Naperville v. Mokena/Frankfort (Arlington Heights, Bolingbrook: foreclosures, mortgage, lender)

[kidicarus44]

Hi everyone, I'm currently living in the city, but looking for a suburb to move my future family to. We'll be looking for a home for less than $500K that comfortably fits 3+ kids.

Our top and only priority is the quality of schools. Based on this, I've narrowed down our choices to Naperville and the Mokena/Frankfort area.

I want to get people's thoughts on which of these areas has the least chance of degrading in value, both in terms of school quality and home value. I would like the pick the area that has the least risk of having lower quality schools or lower home values 10-15 years from now.

Also, I'd appreciate any suggestions on other suburbs. From my research, it looks like buying a home at our price range would be difficult in areas with comparable or better schools (i.e. North Shore, Arlington Heights, Hinsdale areas). However, I'd love to hear people's thoughts on this as well.

[chet everett]

I tend to agree that it is not going to be easy to find towns with a huge number of homes under $500k and top notch schools. I think you could add Downers Grove to your short list especially if you want a very solid history of price stability. The big advantage that towns along the BNSF have is super fast express train service to the Loop which is huge plus to commuters and tends really attract a nice crowd of home shoppers.

While I have nothing against the SW burbs I do know that there are not as many trains to the loop and not as speedy options. Day in and day out that makes a difference.

The other factors to consider are that long term price stability in areas that have experienced rapid booms (Frankfort and Mokena are definately high on that list) has not been good. Lots of VERY large high end homes with lots of foreclosures... One reason is probably that employment options are thinner in the SW burbs than in the more mature western / north / NW areas...

Overall if you get a really terrific deal in Frankfort or Mokena you still probably are looking at a higher property tax bill and less amenities than in Naperville BUT a home that may be considerably larger and I know that for some people that size factor beats any thought of longer term value or school quality...

[yousah]

There are A LOT of houses under $500K on those two areas. In fact, you can get a very nice house in either area in that price range.

Pat, Appraiser

[Ldoubled]

Part of Lisle is in the naperville 203 district, I think that may be a slightly cheaper choice than Naperville. If you choose district 203, just be aware that they are in the process of redistricting. It should happen this year so it might not be an issue if you move in soon, but some schools may be revisited in a couple of years. If it's delayed, then just be aware that your kids could be uprooted soon after moving. Which is why I asked every district about rezoning when we were relocating up here (this Summer)...and District 203 emphatically stated that there would be no rezoning. Guess they were a bit untruthy.

That being said, I think all the 203 schools are good, I would worry about the rezoning more from an upheaval-after-moving standpoint than anything else.

[aga412]

Part of Bolingbrook in 203 too, and there would definitely be some cheaper housing/taxes there!

[almost3am]

You will find a number of options under $500K in Naperville for a family of 5, I am not familiar enough about the Mokena area to provide a good opinion there. I go with Chet's opinion, that due to the BNSF and the downtown area, I believe Naperville has an excellent shot at holding demand in the longer term.

[GolfLover2]

Hi ... congrats on your decision to buy a home. I lived in the Mokena/Frankfort area up until recently ... and work in the Naperville area now. I can tell you from experience that the Mokena/Frankfort school systems are good. Both of our children attended Mokena Public Schools and received excellent educations. They also attended the Lincoln-Way High School, as did my wife and I. They have a good reputation now, as they always have. But as a former appraiser, I can tell you that the Naperville area is considered very highly, as well ... as are Lisle, Downers Grove and most of the western suburbs' schools. I don't think you'd be unhappy in either area, as they are comparable. If commuting is a concern, traveling both lines might be of use to see just what you would be facing on a daily basis, should you move to each area. That would most likely be a personal preference. Both areas will most likely remain solid property choices for the future. As with any area, there are pockets or ranges of desirability to be found. Should you need referrals for agents in either area, please don't hesitate to ask. As a mortgage lender with over 35 years of experience in these areas, I can recommend professionals that would be of great assistance to you. Again, best of luck no matter your decision.
Gene