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Hello! The husband and I are thinking about finally putting our plans into action and purchasing a house this summer. We are thinking about concentrating our search in two primary areas: the far NW neighborhoods of Chicago and the near west burbs (probably Riverside, Brookfield, Berwyn, and perhaps La Grange Park). I see plenty of homes within our price range (up to about $350K for a little 3BR starter home) in Brookfield and quite a few in Riverside. What makes these areas so affordable , given their proximity to the city? Thanks for the insight!
Hi Magpie,
I may be able to offer some thoughts, as my wife and I just moved to Brookfield about 6 months ago. Like you, we were impressed with what you get for your money in Brookfield. For more detailed info, you can search the forum for Brookfield, as I have written some more comprehensive posts on the area. Let me first say that Riverside is gorgeous and historic. There are houses there under $350k, though they tend to be in need of updating and/or may be located near busier streets or a less desirable part of town. However, keep in mind that taxes are very high in Riverside, so consider that when calculating what your actual monthly expenses would be. We also looked in La Grange, but didn't feel like we were getting enough for our money. We didn't look at La Grange Park too much because my wife really needed to be walking distance to train, but it is a nice town made up of a lot of post-war brick ranches/georgians (with the exception of the area just north of downtown lagrange - $$$ but nice homes), which is probably has a slightly higher median home cost than Brookfield, shares many of the same good schools, but doesn't have much of a downtown/commercial core (there are a few things on 31st street, but not much).
Now for Brookfield...
I think that relative to other suburbs, Brookfield offers a lot per housing dollar. But it all comes down to what you value. I think you get a lot in the way of quality schools, charm of the housing stock, square footage, friendly small-town feel, incredible location (proximity to the city, 3 metra stops with affordable housing within walking distance, and EASY access to I-55, 294, and 88, Midway, and O'Hare), and access to local bars/establishments for your dollar relative to other towns in the area. While I still think its an incredible deal, there are some reasons its not priced higher and why people are willing to pay more to be in surrounding towns like La Grange, Riverside, Western Springs, Hinsdale, etc.
-First of all, while the schools are very good (I would argue one of the best educational qualities at this price range), the elementary schools aren't on the same level with Hinsdale etc. The high school, Riverside-Brookfield, is ranked as a top school in the state, but the elementary schools vary. Central Brookfield is served by Brook Park Elementary which is a combined Brookfield-La Grange Park school and is great. The Hollywood section of Brookfield (more expensive) is served by Hollywood Elementary which is a combined Brookfield-Riverside school and may be even better. The other 2 schools in Brookfield serve mostly the area south of Ogden and are not as good of schools.
-Lots are not large. My lot is 50x125 which is fine, but with garages in the back for the alley it doesn't leave a huge space. Many lots are even 30' wide.
-I really like the downtown area, but there are not a ton of nicer restaurants. There are, however, plenty of bars. Everything from a wine bar to an family-oriented Irish bar, to a dive bar, to a nicer "city-feel" bar, to a good old neighborhood pub. Not as many family activities to do downtown as, say, LaGrange. My counter-argument to that would be that downtown LaGrange is 1 mile away - closer than many homes in LaGrange are to downtown LaGrange - but it still probably impacts the home values in Brookfield.
-It is a mixed community. I mean this in terms of housing type, socioeconomic status, and demographics. Compared to a town like Western Springs or Hinsdale, there are more renters and multi-unit dwellings. I mean, I think I read it is still like 85% owner-occupied or something like that, but that probably impacts values somewhat. Brookfield is a mix of people ranging from working class service-sector employees to upper middle class to upper class bankers/doctors/lawyers, and that wider range of housing quality might impact overall values. Finally, while it certainly makes no difference to me personally, the fact that there is a minority but real population of Hispanic individuals/families in Brookfield may impact the desirability of the town to certain individuals. The schools south of Ogden have a higher proportion of Hispanic students than the schools north of Ogden.
Obviously I'm biased, but I love Brookfield and to us the trade-offs mentioned above were well worth the benefits of this town at such a favorable price-point relative to other towns around. Let me know if you have any questions!
PS - for $350k you can easily find a nice 3BR house in Brookfield (or LGP for that matter). Our house was just over 300k and is a 4/2.5 very much updated except the kitchen, close to downtown and train.
