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Old 03-01-2012, 11:52 AM
 
Location: Troy, NY
33 posts, read 73,666 times
Reputation: 13

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I was offered a job in Chicago, but I'm unsure where to live? My wife and I will have a combined income of about 40k.

We are looking for homes 150k and less

We would like to be within walking distance of activities/lively areas. We are in our mid 40's. We'd appreciate any ideas. Thanks
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Old 03-01-2012, 12:02 PM
 
Location: Chicago, IL
771 posts, read 1,400,623 times
Reputation: 438
Quote:
Originally Posted by christosNY View Post
I was offered a job in Chicago, but I'm unsure where to live? My wife and I will have a combined income of about 40k.

We are looking for homes 150k and less

We would like to be within walking distance of activities/lively areas. We are in our mid 40's. We'd appreciate any ideas. Thanks
Combined 40k and you want to buy?! If I were you I would rent, although right now is the time to buy, I am not sure if with that combined salary it is the wisest.

My advise, I would rent for year and see how things go. With 40k you guys shouldn't have too much trouble finding a one bedroom apartment in active and lively neighborhoods.

Define "lively" and the type of activities you like to do? I think it would help determine a lot more. Also your age would help as well.

I am not sure if you are going to find too many places that are 150k in a "lively and active neighborhood" and if you do it would most likely it will be a studio or a small one bedroom condo. Which is fine if you want it, but I am not sure if it would be worth it.
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Old 03-01-2012, 12:18 PM
 
14,798 posts, read 17,753,104 times
Reputation: 9252
Quote:
Originally Posted by ChikidII View Post
Combined 40k and you want to buy?! If I were you I would rent, although right now is the time to buy, I am not sure if with that combined salary it is the wisest.

My advise, I would rent for year and see how things go. With 40k you guys shouldn't have too much trouble finding a one bedroom apartment in active and lively neighborhoods.

Define "lively" and the type of activities you like to do? I think it would help determine a lot more. Also your age would help as well.

I am not sure if you are going to find too many places that are 150k in a "lively and active neighborhood" and if you do it would most likely it will be a studio or a small one bedroom condo. Which is fine if you want it, but I am not sure if it would be worth it.
Very prudent advice.
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Old 03-01-2012, 12:34 PM
 
Location: Uptown
1,520 posts, read 2,584,023 times
Reputation: 1236
Gold Coast, River North, Wicker Park, Lincoln Park everything else is ghetto.









seriously though, rent in Rogers Park.
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Old 03-01-2012, 12:40 PM
 
14,798 posts, read 17,753,104 times
Reputation: 9252
Quote:
Originally Posted by Aleking View Post
Gold Coast, River North, Wicker Park, Lincoln Park everything else is ghetto.









seriously though, rent in Rogers Park.
LOL! Edgewater as well.
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Old 03-01-2012, 12:40 PM
 
Location: Wicker Park/East Village area
2,474 posts, read 4,181,852 times
Reputation: 1944
Quote:
Originally Posted by Aleking View Post
seriously though, rent in Rogers Park.
Who'd want to rent in that ghetto?
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Old 03-01-2012, 01:22 PM
 
Location: Troy, NY
33 posts, read 73,666 times
Reputation: 13
Thanks for the replies.
We're actually selling our home in upstate NY, so we'll hopefully have about 100k cash to put towards another house.
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Old 03-01-2012, 01:23 PM
 
28,453 posts, read 85,586,764 times
Reputation: 18731
There are an awful lot of condos that could be purchased for the OP's target price, especially if they have no kids and don't need to worry about school attendance boundaries. If they have cash and do not care about things like financing in a building with too many renters to allow for FHA approval guidelines that really opens up the possibilities.
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Old 03-01-2012, 01:28 PM
 
Location: Chicago, IL
771 posts, read 1,400,623 times
Reputation: 438
Quote:
Originally Posted by christosNY View Post
Thanks for the replies.
We're actually selling our home in upstate NY, so we'll hopefully have about 100k cash to put towards another house.
Even with that much money as a down payment I would rent for a year. There are tons of neighborhoods in Chicago and its best to get a feel for what you might like best. It would suck if you bought something and then later found out there was a neighborhood you liked much better.

Regardless, 150k isn't going to buy you very much in Chicago. In a good neighborhood it would like a studio condo or a small 1 bedroom (which both are not that common). You might be able to get more with that in the ghetto but maybe not even then. I don't know what COL is like where you are from, but 40k is a doable salary in Chicago for a single person without a mortgage. However seeing as it is two people will be living off this amount, it will be tough. While Chicago is no NYC, DC or SF in terms of COL it is not cheap whatsoever at all.
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Old 03-01-2012, 01:34 PM
 
Location: Troy, NY
33 posts, read 73,666 times
Reputation: 13
Renting would be the wisest, I definitely agree. Chicago is a big place and all of your advice helps me narrow my focus to a few places, which I appreciate cause this is a bit overwhelming.
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