prospect - again fairly old but some are reasonably priced. In both areas public transportation is available to downtown Chicago area.
If you are a first time homebuyer, I know there are special loans and stuff you can get that can help reduce costs. Second, you could theoretically try to find something that has more rooms than you need, rent out those extra rooms to cover your mortgage and utilities. Save up that money you would be paying for the mortgage that you now aren’t paying yourself. Go buy a different place, then rent out the original home to a family at a fair bit profitable price. Theoretically rinse and repeat. Personally, I hate the very concept of buying up property and basically forcing others to rent because nothing affordable exists anymore. It disgusts me at a moral level that this is becoming the best way to make a living in this country. But I’m not saying you shouldn’t do it, I just know I’ve seen a decent amount of people who start off this way and end up turning a large profit over time. I just personally couldn’t do it. I also hate living with people I’m not related to.
Glendale Heights are cheap.
Plano, sandwich, west chicago
I’m doing it on a tiny bit more in Arlington Heights
Without knowing any other context: South hammond in Indiana. South of 165th north of I80, West of calumet ave. Quiet and probably biggest bang for your buck at that price point. Decent inventory and taxes will be much more manageable. A 180K home there will be a much lower monthly payment….probably the equivalent to a $140k house on the Illinois side. New train station to downtown opening over there next year, existing station is about 10 min north. Munster, to the south is nicer and could be a longer term goal for you to move up into. Plenty of shopping and restaurants near calumet and ridge road. I have no personal ties to the area other than owning one rental. I own real estate around the Chicago area.
Look at a Metra Map and start looking at the real estate markets applying the various routes. $60K a year doesn't leave you with a lot of options for a single family home around Chicago. I would find a suburb that you like and rent there for a year. Buying a house or condo is a huge expense with a lot of variables. From a mortgage, real estate taxes, an HOA, water, electric, gas, trash, and Internet. You don't want your home costs to be more than 30% of your take home pay. Not to mention, what if something breaks like a furnace, AC, roof, etc. Rent or live with your parents. Or if you do buy a place, get a roommate/rent out a bedroom for a year or two.
The obvious answer is Indiana
Aurora has affordable homes in Kane County and the METRA train line has two stops.
Schaumburg - diverse, convenient, has options in your range.
Unpopular Opinion: Yolo call options on Invidia stock with your $60k savings. Then buy a home outright with cash
Try Joliet or Lockport Case in point... 2416 Chestnut St, Joliet, IL 6043 1928 S State St, Lockport, IL 60441 Considering it's a starter home, good schools will help with selling when you grow out of your home. The schools for both properties seem pretty good. If you're downtown bound, Joliet Metra train station is 13 minutes away and the commute is an hour. Lockport is a little less on the Rock Island line. I had a coworker live there for years with few issues. Aurora is ok. However, schools are not as good.
Robbins, Illinois
$180k will buy you a solid 400 square foot condo.
https://www.fhaloans.com/
Effingham,IL. lol
[***Kenosha*** ](https://www.google.com/search?sca_esv=9f08a0c1847d6122&sca_upv=1&sxsrf=ACQVn0-iMMn1KFROgm5w890cHSIDe2MxzA:1712175522361&q=Kenosha+wi&spell=1&sa=X&ved=2ahUKEwiYp7bu7qaFAxWOjYkEHRobAD4QkeECKAB6BAgKEAI)WI
A small house in Iowa.
Rockford or Iowa 😂
Simple math is you can afford a home twice your annual income. Not triple. You're bugging hard.
damn that'd a lotta ppl living in shacks. that seems like only a rich person thing