Hi Magpie,
I may be able to offer some thoughts, as my wife and I just moved to Brookfield about 6 months ago. Like you, we were impressed with what you get for your money in Brookfield. For more detailed info, you can search the forum for Brookfield, as I have written some more comprehensive posts on the area. Let me first say that Riverside is gorgeous and historic. There are houses there under $350k, though they tend to be in need of updating and/or may be located near busier streets or a less desirable part of town. However, keep in mind that taxes are very high in Riverside, so consider that when calculating what your actual monthly expenses would be. We also looked in La Grange, but didn't feel like we were getting enough for our money. We didn't look at La Grange Park too much because my wife really needed to be walking distance to train, but it is a nice town made up of a lot of post-war brick ranches/georgians (with the exception of the area just north of downtown lagrange - $$$ but nice homes), which is probably has a slightly higher median home cost than Brookfield, shares many of the same good schools, but doesn't have much of a downtown/commercial core (there are a few things on 31st street, but not much).
Now for Brookfield...
I think that relative to other suburbs, Brookfield offers a lot per housing dollar. But it all comes down to what you value. I think you get a lot in the way of quality schools, charm of the housing stock, square footage, friendly small-town feel, incredible location (proximity to the city, 3 metra stops with affordable housing within walking distance, and EASY access to I-55, 294, and 88, Midway, and O'Hare), and access to local bars/establishments for your dollar relative to other towns in the area. While I still think its an incredible deal, there are some reasons its not priced higher and why people are willing to pay more to be in surrounding towns like La Grange, Riverside, Western Springs, Hinsdale, etc.
-First of all, while the schools are very good (I would argue one of the best educational qualities at this price range), the elementary schools aren't on the same level with Hinsdale etc. The high school, Riverside-Brookfield, is ranked as a top school in the state, but the elementary schools vary. Central Brookfield is served by Brook Park Elementary which is a combined Brookfield-La Grange Park school and is great. The Hollywood section of Brookfield (more expensive) is served by Hollywood Elementary which is a combined Brookfield-Riverside school and may be even better. The other 2 schools in Brookfield serve mostly the area south of Ogden and are not as good of schools.
-Lots are not large. My lot is 50x125 which is fine, but with garages in the back for the alley it doesn't leave a huge space. Many lots are even 30' wide.
-I really like the downtown area, but there are not a ton of nicer restaurants. There are, however, plenty of bars. Everything from a wine bar to an family-oriented Irish bar, to a dive bar, to a nicer "city-feel" bar, to a good old neighborhood pub. Not as many family activities to do downtown as, say, LaGrange. My counter-argument to that would be that downtown LaGrange is 1 mile away - closer than many homes in LaGrange are to downtown LaGrange - but it still probably impacts the home values in Brookfield.
-It is a mixed community. I mean this in terms of housing type, socioeconomic status, and demographics. Compared to a town like Western Springs or Hinsdale, there are more renters and multi-unit dwellings. I mean, I think I read it is still like 85% owner-occupied or something like that, but that probably impacts values somewhat. Brookfield is a mix of people ranging from working class service-sector employees to upper middle class to upper class bankers/doctors/lawyers, and that wider range of housing quality might impact overall values. Finally, while it certainly makes no difference to me personally, the fact that there is a minority but real population of Hispanic individuals/families in Brookfield may impact the desirability of the town to certain individuals. The schools south of Ogden have a higher proportion of Hispanic students than the schools north of Ogden.
Obviously I'm biased, but I love Brookfield and to us the trade-offs mentioned above were well worth the benefits of this town at such a favorable price-point relative to other towns around. Let me know if you have any questions!
PS - for $350k you can easily find a nice 3BR house in Brookfield (or LGP for that matter). Our house was just over 300k and is a 4/2.5 very much updated except the kitchen, close to downtown and train.
This is incredibly helpful - thank you! A lot of the things you mentioned as reasons why the prices are relatively low are actually bonuses for us. We're moving from the city and we definitely want to find a suburb with lots of diversity and a semi-urban (don't mind the lot sizes, presence of bars, etc) vibe. Walkability is also a major priority. We will have to take the metra out to Brookfield sometime in early spring when it's a little warmer outside so we can walk around and take a look. Again, thanks so much for the detailed response!
Last edited by Magpie1127; 01-10-2014 at 06:53 AM..
The points that agallan touched on are mostly accurate and generally are reflective of why your money goes farther in Brookfield than other towns. I will also add that Brookfield also has some unique situations so you need to be cognizant when shopping of a few things that are not factors in other areas.
