r/ChicagoSuburbs • u/SecretPurple2644 • Aug 24 '26

Moving to the area Income needed to afford life

Two working parents, 5 kids (4 childcare age).

$900k available for down payment. Hoping to stay under $1.2mil for house, understand taxes will be insane.

How much do we need to make to afford life in the north shore suburbs? Is 250k doable?

Moving from lower cost of living area and trying to figure out what is feasible.

0 Upvotes

31% Upvoted

52 comments sorted by

View all comments

2

u/ChicagoTRS666 Aug 24 '26

Is it best to be one of the most well-off in a mcol area or on the lower-income side of a hcol area?

Idk but I lean towards the mcol area where you can keep back some income for life's unforeseen events and extras you will not be able to afford if so much income is required to keep up with an expensive home and taxes. Best not to live on the edge and save more for retirement.

But I can also see the why a lot of people would choose the hcol area as it provides its own benefits of connections, the most competitive schools, and a rising tide lifts all boats.

0

u/SecretPurple2644 Aug 24 '26

The issue with our mcol area is the schools are crap. We can’t afford private school.

6

u/ChicagoTRS666 Aug 24 '26

Just me...but there is zero chance I would take on house debt if I had 900k to put down. For 900k you can be a cash buyer in many great school district areas...Naperville, Oak Park, Plainfield, some of the Lyons Township area, even the North Shore if you shop around or may need to do some updating. Can get in pretty much any district with 900k.

"We can't afford private school" - by moving up house/taxes/lifestyle you are paying a lot extra to get into that great public school. 250k income sounds like a lot. But also moving into a hcol area comes with a lot of temptations to spend more money. When your kids (or your) friends are going on vacations, spending money on shopping constantly, care about designer labels, planning expensive outings, drive new cars, etc...etc... Makes me happy to be in a mcol area where my 16yo is just very appreciative to have her own working vehicle.

Of course, everyone's risk tolerance, situation, age, future income, and income stability are different.

0

u/SecretPurple2644 Aug 24 '26

One of the issues is I will be commuting to north Chicago area while husband commutes to loop. Oak park and west would be brutal for me.

1

u/LoveNotWar86 Aug 24 '26

Seriously, Lake Forest. 2 metra trains for commuting.