Cost of living: moving from SF bay area to (northern) Chicago suburbs

*RedHot* · February 2014

Hubby and I are considering moving out of the bay area and accepting a job in a town ~30 mins north of Chicago. We're concerned we won't make enough to have the life that we want as we expand our family from 3 to 4. Any thoughts on what a couple might need to make living in a 4BR/2BA single family house in the libertyville/grayslake/round lake beach area?

Sisugal · February 2014

Look on zillow.com or realtor.com to check out the cost of 4 bv2ba homes in your desired area. Figure your housing at 25-28% of takehome pay.

smerka · February 2014

I live in the Chicago burbs, but I live west of Chicago. The towns you are talking about would be more NW suburbs. I think you will find the housing a lot cheaper here than in SF. I would guess your standard 2,000 SF house would be around $350,000, give or take $50-75,000 depending on the school district. Beware though. The property taxes are pretty brutal. Our schools are funded mostly by property taxes, not by the state. Our $270,000ish, 2,500 SF house costs us about $9,200 in taxes a year. I think the median household income for the area you're talking about is probably in the $100,000 range

*RedHot* · February 2014

Thanks, Sisugal. Do you think 28% is realistic with the cost (in that area) of two kids in daycare/preschool?

*RedHot* · February 2014

Thanks so much for the info, Smerka! I had heard the property taxes were brutal. I read somewhere 3% of your homes value. Is that accurate for the entire Chicago area? Also, do you think a family earning $100K could afford a $350K house? In the bay area, you'd need to make closer to $200K to afford that so my frame of reference is way off. :-)

smerka · February 2014

The property taxes are very dependent on the school district. Are you sold on the Libertyville area? That is the priciest of the three places you listed. The further you get away from the city, the cheaper the housing. We paid about $300,000 for our house in 2008. It has since lost value, but we don't intend to move for a very long time. We also put down a large down payment ( about 50%) so I could stay home with the kids. My DH makes about $65,000 a year so it can be done but we don't have a lot of luxuries.

*RedHot* · February 2014

This is very helpful. Thanks, Smerka.

ShannonMMc · February 2014

Of the places you listed, if your intent is to start and raise a family and you are worried financially, I would choose grayslake. The area is booming. I went to high school in the area and am quite familiar with the different places listed. Libertyville is the nicest, their schools rank the highest, but its is the most expensive. Grayslake is just down the street and is continuously growing, their schools keep improving and it is more economical. Round lake is hit or miss on the neighborhoods; while housing is cheaper, the school systems are not as good. Some sections of south Gurnee would definitely be in that consideration as well, which border on Grayslake. I think you can find something nice there, you will be by the highway at 94 for access to the City and surrounding areas.

My husband and I recently purchased in the west burbs and have the same concern with the property taxes.

With the area you are coming from, with which I am also familiar, the cost of living is a bit cheaper and the pricing for the actual homes are cheaper as well.

MsKarli · February 2014

I currently live in Gurnee/Grayslake and manage a local daycare next to Gurnee Mills. I would highly suggest Gurnee, Grayslake, Libertyville or Vernon Hills. You may want to rent before buying and any one of these towns have great school districts. And just for an idea of of finances, our two bedroom apartment is $1100 a month and my mother's two bedroom end unit town home is $1200 a month. Also I would not call this area North West suburbs, most call it far north suburbs, or North East. Is all in Lake County. Also you will be 45 minutes from Chicago and exactly 45 minutes from Milwaukee. Many families commute to either city for work! Hope this helps!

*RedHot* · February 2014

Thanks, Shannon & MsKarli.

We would be looking to rent a single family house as we have a large dog (which most apartments don't allow), we would like a yard for both him and our kids to play in when the weather is nice and when we decide to have a second child, we don't want to be disturbing our neighbors with a crying baby.

We had planned to rent before buying to get a sense of the area and find the place that is a perfect fit for us. We did that when we moved to California and it worked out really well. Now its time for our next chapter. :-)

Thanks, everyone, for all the info, cost estimations on rent/taxes/etc, suggested neighborhoods & school systems… Its all super helpful!

BlackBooks · February 2014

Hi! Lurking from the Bump! The areas you mentioned vary greatly in terms of housing cost and quality of schools. Round Lake has a historically bad school district and has had some issues with gangs. Libertyville has a charming downtown area and the higher price housing of the three towns mentioned. Grayslake is close to the mall and restaurants in Gurnee and is home to the community college for Lake county.

All of these communities are convenient to the headquarters for Abbot or Motorola but they are at least an hour drive from the city. Round Lake and Grayslake would be closer to an hour and a half during rush hour. If you are looking for an easy commute from the city you need to look further south or be willing to take the Metra, the local commuter train. Many people do commute, as a pp mentioned, but don't expect to be in Chicago or Milwaukee in 45 minutes.

edited to tag @*RedHot* since this is an older thread. Sorry guys!

or not - maybe it is the asterisks?

Cost of living: moving from SF bay area to (northern) Chicago suburbs

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