Leaving Chicago (Northbrook, Lincoln, Roscoe: best neighborhoods, purchasing, luxury)

[Lookout Kid]

At least it has a major university, I suppose.

[oakparkdude]

Originally Posted by Lookout Kid

$200K is still quite a bit more money than most people make, however! I think that places you in something like the top 4% for household income.

I think a big variable in COL is a function of how long ago did you buy your residence?

[ajolotl]

Well, I guess Knoxville was a bad example. But there are nice, inexpensive towns to live in that are boring but clean, safe, and have decent schools. I'd rather be in one of those vs. struggling day to day with kids in a grungy pioneering neighborhood of Chicago. Give me a modest townhouse in Lincoln Park and some money for a private school and I'd live in Chicago vs. anywhere else. That's just me. There is no right answer, was just making the point that the greatness of Chicago takes $$ to appreciate for one with kids. If you're single or DINK all of this is moot.

[ajolotl]

Originally Posted by sukwoo

I think a big variable in COL is a function of how long ago did you buy your residence?

Good point. I was thinking of someone who has to buy now, where 750K would be a typical price point for a very modest townhouse in one of the cool areas. Remember with two or three kids you need at least three bedrooms, maybe four. That's a totally different price range from what you can look at if your childless.

[grapico]

Maybe if you are spending lavishly... Heck Chicago has more free events than any city I've ever seen. Every museum has free days as well and pretty much all the big festivals are free.

[oakparkdude]

Originally Posted by ajolotl

Well, I guess Knoxville was a bad example. But there are nice, inexpensive towns to live in that are boring but clean, safe, and have decent schools. I'd rather be in one of those vs. struggling day to day with kids in a grungy pioneering neighborhood of Chicago. Give me a modest townhouse in Lincoln Park and some money for a private school and I'd live in Chicago vs. anywhere else. That's just me. There is no right answer, was just making the point that the greatness of Chicago takes $$ to appreciate for one with kids. If you're single or DINK all of this is moot.

If you look where the vast majority of families with kids live in Chicagoland (the burbs), its clear that you're not alone. Parents have a much lower threshold for bad schools and high crime than non-parents.

[Lookout Kid]

Originally Posted by ajolotl

Well, I guess Knoxville was a bad example. But there are nice, inexpensive towns to live in that are boring but clean, safe, and have decent schools. I'd rather be in one of those vs. struggling day to day with kids in a grungy pioneering neighborhood of Chicago. Give me a modest townhouse in Lincoln Park and some money for a private school and I'd live in Chicago vs. anywhere else. That's just me. There is no right answer, was just making the point that the greatness of Chicago takes $$ to appreciate for one with kids. If you're single or DINK all of this is moot.

I hear you. The typical middle class American life is supposed to include a house with a yard, good schools, a car in a garage, and access to ammenities like restaurants and entertainment. This lifestyle costs a LOT of money in a prime Chicago neighborhood like Lincoln Park, Lakeview, Roscoe Village, Lincoln Square, etc. Compromises are a must. Some choose to move out to the fringe like Norwood Park, but to me that compromises the urban lifestyle I've enjoyed on the north Lakefront. Others (like me) learn to live with less space, a small yard, and the prospect of private school tuition. And my wife and I feel like we would like the option to make less money in the future to spend more time with our kids. Once you buy into that Lincoln Park, etc. lifestyle, you can't get out of the rat race.

[eevee]

Originally Posted by Lookout Kid

I hear you. The typical middle class American life is supposed to include a house with a yard, good schools, a car in a garage, and access to ammenities like restaurants and entertainment. This lifestyle costs a LOT of money in a prime Chicago neighborhood like Lincoln Park, Lakeview, Roscoe Village, Lincoln Square, etc. Compromises are a must. Some choose to move out to the fringe like Norwood Park, but to me that compromises the urban lifestyle I've enjoyed on the north Lakefront. Others (like me) learn to live with less space, a small yard, and the prospect of private school tuition. And my wife and I feel like we would like the option to make less money in the future to spend more time with our kids. Once you buy into that Lincoln Park, etc. lifestyle, you can't get out of the rat race.

does this even exist anywhere anymore? at least in an actual city w/ all the typical city amenities like night life, decent public transportation, museums, etc (as opposed to the typical sprawl common in the South/SW)? maybe in an inner ring suburb that's close to a city w/ all that stuff, though even some of these may be too expensive to live that lifestyle

[oakparkdude]

Originally Posted by eevee

does this even exist anywhere anymore? at least in an actual city w/ all the typical city amenities like night life, decent public transportation, museums, etc (as opposed to the typical sprawl common in the South/SW)? maybe in an inner ring suburb that's close to a city w/ all that stuff, though even some of these may be too expensive to live that lifestyle

I think its somewhat symptomatic of the changes in American society over the past few years. The wealthy have done very well economically while everyone else (including middle class) have seen their real purchasing power decrease. Plus lot of what we see in the media is aimed at the wealthy, thereby creating "aspirational angst" for the non-wealthy further widening the gap between what the middle class wants versus what it can afford.

[5Lakes]

Originally Posted by eevee

does this even exist anywhere anymore? at least in an actual city w/ all the typical city amenities like night life, decent public transportation, museums, etc (as opposed to the typical sprawl common in the South/SW)? maybe in an inner ring suburb that's close to a city w/ all that stuff, though even some of these may be too expensive to live that lifestyle

You can find them, but it's rare these days to find areas like these that are truly affordable. Most likely they are to be found in the inner-ring burbs of less expensive metro areas that are long established. Lakewood, OH (Cleveland); Shorewood, WI (Milwaukee); and Dormont, PA (Pittsburgh) are some that come to mind.