I've accepted a job in the west Suburbs of Chicago. Looking to settle down and start a family. However, these prices are INSANE. I am currently limited to 1mil (physician loan) which allows us to put 0 down. The thing is, even at this price, inventory is very little in Naperville, Glen Ellyn, Wheaton ,etc (areas we would ideally like to settle down). I understand these are hightly desirable locations and the resale value is great but also the homes we are looking at are.. meh for the prices…My wife and I are torn between making the significant effort to buy now (a home that may not be our "dream home") versus waiting a year or two until we save enough to buy something better. For context, my salary starting in August will quadruple and so to me it doesn't seem like a terrible idea to wait out a year or two, save a substantial down payment and go for a >1Mil home.
What would you guys do? Thanks
Physician: Buy or rent? West Chicago suburbs
byu/Hyddr_o inRealEstate
Posted by Hyddr_o
4 Comments
Do you see yourself living in Chicago for a long time? What is your student loan balance? Any high interest unsecured debts? Do you see yourself benefitting from the forced savings vehicle of a mortgage, or are you a disciplined investor who finds it easy to live below their means?
The answer will change quite a bit depending on how you answer these questions.
Did you sign a one year contract? If there is a chance you will leave in 1-2 years then renting for now might be better. If you know you are going to stay in the area then buy now and when you are ready you can always chase that dream home.
What we did was buy a smaller house in a different county than our target to make it more affordable. If you don’t want to live further afield then I say wait a year or two, save, and live in your target area.
Look in DeKalb and commute 30 mins. You can buy a mansion in DeKalb and the schools are great.