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The dirty little secret seems to be inheritance/generational wealth, such as boomer parents gifting a sizeable sum. People don't talk about it openly, but I'm sure it happens quite a bit. The stories in the below article, which is about people in the UK, probably come up here, too.
https://www.theguardian.com/money/2022/dec/03/why-inheritance-is-the-dirty-secret-of-the-middle-classes-harder-to-talk-about-than-sex
Accenture 2 yup. You still see deed restrictions on the books, prohibiting transfers to people of color (though of course they use words like "negroes" and "coloreds"). Those restrictions are meaningless now, of course, but that stuff persisted until very recently relative to how long those communities have been around. It's crazy.
Think I disagree with the premise here.
1) Chicago area is a massive metro (3rd largest in the country) in the wealthiest country in the world. Wouldn’t you suspect there to be a lot of $1M+ homes?
2) Though there are many $1M+ homes, they make up a pretty small fraction of homes.
It’s said above, but I suspect you’re framing this a bit differently now than you will in 5-10 years. If you’re making $300k now and saving $100k+ (and growing) for the next 5-10 years, You’ll have a lot to invest (with a mortgage) in a nice home that provides a very comfortable life in an asset you expect to slightly increase in value over time.
HHI $300k and we bought a place in Fulton for under $600k this year.
Admittedly 2b1b but fits our needs now and is 2000sqft and roof rights if we wanted to expand.
Depends what you’re looking for and timing but I think you can find great places way below that price point.
HOA of $400 isn’t as bad as a lot of property in Chicago. I agree it’s a waste but hard to avoid
For us it’s all about dual income. Our HHI is $550-$600K, we’ve got no college debt or car payment. We’ve got a $600K condo we could flip if we needed to. We’re going to be looking to buy in the $1m-$1.3M range in the next year or so when we’re around 35 years old. Really it’s just a numbers game (and hopefully a lower interest market by then)
A lot of people get help from parents. My husband and I did not, but he did live at home for a few years before I met him and that helped him buy a condo. When I moved in, it was a bit cramped, but we refinanced to a 15 yr when rates were low and started making great strides in building equity. Lived there for a few more years while looking for something bigger. By the time we bought a townhouse (which was around 700k), we had more than enough saved for 20% down. We also had money to renovate (about another 100k). We were about 35 at the time and had a combined income of about 400k. We are both great at saving, didn't own a car, no kids, no debt other than the house. It is doable but I won't say it was easy or that we did it alone. Living at home, scholarships and working in school or having parents that pay for school, not having children or to take care of ailing family, having a roommate or spouse, good paying jobs, all those things help.
I’m in the same situation. Neighborhoods have gentrified so quickly that even neighborhoods that feel middle class or upper middle are 1m and up. Condos 700k and up in said desirable neighborhoods. 😵💫
No rich parents or living above our means here. Combined income between me and my spouse was ~600k when we purchased (higher now). We wanted more space for our kids, wanted to be close to downtown, and didn’t want the burbs. So, now we have 4 BRs in the city and can comfortably live here for as long as we want. Well worth the purchase.
There is your answer, more income.
I bought my Logan Sq 2-flat fixer upper in 2008 when it was affordable over here. My home may be worth a lot these days, but I am never leaving since the neighborhood has gotten nicer and I could never afford to buy in Logan now!
Bought a $1.2m home in the burbs on $400k income at the time … wasn’t a stretch at all. Kept our downtown condo as a rental property as well. No money from family, just saved a bunch and lived beneath our means until we were ready to expand into something nicer. Rates were nice and low and got some immediate equity from valuation
I think a lot of it comes down to market conditions, personal preference (do you want lower monthly payments, how much are you comfortable putting down, etc.) and yes, if you have help or not. I’m a mortgage lender currently, and here are a few tips:
-Talk to a lender. A good one will lay out numbers for you and educate you instead of sell you. I recommend Proper Rate - you will get a reputable company with boutique service.
-Know the market (having a good real estate agent helps a ton). Sure, there are cool and glam places that go for 1MM+, but there are actually tons of gorg properties in the same areas+ that are much more affordable. Maybe that means a renovation or small improvement in the paint or appliances.
-Marry the house, date the rate. Markets will always change; you can refi (it’s normal) or consider other products that fit your financial needs.
-Be sure to ask yourself why you want the 1MM price tag? I’d bet there are properties that fit your wants/needs that are more affordable, even if just a bit. A good realtor will also come in handy here to show you private listings that aren’t on Redfin, discuss comps + negotiate for you.
Let me know if you need help. Happy to chat!
I have ownership in a brewery and a mail order coffee company. I invested $50k in each and after 5 years of the most recent boom time they are spitting off way more than that now.
We bought a 400k condo and stayed there for 12 years; at the time it felt like a huge stretch. Only recently moved to a 900k house now that incomes are higher and kids are older. We are in our forties. No generational wealth and a ton of student loans when we started off.
Seeing articles lately about people "living paycheck to paycheck" that make $300k+ (which they aren't because they are always doing things like maxing their 401k which eliminates paycheck to paycheck as an option) it's because they are house poor.
There are a lot of people living this way I believe.
@A2 Do you claim to live paycheck to paycheck?
My partner and I have a HHI a little higher (closer to $400K) and are contemplating a $1M+ish house purchase in the not-distant future without help from parents. We’re able to do this because we bought property in the city as early as we could afford to and will walk away with a very significant amount of equity from selling (as well as some savings of our own.) People do buy expensive homes on their own but it takes long term planning and sound investment and other decisions.
I can’t speak to Chicago but the person I know who has a $1,000,000-$1,500,000 (somewhere around there) house in San Francisco is an anesthesiologist. He works In heart surgery and is 2nd to the department chief (whatever those doctors are called). He has a nice house and makes a ton but has no vacation time and works all the time.
Not unexpected. It’s the outcome of that style government.
Anyone having some thoughts on a place like this? Can live in one and rent out the other two units for $600K in Andersonville: https://www.redfin.com/IL/Chicago/1422-W-Edgewater-Ave-60660/home/13410031?600390594=copy_variant&231528114=control&1778901559=variant&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet
A big code issue with the nonconforming garden units is that you need two points of egress. Many basement/garden units just have one exit, so it can be dangerous in a fire or flooding situation. If you have a door on one end and a large enough window on another, that helps mitigate things.
Why would you want to spend $1M on a place in the city?
Cause you get to live in the city?
3br cost $725k here — wife and I make a combined $310k before bonuses. We have the advantage of not having a car payment though.
This is why the average age of first time home owners bumped up to 36.
This question makes sense given the current rates but a 1M dollar house when rates were 2.75 with 20% down is obviously a lot more than rates at 7 or higher. Answer could just be "interest rates were much lower"
https://statisticalatlas.com/place/Illinois/Chicago/Household-Income
Old numbers, but decent context. If you’re making above 200k HHI in Chicago/Illinois, you’re in the top 5% of households. And if you’re conservatively flavored, you should aim to own that on one earners income, not both, because servicing the monthly payment (rather than pulling together the down payment) is the general concern in todays environment
Living in Chicago with a similar combined salary and we were able to get a new 3 bed 2 bath for 510k in Logan Square. You just have to find a good agent that will support you in finding what you're looking for
New Construction near Milwaukee Ave./Central Park Ave. We purchased last May