Agallan already touched on the fact that there are essentially three separate areas as far as school districts that serve the town -- folks that want LT will be facing the smallest lot sizes and closest proximity to the most commercial strips along Ogden north of 47th St. That area also tends to have the poorest performing elementary schools so kids might be disadvantaged at LT.
The part of town that is arguably most charming also backs up to the very large Brookfield Zoo, which even if you don;t mind an occasional lion roar (really, you can hear 'em, especially during breeding...) that does mean you do gets LOTS of tourist traffic and some hassles from the way the Forest Preserve District of Cook Country bullies property owners...
And the other thing that is a factor depending on the configuration of certain lots is the confluence of Salt Creek and the DesPlaines River means you absolutely need to be aware of where the flood plains are mapped -- homes have been "stranded" by flood water and with proper precautions one can pretty much avoid any serious flooding, but you need to be diligent in getting the details on each lot...
I like Brookfield a great deal. I have friends that have lovely homes there that would easily cost two or three times more in parts of Western Springs or Hinsdale where there even more higher end homes to pull values up. The convenience to Chicago, the airports and shopping / employment in places like Oak Brook are really hard to beat. If you understand the downsides, and also keep in mind other factors that are likely to limit upside potential (so you don't update / expand beyond economic reason...) it can be a really great value and a terrific place to live.
I think great value for your money and i like all these cities. One thing about brookfield. I alwways thought of it being very nice almost uoscale i guess bc its near western springs and the zoo. Dont get ne wrong it is nice but i recently staryed hanging out there at a friends house. On ogden u got sum sorta dumpy hotels alot of liquor stores. He lives in a nice area but he does have sum heroin addict party house next door to him. I would live in brookfield i rrally like it but its not quite what i thought it was
Good point about the Salt Creek. During that terrible rain last spring, many of the houses within a block or 2 of the creek took in water. As Chet said, depends on your preparations. We are just over 2 blocks away and our basement was dry (actually funny story, our home inspection was the day AFTER the storm and apparently the prior owners and their agent spent the prior evening watching water come to within an inch of the top of the standpipe...knowing we probably wouldn't have bought the house if the basement flooded).
Another good point is about knowing the neighborhood and how much to put into your house in terms of updates/additions. We are in the beginning stages of a kitchen update, and have to be smart about how much money to put into the project to get the most % return on our investment in Brookfield. Marble countertops? No, probably granite. Custom cabinets? No, we'll stick with middle of the road. You get the idea.
The segment of ogden avenue coursing through brookfield definitely has some motels and some other run-down fronts. While I definitely don't like its appearance, I guess it doesn't bother me much since I think of it as a busy road and not really "part of Brookfield" as I see it. Improving Ogden is one of the hot topics in the local government right now... how to incentivize stores/restaurants to move there with tax benefits etc. Brookfield has been buying lots of stores that close down so they can have more control over the contour of the road in the future.
$350,000 house, that means a combined income of at least $125,000 per year. Assuming both work full time at $62,500 jobs then it could be affordable. But if both are making over $60,000 that means both have at least bachelor's degrees. Home prices in general are outrageous. We are no longer living in a time of modest households and simple living. In order to live in a nice suburb now you need two people working full time in order to pay the mortgage and have all the luxuries that people generally associate with being made class.
To me Riverside is not really that affordable. Most of the homes are quite expensive there...occasionally you will find something at three hundred thousand or below. Berwyn and Brookfield seem more affordable. Berwyn has undergone some changes and some people may be gun shy of moving there. Brookfield does not seem to have any real cachet but it probably gives good housing for the dollar.
$350,000 house, that means a combined income of at least $125,000 per year. Assuming both work full time at $62,500 jobs then it could be affordable.
I don't know where you get this idea. I have heard a rule of thumb that you don't borrow more than three times your annual income. In that case, assuming a 20% down payment, a family would only have to earn a combined $93,000 to afford a $350,000 home. And many older people have more than 20% to put down, as they have paid down their previous mortgages.
But "rules of thumb" are kind of silly for home affordability, since everyone's situation is different. Some families make $125,000 on one income, and can afford more house than a family with $125,000 split over two incomes--since two parents working means childcare costs are high. And some people just live more inexpensively than others, and are fine with used modest cars. We certainly weren't comfortable borrowing three times our household income when we bought our house. But we certainly know people who have stretched like that.
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