Will a middle/upper middle class family fit in to Hinsdale, Glenview, Barrington, Elmhurst, North Shore? (Elgin: real estate, foreclosure)

[maxfischer]

Professional couple with 2 young kids, current budget for home is apx. $600K; when wife goes back to work in next year or two will be more like $800K. We are generally down to earth, non-materialistic. Looking for suburb with very good schools in North/Northwest/West suburbs - need decent commute to O'Hare and train access to downtown. Am considering everything from Hinsdale/Clarendon Hills/Western Springs, to Elmhurst, Barrington, Glenview, and possibly North Shore communities with OK commute to ORD (Deerfield, Northbrook), but not HP, Wilmette, Glencoe, LF. While we know we can find something in our price range that at least kind of works for us in all these areas, want to know whether we will fit in socio-economically in these areas, given our budget and the income level it implies. Just seems like lots of homes we see on the market in these suburbs are out of our price range (or way, way out) and concerned that while we'll get the benefit of good educations for our kids, we'll be among the less affluent of the parents and could be uncomfortable with that position (for ourselves for making social connections, for our kids not having to compare themselves with friends).

Q: Would we fit in from an income standpoint in these areas? Are the majority attorneys, bankers, doctors and we'd be at the lower end of income level, or are there also lots of regular joes and we'd be in the sweet spot? Which areas likely to work better - Elmhurst and Barrington probably better bets than Glenview/Hinsdale?

Q: Is there a website you can look up what percentage of households are in which income ranges for a given community?

This is an important issue my wife and I are thinking about so appreciate thoughtful responses. Thanks.

[chet everett]

First, plug for the host of the forum -- Stats about all US cities - real estate, relocation info, house prices, home value estimator, recent sales, maps, race, income, photos, education, crime, weather, houses, and more has LOTS of the income distribution data. Even the most affulent communities have SOME spread of income, some quite a bit.

Second, worry less about the homes you see advertised / showcased and focus more on homes YOU want / can afford. The majority of brokers / agents will spend more promoting the expensive places, most towns have some decent towns way more affordable housing that they don't need to showcase as it gets snapped up as long as it worth fixing up...

Third, I have no idea what a "regular Joe" is anymore. I mean there are guys that made / make a ton of money doing almost anything and there are guys who went to great schools and have top notch professional degrees and get blown into the weeds. It is pointless to worry about that. There are decent guys that make a million bucks a year and a**holes that make $30K -- the decent guys are good neighbors whether they are CEOs or managers of retail store. Don't move ANYWHERE expecting things to be like some TV show where the neighbors hang out. Does not happen much. 90% of suburban families are "on the run" to events for their kids. Sports, schools, arts put kids even close in age on different schedules. Sure you see the neighbor working in their yard, grilling out, maybe at parades or town pool, but it is much more important that you are pleasant and decent person and not so much what sort of job you have.

OK as to you specific question regarding income, you have the opportunity to SIGNFICANTLY expand the range of houses that you can afford if you have two incomes. Assuming that you and spouse are serious about going back to work and have good plans for childcare and such $800K buys MUCH more house than $600K. I have no idea what things will be like two years out, or even one, but right now that $200K would be a world of difference.

My wife works full time and did when the kids were school age. It was not real common in our suburban area for there to be two income families, and I don't think that has signficantly changed. The reality is that even in the most expensive towns in the region single income is still the rule. You and spouse have to decide how important that is to you. Not saying there are NO working moms, but the stay-at-homes are probably 80%+...

Even given that I still think it is far and away worth it to live in the BEST schools district you can afford. I think you need to expand your list. In addition to the areas on the BNSF like Hinsdale/Clarendon Hills/ Western Springs/LaGrange and Elmhurst on the UP West line you can find great situations in Wheaton & Glen Ellyn. Don't over look other towns on the UP NW line like Park Ridge, Mt. Prospect, Arlington Heights. Also Milwauke District North, Deerfield, Northbrook, Glenview.

If the kids are not school age you have the flexibility of shopping after school starts, that can be a great time to get a more 'anxious' seller, though you have to factor in likely buyers IF you have to sell a place too.

Originally Posted by maxfischer

Professional couple with 2 young kids, current budget for home is apx. $600K; when wife goes back to work in next year or two will be more like $800K. We are generally down to earth, non-materialistic. Looking for suburb with very good schools in North/Northwest/West suburbs - need decent commute to O'Hare and train access to downtown. Am considering everything from Hinsdale/Clarendon Hills/Western Springs, to Elmhurst, Barrington, Glenview, and possibly North Shore communities with OK commute to ORD (Deerfield, Northbrook), but not HP, Wilmette, Glencoe, LF. While we know we can find something in our price range that at least kind of works for us in all these areas, want to know whether we will fit in socio-economically in these areas, given our budget and the income level it implies. Just seems like lots of homes we see on the market in these suburbs are out of our price range (or way, way out) and concerned that while we'll get the benefit of good educations for our kids, we'll be among the less affluent of the parents and could be uncomfortable with that position (for ourselves for making social connections, for our kids not having to compare themselves with friends).

