Diverse neighborhood for recent college grad working DT? (Chicago, Cicero: for sale, real estate)

[CHICAGOLAND92]

Hello!

I'm a recent college grad that will be starting a career in financial services in the Loop. As my username suggests, I currently live in the Chicago area, but I'm in Northwest Indiana. There's not much in the way of a substantial young, professional crowd out here, and I'm ready to move from under my family's wings. I'm single and childless, so the family oriented feel isn't for me at this point in my life. I'm also looking to move closer to the loop, or at least an area with easy public/commuter transportation.

I'm most familiar with the South Side, but there aren't too many areas I'd consider moving to. The main options were Hyde Park & South Loop/Near South Side. Hyde Park is great, but I'd really prefer to live a bit closer to the train (the Red & Green lines are nearby, but that's not a walk I'd be looking forward to). South Loop is also nice, but way out of my price range as far as what I'm looking for.

I also considered Oak Park/River Forest/Forest Park, but there seems to be a limited number of options in my price range with the amenities I'm looking for. Plus, OP taxes are definitely on the high side. I'm looking to buy while the low interest rates are still around.

I just started looking into Rogers Park. There seem to be a ton of viable options and well within my price range. My main concern is the commute. I have to be at work at 8am, so I'd probably have to get up around 6:00-6:30am to make sure I'm at work on time. It's also a bit I haven't been a morning person since I was in the single-digits. . It's also a bit far from friends in other parts of the city, as well as family in Indiana (not that I'd want to be too close either ).

I'm looking for a nice condo in a safe and diverse neighborhood. I'd love to live in an area with singles/professionals my age. My main requirements are a 2 bedrooms, 2 bathrooms (1 preferably being a master bath), in-unit washer/dryer, a balcony, and easy access to public transportation (read: train). I also prefer living in higher/top levels (at the very minimum, not the first floor). Pet-friendly is also a plus, but not a requirement. I don't necessarily need to be in the middle of all the action, as I'd like to live in a quiet place when I lay my head to rest, but I also don't want to be so far from everything that I might as well stay in Indiana. I'm looking to stay under $225,000 (sub-$200,000 would be even better).

Do you all have any areas (city neighborhoods or suburbs) that fit this criteria? I'm open to all areas - as long as it fits the criteria! Thanks in advance!

[Vlajos]

Probably should rent first.

[knitgirl]

Originally Posted by Vlajos

Probably should rent first.

Agree 100%

[emathias]

Originally Posted by CHICAGOLAND92

...
I just started looking into Rogers Park. There seem to be a ton of viable options and well within my price range. My main concern is the commute. I have to be at work at 8am, so I'd probably have to get up around 6:00-6:30am to make sure I'm at work on time. It's also a bit I haven't been a morning person since I was in the single-digits. . It's also a bit far from friends in other parts of the city, as well as family in Indiana (not that I'd want to be too close either ).

I'm looking for a nice condo in a safe and diverse neighborhood. I'd love to live in an area with singles/professionals my age. My main requirements are a 2 bedrooms, 2 bathrooms (1 preferably being a master bath), in-unit washer/dryer, a balcony, and easy access to public transportation (read: train). I also prefer living in higher/top levels (at the very minimum, not the first floor). Pet-friendly is also a plus, but not a requirement. I don't necessarily need to be in the middle of all the action, as I'd like to live in a quiet place when I lay my head to rest, but I also don't want to be so far from everything that I might as well stay in Indiana. I'm looking to stay under $225,000 (sub-$200,000 would be even better).

Do you all have any areas (city neighborhoods or suburbs) that fit this criteria? I'm open to all areas - as long as it fits the criteria! Thanks in advance!

Rent first. Or at least see a LOT of places first. If you live in the areas of Rogers Park bounded by Clark, Glenwood, Touhy and Pratt, you have access to the Red Line and Clark/22 bus for many of your daily needs, and you'll be an easy walk to the Metra station which will wisk you downtown in 25 minutes.

