House in the Suburbs - Liveable for a single sub-40 man?

[JacksonPanther]

Originally Posted by blacknwhiterose

Unless I switch fields to business or services, that's simply not an option for me.

There's not much more we can help you with. Get a place in the city, drive 90 minutes in the morning and likely 2 hours in the evening. There's no magic, undiscovered community that will give you a downtown lifestyle and a short commute to Gurnee.

[chet everett]

Originally Posted by blacknwhiterose

I'm no fan of suburban living, as far as social opportunities and my greatest passions are concerned. Living in a mundane, far-out suburb no doubt limits my social life.

That said, I have a great profile to get into a home loan right now. My parents are actually offering to help pitch in some $$$ to help me with the down payment and taxes for the first year while I'm getting settled in. My family/roots will always be here, so that could be a good argument for me to buy now and invest a chunk of my capital here. I guess it's not such a bad prospect if I evolve my mindset towards frequenting the city just on weekends and less on weeknights. Living in the suburbs no doubt takes a toll on my mood, but if I can get into a good investment, I'll just adapt my lifestyle accordingly and learn to make the most of it. I could get a roommate to help with the mortgage, and socialize with friends on weekends or when I travel abroad. If I find a job in Mexico or somewhere else, if it's a desirable house, I can always rent out or just sell it.

I gonna talk to the RE agent some more about what neighborhoods are anticipated to appreciate the most, and weigh my options.

I used to sell real estate for a living! I owned rental homes. I still have many friends / business partners that still are active in real estate and we all agree that there are BETTER PLACES TO INVEST YOUR MONEY!

The only "advantage" to real estate over most other opportunities is that you can get a start with very little out of pocket, BUT WITH HIGH ILLINOIS PROPERTY TAXES that advantages is ALMOST ALWAYS totally negated!

PLEASE DON"T JUST TAKE MY WORD FOR IT DO SOME RESEARCH!!

The surprising myths about investing in real estate

What's the catch in investing in real estate for rent? - Personal Finance & Money Stack Exchange

Real Estate Investing: The Best and Worst Markets for Property Taxes - US News

10 States With the Highest Property Taxes in America -- The Motley Fool

[reppin_the_847]

Originally Posted by blacknwhiterose

Do any people in their 20s/30s move into a house in the suburbs? Was it death to your passions, social life? Housing stock is up 10% in the United States since last January and I'm currently thinking about purchasing one. Being a 30-something male who has rented for years, I feel social pressures to have a house/investment. My job is located way out in Gurnee where there's nothing to do (unless you consider Gurnee Mills or Starbucks exciting) and it's a no-man's land half way between where my friends live in Chicago proper and up in Milwaukee. I had been renting in Highwood, which wasn't too bad a commute to downtown, but there's little desireable/affordable housing stock around there. If I look for a house closer into the urban core, prices/taxes go way up beyond my means. Most stuff I like to do occurs downtown, which would be a heavy 1-1.5 hours one-way drive from Gurnee. The houses I'm looking at are attractive, desirable, appreciate in value, and tend to be re-sellable very fast. I'm approaching it as an investment I could make some money off of within a few years and be able sell quickly if I ever wanted to move.

I'm at a crossroads in life, I can't justify sending rent to landlords for the rest of my life and I think Condos/Townhomes aren't really worth it either. Condos are just sort of glorified apartments and I rarely hear of anyone coming out much in the black on them. All of the job sites in my field of work are located way out in the suburbs/exurbs on the north side of lake co or mchenry co (ahh, the glamorous life of an engineer in the USA). I enjoy the convenience of the suburbs and access to the countryside and friends/relatives in southern WI, but Chicago is so large scale the commutes into downtown for the social life can be nightmarish. I'm not married, but feel the conflicting interests of wanting to save money, make investments, etc. Does anyone else feel this way?

I'm thinking I could just accept living in the burbs and suck up the longer commutes to the stuff I like to frequent (dive bars, salsa clubs, live music gigs, sports events), and get myself locked into a good mortgage that will appreciate and help me to gain resources. If my social life takes a hit, I'm perhaps at an age where I'm willing to have less immediate social capital and more resources to travel more. I'm currently dating a woman in a foreign country anyways, so I could just work/live in the burbs and save my passions/social life for when I travel and occasionally see friends in Chicago or Milwaukee.



Has anyone else faced a similar conflict of interests? Thoughts??

Maybe look into properties that are within walking distance of a METRA station such as Libertyville. Very easy commute to Gurnee & very desirable area in terms of real estate.

[Aredhel]

Originally Posted by blacknwhiterose

That said, I have a great profile to get into a home loan right now. My parents are actually offering to help pitch in some $$$ to help me with the down payment and taxes for the first year while I'm getting settled in. My family/roots will always be here, so that could be a good argument for me to buy now and invest a chunk of my capital here.

None of that matters a bit if you won't actually enjoy living in a house.

Living in the suburbs no doubt takes a toll on my mood, but if I can get into a good investment...

I gonna talk to the RE agent some more about what neighborhoods are anticipated to appreciate the most, and weigh my options.

NO! NO, NO, NO, NO NO! Do not think of home ownership as an investment! In the overwhelming majority of cases, it is not. It usually barely beats inflation long-term. (The exception is buying real estate to rent out to others, but that's not what we're talking about here.) And particularly for a single person, it's generally more cost effective to rent a small apartment than to buy a house. Houses are costly to maintain.

Owning a house versus renting is primarily a lifestyle decision. Do you WANT to live in a house? if yes, then buy one. But don't buy a house under the assumption it's a great investment.

[Lud Kissel]

Originally Posted by chet everett

While I am big fan of suburban living for folks that can take advantage of its pluses the situation that you describe is NOT driven by the correct motivations! Do not make the mistake of assuming "houses sell fast" and 'appreciate' -- turn back the clock to when McCain and Obama were running for office just about 7 years ago AND THE BOTTOM WAS FALLING OUT OF HOUSING!! Lots of stupid people in generic suburbs that over paid back then are STILL UNDERWATER!!!

If you like suburban lifestyle that is one thing but you seem to be the type person that LOVES heading into the city and that will conflict very quickly with even BASIC property maintenance. If you are not keen on cutting your lawn and shoveling your snow that means MORE MONEY out of your pocket to hire out those things and/or neighbors that hate you for having a scruffy looking place.


Wait till your priorities change and then consider where your partner might live or you risk your next relationship being with somebody that make your commute even more of a hassle..

Chet, you been doing a little bit of drinkin?

[mr roboto]

Originally Posted by Aredhel

None of that matters a bit if you won't actually enjoy living in a house.



NO! NO, NO, NO, NO NO! Do not think of home ownership as an investment! In the overwhelming majority of cases, it is not. It usually barely beats inflation long-term. (The exception is buying real estate to rent out to others, but that's not what we're talking about here.) And particularly for a single person, it's generally more cost effective to rent a small apartment than to buy a house. Houses are costly to maintain.

Owning a house versus renting is primarily a lifestyle decision. Do you WANT to live in a house? if yes, then buy one. But don't buy a house under the assumption it's a great investment.

This x100,000. 'Your home is an investment!' is the single most destructive 1/2 truth in American personal finances.

[RJA29]

Originally Posted by mr roboto

This x100,000. 'Your home is an investment!' is the single most destructive 1/2 truth in American personal finances.

Over time, however, there are advantages to living in a home if it suits one's lifestyle.

Tax deductions, equity, and often more space against renting can indeed be bonuses. This doesn't mean that it will pan out, but over a longer period of time owning (in opposition to renting -- not to investing in the market, etc) can indeed make sense.