House in the Suburbs - Liveable for a single sub-40 man? (Chicago: 2015, apartments)

[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??

[cte1866]

A few things:
1) definitely stop renting. You're throwing your money away. You can have a mortgage as much if not cheaper than rent. Even though you're in your 30's it's time to start thinking long term.
2) try finding a house near a train station. This way you have the best of both worlds.
3) if you do buy a house there is definitely maintenance to consider. I have neighbors who realized too late they hated mowing/blowing and generally taking care of their property. Having a house is work and nothing worse then to have someone move in next to you and they don't have any interest in mowing the lawn and taking care of weeds or maintaining the look of their home.
If don't want the work of a house then a condo would be the way to go.

[chet everett]

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??

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..

[JacksonPanther]

Best thing that ever happened to me was getting laid off from my suburban engineering gig, and moving to a downtown position in professional services. Yes, I'm suggesting you look for a city job. Best time to look for a job is while you have one. Might take you several months, but there are jobs in the city. Mainly with smaller engineering and software companies.

If you don't want to do that, then get some friends in the north suburbs and stop lamenting the city life that you don't have.

[blacknwhiterose]

Interesting article:


http://www.bizjournals.com/chicago/n...dervalued.html

[Lookout Kid]

I'm with JP. Move in to the city and get a job there. Your life will be better.

[TempesT68]

I have a friend that lives/works in Gurnee and likes it there from it's location being between Milwaukee and Chicago, as it opens up many more options for things to do on the weekends, and doesn't mind the drive. If you really dislike the suburban life, and would prefer to have more to do just outside your door, then I would suggest to do like others and find a new job downtown and live there

[almost3am]

I would rent in a community near the city. When I was single I wanted as few time sucks as possible and a house is a time suck. Find a relatively cheap place to rent until you are ready to settle down.

[blacknwhiterose]

Originally Posted by Lookout Kid

I'm with JP. Move in to the city and get a job there. Your life will be better.

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

[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.