our car line up

[Mogobs30th]

Re: our car line up

There must be quite a bit of price difference between renting per month and mortgage payments (around here it's as low as $100-$150 more a month difference). I don't know anyone in their right mind that would choose throwing their money out the window every month instead of equity, around here at least.

My apartment rent is around $1100 a month in Schaumburg, IL, 30 miles or so from Chicago, still in the metro area. 800 sq. ft. condo's are going for almost $180,000, which with the property tax in Cook Cty as is, is a mortgage payment of around $1500 a month. These condo apartments are nothing special, usually have no garage, no patio, 2 bedroom, 1 bath condo apartments. Houses, here in Schaumburg and in the surrounding villages, are starting now lower than $265,000, for two or three bedroom, ONE LEVEL, one car garage. Property taxes range anywhere from $5k a year, to almost $24k a year in Dupage Cty. There is a HUGE difference to living in an apartment than owning a apartment or house here in Chicagoland.

[DAS BOOT]

Re: our car line up

The differnence is still better off... keep an eye on the housing market... its been changing recently, so it IS affordable again.

[Mogobs30th]

Re: our car line up

The differnence is still better off... keep an eye on the housing market... its been changing recently, so it IS affordable again.

I can't afford a $3000 a month mortgage. I CAN afford an $1100 apartment rent. Only thing that will help me is the tax increase. If the Cook Cty tax increase happens, the property value will drop, making the houses slightly more affordable.

[WishIHad$$$]

Re: our car line up

My apartment rent is around $1100 a month in Schaumburg, IL, 30 miles or so from Chicago, still in the metro area. 800 sq. ft. condo's are going for almost $180,000, which with the property tax in Cook Cty as is, is a mortgage payment of around $1500 a month. These condo apartments are nothing special, usually have no garage, no patio, 2 bedroom, 1 bath condo apartments. Houses, here in Schaumburg and in the surrounding villages, are starting now lower than $265,000, for two or three bedroom, ONE LEVEL, one car garage. Property taxes range anywhere from $5k a year, to almost $24k a year in Dupage Cty. There is a HUGE difference to living in an apartment than owning a apartment or house here in Chicagoland.

Are you saying $1500 monthly after property tax, or before? Don't forget property taxes and mortgage interest (which is what, 1/3-1/2 of your mortgage payment?) are both tax deductions, most people fall in the 20-25% tax bracket so imagine that your monthly payment is reduced by the appropriate percentage of combined mortgage interest and property taxes. Rent is 100% NOT DEDUCTABLE on federal taxes and you get to keep 0% of your monthly rent once it's paid.

Maybe you won't get as nice of a place if you buy but at least your equity is building (by mortgage payment minus 75-80% of combined prop. taxes and mortgage interest). I can live with having not such a nice place if the difference was nearly marginal, if it meant the difference between renting and owning.

That's my personal preference though. Maybe it's not nearly as simple as I have put it for your area, maybe in Chicago it's hard to get a decent interest rate, who knows what down payment you could afford or what your credit score is. I just think that if you can afford it, it doesn't make much sense not to.

I mean I'm also willing to change my location and increase my commute to 1 hour one-way a day, if it meant that I could own.

[Mogobs30th]

Re: our car line up

Are you saying $1500 monthly after property tax, or before? Don't forget property taxes and mortgage interest (which is what, 1/3-1/2 of your mortgage payment?) are both tax deductions, most people fall in the 20-25% tax bracket so imagine that your monthly payment is reduced by the appropriate percentage of combined mortgage interest and property taxes. Rent is 100% NOT DEDUCTABLE on federal taxes and you get to keep 0% of your monthly rent once it's paid.

Maybe you won't get as nice of a place if you buy but at least your equity is building (by mortgage payment minus 75-80% of combined prop. taxes and mortgage interest). I can live with having not such a nice place if the difference was nearly marginal, if it meant the difference between renting and owning.

That's my personal preference though. Maybe it's not nearly as simple as I have put it for your area, maybe in Chicago it's hard to get a decent interest rate, who knows what down payment you could afford or what your credit score is. I just think that if you can afford it, it doesn't make much sense not to.

I mean I'm also willing to change my location and increase my commute to 1 hour one-way a day, if it meant that I could own.

Thats the whole point I make, its all about affording it. If you want a 3 bedroom, 2 bath, 2 car garage, and a basement, you're looking at $2500-$3000 a month for that house, and it won't be a pretty house. Im going to get a house, but probably nowhere near Chicago, Cook Cty, or the surrounding Lake or Dupage Counties. The home prices start to go down alot once you get into the farther counties like Kane and McHenry. If I can find a map, I will post one, and point out directly where I live....

Got it....


1. Where I live
2. Where I work
3. Downtown Chicago area, which I have to have access to without problem
4. Where Im going to have to buy a damn house at

Between points 1 and 2, it takes a little over an hour to get to every morning.
Between points 1 and 3, about 1 1/2 hours on any given day in the morning, and depending on the time of day, anywhere from 45 minutes to 3 hours back.
Between 2 and 3, about an hour.

Never been to point 4, but probably 45 minutes from point 1. ACK!!!

[kristen]

Re: our car line up

wow that sucks dude.

i working northeast philly(not in the city) and i live about 10 mins from there now. my husband works in the city, about 40 mins from our house. we're going to the burb closer to his work. so it will be like an hour drive to work for me. but the houses are new out there. and alot cheaper.

get married, JOINT INCOME.