Very affordable suburb options for retiring couple? (Chicago, Oak Lawn: real estate, apartments)

[lansingguy]

Hi all,

My parents will be retiring in about 5-6 years, and are looking to relocate on a budget.

They currently own a 4 bedroom home in Lansing, IL, but values have plummeted there, and I only expect the home to go for something like 100-120k by the time they sell.

What would be some affordable suburb options that might meet this criteria:

1. The home doesn't need to be too big, but they are packrats so they'd need a good amount of storage. A 2-3 bedroom would be fine. Not sure on square footage, but probably 1200+ is a good starting point? (They've filled their entire garage, basement, etc).

2. Nothing too far from the south suburbs/lansing area, since many of their friends will still be in that area. (For example, I wouldn't want to put them up on the north side).

3. Budget is flexible, but let's say $150-200k ideal, $250k max. Ideally as low property taxes as possible.

4. If possible, it would be nice to be near a CTA line into the city.

5. It doesn't need tons of entertainment, but some nice restaurants and a sense of community woudl be good.

6. Open to the idea of townhouses/condos if the HOA fees are low, but prefer SFH of course.

School districts don't matter because all of the kids are grown, but if it helps resale value then it might be nice.

Where would be some good neighborhoods to investigate? I'm assuming they'll mostly be the western suburbs like Darien, Downers Grove, La Grange, etc, but possibly closer in.

Is that budget way too low for those areas? Where should we look?

[linicx]

Once your parents reach age 62 there are real estate tax reduction available through the counties in Illinois. It is income based to help seniors who have limited incomes. Every county is a bit different. Your parents may fare better in counties outside of Cook.

It will probably take years before retail value is closer to what it was before 2007. The Chicago area will recover faster than rural areas.

[sfcambridge]

Forest Park?

Just West of the city. Easy access to the city by Blue (or even Green) subway lines, Metra and expressway. Cheaper housing stock and lower property taxes then its near neighbor Oak Park. Nice strip of local eateries etc... on Madison street, and close to Oak Park that has a lot of things going on. Pretty good support system for seniors in that area, including some shuttle ride services, libraries/community centers, activities/arts, small house/apartments/assisted living options.

Berwyn perhaps. Also a bit cheaper, as schools are not a strong, but still some decent access to the city and some nice cultural attractions (eg. 16th St. Theater for plays, Fitzgerald's for music).

Maybe others can suggest other South/SouthWest suburbs.

Would strongly suggest they start weaning their hoards/piles, as real estate is much more expensive here. Since they are aging, it probably makes good sense to consider apartments/condos as well and then they would have a lot to choose from if they weren't requiring another apartment worth of storage space. Start quoting the prices on houses and the property taxes and maybe they will start to agree with you... Otherwise, rent a storage locker.

[ToriaT]

I too would suggest Forest Park or Berwyn. I would get out of the south suburbs....I don't think they are as nice.

[BRU67]

Originally Posted by ToriaT

I too would suggest Forest Park or Berwyn. I would get out of the south suburbs....I don't think they are as nice.

If looking south Evergreen Park and Oak Lawn are nice. Not as easy to get downtown as the western options but they still have Metra access (in Oak Lawn and Beverly)

[MSchemist80]

Originally Posted by linicx

Once your parents reach age 62 there are real estate tax reduction available through the counties in Illinois. It is income based to help seniors who have limited incomes. Every county is a bit different. Your parents may fare better in counties outside of Cook.

It will probably take years before retail value is closer to what it was before 2007. The Chicago area will recover faster than rural areas.

I don't know about other counties but Cook is ridiculous. My mother's senior and homestead property tax exemption gives her $200 and $500 off a $7000 bill. Most seniors leave the state after retiring to avoid being sucked dry by the failing govt here. If you really want to be in the greater Chicago area consider NW Indiana.

[subject2change]

All the places you and other posters mentioned would be pretty inconvenient for seeing friends in Lansing, except for Northwest Indiana. Property taxes are half of Illinois taxes, and I'm not sure what the senior exemption is, but it's probably better. If not, they'd still be way ahead. They can drive to the South Shore station in Hammond pretty easily from Highland or Dyer. Munster is even closer, but more expensive.
Not sure what you mean by "put" them on the north side? Are they really wanting to move, or have you decided that they ought to?

[lansingguy]

Is there a good place to find a listing of all the tax rates for various counties?

Not sure what you mean by "put" them on the north side? Are they really wanting to move, or have you decided that they ought to?

Probably a poor choice of words. They are definitely looking to move as crime in Lansing has been increasing (2 homes on their block were broken into recently). It doesn't matter to me what they do at all, but I figured I'd help them do a bit of research to see if it's even possible on a $200k budget or so.

[subject2change]

Originally Posted by lansingguy

Is there a good place to find a listing of all the tax rates for various counties?



Probably a poor choice of words. They are definitely looking to move as crime in Lansing has been increasing (2 homes on their block were broken into recently). It doesn't matter to me what they do at all, but I figured I'd help them do a bit of research to see if it's even possible on a $200k budget or so.

Just checking! You sound like a good son.

[baileyvpotter]

I'd suggest doing some serious research if considering NW Indiana. Yes, the property taxes are much lower and the state
does give some tax breaks. There are some areas that have higher crime rates verses others.


Here's a link to find out exemptions and tax rates on SS, dividends and pensions. Their forms are about 9 pages long.
DOR: Forms