Affordable homes?

[sbd78]

Also, when purchasing a home, if you don't have 20% to put down upfront, you also have to factor in about $150-$200/month in PMI, which the bank will force you to pay. PMI is basically insurance you are paying for the bank since they took the risk of giving you a loan without you putting much of your own money down. (And that is if you can even get a loan without 20% down, since lending standards have been tightened.) The Oak Lawn house is also assuming a 6.29% interest rate, interest rates vary depending on your credit rating and how much you put down. And like a PP stated, you also have to factor in property taxes and insurance when purchasing a house. This is just a rough estimate, but property taxes in IL are usually around 2%-2.5% of the home's value/per year. That's why a PP said determining how much you will pay per month is complicated when you are talking about purchasing a home. There are a lot of factors that determine this.

[sbd78]

Also, this website will give you a more accurate estimate of what a monthly payment might be when purchasing a house, since it includes property taxes, insurance, and PMI, etc. in the estimate. Keep in mind you have to change it to your down payment amount to get an accurate estimate.
Chicago Real Estate Baird & Warner

[alixjung]

We just bought a townhome in Gilberts... A very nice new area (5 year old). Lots of kids happily playing in the sub division. Townhomes w/ 3 bedrooms are between $160,000 to $230,000. 2 bedroom w/ an extra den (can be converted into a 3rd bedroom), it's asking $155000. There are quite a few (for closures) still for sale. We've lived here for a few months and love it.