Q: Would we fit in from an income standpoint in these areas? Are the majority attorneys, bankers, doctors and we'd be at the lower end of income level, or are there also lots of regular joes and we'd be in the sweet spot? Which areas likely to work better - Elmhurst and Barrington probably better bets than Glenview/Hinsdale?

Q: Is there a website you can look up what percentage of households are in which income ranges for a given community?

This is an important issue my wife and I are thinking about so appreciate thoughtful responses. Thanks.

[nanannie]

I live in Barrington(Hills) and the commute to Ohare(non rush hour) is approx 40 min. toll way. I know of NO ONE in this community that asks/cares/ or is aware of how much one makes. You will find a great house in your price range ($800) and the schools are very good, as are the Park Districts and family activities. I can assume the other burbs are the same, certainly Elmhurst is ,(where I grew up) and the commute to Ohare is a breeze(again,non rush hour)The 600$ will limit you in all the mentioned burbs,which are all very nice places, but certainly not in any social situations. It seems you are very concerned about that and neednt be. If you should find people around here who judge you for how much you make, I am sure you wouldnt want them in your life. Have you considered renting for the first 2 years/or lease option? While 800$ puts you in most markets, 600$ will most certainly not.

[ChicagolandRon]

You should have no issues in Clarendon Hills (my current hometown of 14yrs) or Elmhurst (Mom lived there for over a decade).

[gardener34]

Personally, we based our housing choice on one income. That way, if someone gets laid off, you will not have to go into foreclosure if it takes a while to get back into the workforce. There have been more than a few of those I have seen.

600K will buy you a nice house in any of those burbs.

Personally, I don't dig the mcmansions/mini chateau thing. I am too frugal to want to pay those utility bills.

[ndfmnlf]

Personally, we based our housing choice on one income. That way, if someone gets laid off, you will not have to go into foreclosure if it takes a while to get back into the workforce. There have been more than a few of those I have seen.

This is smart strategy. Assume that there's only one income-producer in the household when there's actually two. Then buy a house that is worth not more than 3 times that one income. This forces you to curb spending and bank the other income so you'll be financially independent quickly. Once your financial assets have grown to a size that they will throw off passive income that will support your lifestyle indefinitely without having to work, then you can quit working.

[chet everett]

Honestly there is not a whole lot of inventory in the Hinsdale D181 school district under $700K, and even in LT district the ability to go up a bit really opens up the choices in Western Springs. LaGrange has a few more choices, but getting close to $600K is tough...

It is not the price of the house, it is the size of the mortgage. If you have the assets to plunk down a substantial down payment you have to weight that against using the funds for another opportunity.

[bodolo]

The North Shore is a great place to raise families and they're close to many cultural places and there's usually a Metra commuter train closeby. Lots of shopping and tends to have more things for families to do. $600K will get you a nice house, but many newer ones are very, very expensive. School districts are usually excellent, whether Highland Park, Deerfield, or Skokie. Cons: traffic is atrocious. Many of the North Shore suburbs, esp. those closer to Lake Michigan, tend to be more yuppified and snobs, in my opinion.

Arlington Hts. is a diverse Northwest suburb, close to transportation, and houses can range from $200K to over $2 million. A great place for families and again, great shopping and school districts. Closer to the airport and more centralized than the North Shore and Barrington.

Barrington is also a very nice area with older and newer houses, and, personally, with $600K, you could get something very nice. The school district is one of the best in Illinois.

Dont' discount places such as Sleepy Hollow near Dundee. Cons: Carpentersville and Elgin. Pros: A lot of house for the money. Older houses range from $280M to $500M+, more acreage than many suburbs, and right next to the Randall Road corridor which is expanding like crazy! Right next to Sleepy Hollow in the one or two unincorporated areas, you will find million dollar homes tucked away. Traffic is decent and the Elgin area (15 minutes away) has at least 3 private schools, one of which is a boarding school and costs less than private schools in the city or North Shore.

Also, don't let other bloggers scare you away from a suburb saying you cannot buy a house for less than $800K+. Nonsense. This isn't NYC or LA.

[chet everett]

There are lots of towns where buildable lots have changed hands for more than $600K. This is a fact.

In some of those same towns there may be a handful of homes that are available for less, but you can rest assured that these are in the least desirable location, in need of more than just basic fixing up, troubled in multiple ways.

Personally I prefer to shop towns that are priced a bit tighter, too broad a range is not by itself a bad thing, but it does suggest that there are some significant differences that can manifest themselves in any number of ways.

As others have suggested there are sources of data that attempt to objectively rank schools. Barrington is better than many, but not in the top tier of the region.

[Anthera]

Originally Posted by bodolo

Cons: traffic is atrocious. Many of the North Shore suburbs, esp. those closer to Lake Michigan, tend to be more yuppified and snobs, in my opinion.
.

Traffic on the North Shore is actually MUCH lighter than in other suburbs. Because of the Lake, we don't have the east/west traffic patterns that many other suburbs do. Going north/south, Sheridan, Green Bay, & Waukegan offer alternatives to the expressway.