Alternately, you can live in the area where Ravenswood, Uptown and Andersonville all intersect, in the boundaries of Sunnyside, Leavitt, Argyle and Clark, and you'll have access to the Brown Line and the same Metra commuter rail as in Rogers Park, but one stop closer so you'll be downtown in 20 minutes. Prices will be somewhat higher but you'll be walking distance to Lincoln Square and/or Andersonville.

Or, you can look in Pilsen near the Pink Line and have a decent commute and enjoy the current Mexican flavor of the area while you watch the current hipsters moving in continue to gentrify things, or you can look in Cicero. Probably the least exciting of these options, but if you pick near the Pink Line, you'll have a decent commute and it will probably be quiet and probably the least expensive option.

[CHICAGOLAND92]

Originally Posted by Vlajos

Probably should rent first.

I've been hearing that a lot (as all the responses so far have been to rent before buying). My idea behind buying is to lock in a low interest rate while they're still around. I come from a family of renters - my grandparents rented the same house for about 18 years, and are currently living in a condo they've rented for 12. I don't have that mentality, as I feel like I'm paying someone else's mortgage. I'll rent TO somebody, but I wouldn't rent myself.

Then again, I am young and naïve so I may be looking at this from the wrong perspective.

What is the benefit of renting first? To get a feel for the neighborhood? Less commitment? More mobility? Cheaper?
If I do decide to rent, is there a good website that has rentals? For properties for sale, Coldwellbanker seems to have almost everything in the Chicago area. Is there a similar website to find rentals?

Originally Posted by emathias

Rent first. Or at least see a LOT of places first. If you live in the areas of Rogers Park bounded by Clark, Glenwood, Touhy and Pratt, you have access to the Red Line and Clark/22 bus for many of your daily needs, and you'll be an easy walk to the Metra station which will wisk you downtown in 25 minutes.

Alternately, you can live in the area where Ravenswood, Uptown and Andersonville all intersect, in the boundaries of Sunnyside, Leavitt, Argyle and Clark, and you'll have access to the Brown Line and the same Metra commuter rail as in Rogers Park, but one stop closer so you'll be downtown in 20 minutes. Prices will be somewhat higher but you'll be walking distance to Lincoln Square and/or Andersonville.

Or, you can look in Pilsen near the Pink Line and have a decent commute and enjoy the current Mexican flavor of the area while you watch the current hipsters moving in continue to gentrify things, or you can look in Cicero. Probably the least exciting of these options, but if you pick near the Pink Line, you'll have a decent commute and it will probably be quiet and probably the least expensive option.

Thank you emathias (what does that mean?)! I didn't even know there was a Metra line that went through Rogers Park. That seems a lot more appealing than taking the Red Line downtown.

I'm definitely going to check out Pilsen. I have a friend that lives in the area, but I never really considered it for myself (again, most familiar w/ South Side). Thanks for the pointers

[emathias]

Originally Posted by CHICAGOLAND92

...
What is the benefit of renting first?
...
I didn't even know there was a Metra line that went through Rogers Park. That seems a lot more appealing than taking the Red Line downtown.
...

You show an example of one of the benefits right there - you'll learn a lot more about the city and its neighborhoods in your first year of living here than you know now.

Rates will not be going up significantly for some time. Even if they go up a little, being more certain about your own financial stability and being more certain that you're happy with the location of the property will be worth that risk. What if you want to move in two years? Property values have (mostly) stopped declining, but it's really not universally a bull market in Chicago real estate just yet - just certain neighborhoods. If you buy and your property doesn't appreciate, you'll be out significant amount of capital (selling costs, broker costs, transfer taxes, legal fees, title fees, etc, etc) if you end up needing/wanting to sell/move in a year or two. Renting for a year first lets you find out whether you actually like living in the city and whether your career here can do what you need/want it to do.

One exception might be if you have a side business that doesn't quite get you to being able to itemize your taxes, and being able to deduct mortgage interest will push you over that number - then it might be worth the risk for the tax savings. But, again, there is risk in ownership from unexpected repair costs, etc. Be damn sure you've really run your own numbers and have a very strong understanding of the real risks and possible benefits before you tie yourself into a home.