Des Plaines area (Chicago, Arlington Heights, Buffalo Grove: mortgage, how much, house)

[tnk]

My husband and I currently live in NE and he may be getting transferred to Des Plaines for work and we know next to nothing about the area. We would like to buy a house but aren't sure if that will be feasible since housing costs are so much higher there than where we are coming from. Is it a possiblity to buy a house with a salary of $105,000? Is it a kid-friendly and dog-friendly area? Would people reccomend living somewhere else and having my husband commute? Any help we can get would be great. I have seen other postings with people making in the $600 range and they were told that it would be difficult to find a house so it makes me wonder if we'll be able to find anything at all since our income is much lower than that! Thanks for your input.

[Chummy Waters]

Wow, you're doomed. You have to make at least $250,000 to live in the Chicago area comfortably. Have you thought about another state? You could drive in from Iowa.

[thePR]

Originally Posted by tnk

My husband and I currently live in NE and he may be getting transferred to Des Plaines for work and we know next to nothing about the area. We would like to buy a house but aren't sure if that will be feasible since housing costs are so much higher there than where we are coming from. Is it a possiblity to buy a house with a salary of $105,000? Is it a kid-friendly and dog-friendly area? Would people reccomend living somewhere else and having my husband commute? Any help we can get would be great. I have seen other postings with people making in the $600 range and they were told that it would be difficult to find a house so it makes me wonder if we'll be able to find anything at all since our income is much lower than that! Thanks for your input.

Are you making $105,000 a year or is that how much you have to spend on a house?

[tnk]

We would be making $105,000 with just my husbands salary. According to a Des Plaines website I found the median household income is $57,000 and the mean household income is $72,000 so I thought we would be okay but maybe not?!?

[chet everett]

tnk:

Some of the others are 'playing with you". Assuming you have an adequate downpayment a salary that you stated would be more than acceptable to get you into a decent home is DesPlaines or one of the other towns nearby.

If you give more details about your current situation we can provide more useful information. Do you have kids? How important is social life? Style of housing you'd prefer?

[tnk]

Thanks Chet. I'm really not as naive as I probably sound...just have never lived in the Chicago area We have one 9 month old daughter and two dogs (boxers). I don't have a lot of preferences on a house style but a decent size yard would be good because of the dogs. We are mainly concerned with finding a safe, family friendly neighborhood...if we could meet other people our age (early 30's) that would be a bonus. Thanks!

[tcs1366]

Originally Posted by Chummy Waters

Wow, you're doomed.

No - you are not doomed.

I think you need to find out how much of your income will go towards a mortgage, taxes and general house hold expenses.

With the housing market pretty much in the toilet, you may be able to find something in your price range.

[thePR]

Originally Posted by tnk

We would be making $105,000 with just my husbands salary. According to a Des Plaines website I found the median household income is $57,000 and the mean household income is $72,000 so I thought we would be okay but maybe not?!?

You are more than set then. There are plenty of cities around there that fit your description. But if you don't really want a commute to Des Plaines then Park Ridge and Glenview would be a great place.

[cubssoxfan]

Park Ridge and Glenview are very nice towns. Some less pricey alternatives include: Mt. Prospect, Prospect Heights, Arlington Heights and Buffalo Grove. If you keep your mortgage below $225K and are comfortable living a simple, frugal lifestyle you should be fine. If you need the newest car and newest clothes and must dine in the most exquisite restaurants 5 nights a week, then you will definitely need to live in a shack or become involved in IL politics to supplement your income Homes in suburbs I mentioned range from low $300's and up. What I consider really nice would start around $450-$500K for a 4 bedroom 2700-3200 SF home with basement. Figure aprox. $6500-$8500 a year for property taxes. I have seen about a $75-$150K drop in home values in suburbs mentioned. Truly a good time to be a buyer.