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Old 02-17-2010, 04:45 PM
 
Location: Barrington
63,919 posts, read 46,725,169 times
Reputation: 20674

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Quote:
Originally Posted by LovesCatsandDogs View Post

This couple wants to live in a very nice, safe, fairly close-in suburb such as Wilmette or Winnetka ......
I don't know what is meant by " live in".
Condo/townhome or single family?
Are they renters or buyers?
If buyers, much will depend on how much of a downpayment they have.
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Old 02-17-2010, 07:01 PM
 
Location: Chicago, Tri-Taylor
5,014 posts, read 9,458,320 times
Reputation: 3994
Quote:
Originally Posted by skontoller View Post
150k will not go very far on the NS. Agreed.

That being said, the median income for most NS towns save Winnetka, LF and Kenilworth is less than 200k. So outside of these three communities they will be near the median.

Wilmette- Wilmette, Illinois - Wikipedia, the free encyclopedia,
Evanston-http://en.wikipedia.org/wiki/Evanston,_il#Demographics,
HP- Highland Park, Illinois - Wikipedia, the free encyclopedia
Glencoe- Glencoe, Illinois - Wikipedia, the free encyclopedia

How do people account for the dissonance between the data and the group's general opinion?

SK
US-Traveller and ajolotl give some good reasons. Until recently, houses in these types of suburbs weren't hyper-expensive relative to professional incomes, and a lot of people bought in when home prices were more in line with those incomes. So median income doesn't necessarily tell you everything about net worth.

Also, we live in a very competitive society, so a lot of people live beyond their means and will stretch their budgets in the name of prestige and, often, to put their kids into the "best" environment. Of course, if both spouses have to make career their #1, 2 and 3 priority to maintain a high end lifestyle and their kids turn out like the Menendez brothers, well, it isn't worth it.

To be fair, this isn't limited to the upper class. The lower demographics also do this, which is why there are so many foreclosures in lower median income suburbs and City neighborhoods now. Bottom line is it's always best to live where you can comfortably afford. It's pretty tough now for a younger salaried couple without a high net worth to do this in the most elite suburbs.
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Old 02-18-2010, 11:29 AM
 
Location: Chicago, Tri-Taylor
5,014 posts, read 9,458,320 times
Reputation: 3994
Here you go, if they're going to do it, may as well put all the chips in!

Rezko's Wilmette mansion on market for $3.5M - Chicago Breaking Business (http://www.chicagobreakingbusiness.com/2010/02/rezkos-wilmette-mansion-on-market-for-35m.html - broken link)

Wow! 8,596-square-feet. You'd be the envy of the parents in the Willmette Youth Soccer Club for sure with this bad boy. They'd be second to no one.
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Old 02-18-2010, 04:13 PM
 
69 posts, read 231,709 times
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Quote:
Originally Posted by US-Traveller View Post
All of that data is very odd. If you look at things like per capita income you get totally different results with Glencoe being second to Kenilworth. You have to take into account that many residents here don't make any money. A lot of retired people, and people that have high net worths without a lot of yearly income.

I've seen this rationale used before on this forum. While I concede that there are certainly high net worth people with low incomes I didn't think that was the norm for any of the NS neighborhoods. All the people I know from the NS are working professionals mostly lawyers, bankers, docs, etc. who make considerably more than the median but aren't wealthy per se.
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Old 02-18-2010, 05:16 PM
 
1,083 posts, read 3,724,829 times
Reputation: 324
No.
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Old 02-18-2010, 05:25 PM
 
69 posts, read 231,709 times
Reputation: 18
Quote:
Originally Posted by Anthera View Post
No.
Huh? No what?
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Old 02-18-2010, 05:32 PM
 
Location: USA
3,966 posts, read 10,697,875 times
Reputation: 2228
Quote:
Originally Posted by Lookout Kid View Post
No way--not if both spouses are working and child care is a factor. My wife and I have made more money than that for years, and with two kids there is no way we could afford that type of house in Winnetka or Wilmette. Double that income and then maybe we'll talk. But at the $150,000 income level, they will have to settle for a more reasonably-priced suburb.
Im scared when all of the United States will be like this.. and we'll all be like Tokyo living in 5x10 boxes.
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Old 02-18-2010, 05:55 PM
 
374 posts, read 1,036,461 times
Reputation: 131
LK is right. Most people are not thinking of childcare costs ranging from $20,000 to 40,000 a year.
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Old 02-18-2010, 09:13 PM
 
Location: Chicagoland
4,027 posts, read 7,288,050 times
Reputation: 1333
Quote:
Originally Posted by skontoller View Post
Huh? No what?
No the the original question.
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Old 02-19-2010, 09:35 AM
 
Location: Western Springs, IL
39 posts, read 140,866 times
Reputation: 15
Have you considered a budget? Energy, transportation, food, clothing, entertainment/recreation, and vacation costs are huge variables. You're making enough money for a great house in a great 'burb, provided you're living a sustainable lifestyle centered around the simple good things of life. Enjoy!
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