u/WarParking2576

Hi everyone — follow-up question after my earlier post.
A lot of people mentioned that a 3-bed condo or townhome in Lakeview, Lincoln Park, or West Loop around $650k–$700k may not be very realistic.
So I’m trying to better understand the affordability side before adjusting our search.
For people buying in Chicago right now, what does the realistic all-in monthly payment look like for homes nearer to $800k?

I’m thinking all-in as in:
Mortgage
Property taxes
HOA
Homeowners insurance
Other recurring costs I may be missing

Also, what percentage of take-home pay do people feel is actually comfortable for housing in the city right now?
I know there are general rules based on gross income, but I’m more curious about what feels realistic in practice, especially for condos/townhomes in neighborhoods like Lakeview, Lincoln Park, West Loop, West Town, etc.
Would love to hear real examples from recent buyers or people currently house hunting. Thank you!

Hi everyone! My husband and I are starting to look for our first home in Chicago and would love some honest perspective from people who know the market well.

We’re hoping to find a 3-bed townhome or condo in Lakeview, Lincoln Park, or West Loop with a budget around $650k–$700k.

A few things we’re prioritizing:

3 bedrooms, or 2 bed + office that truly functions like a third bedroom

Reasonable HOA, ideally under ~$500/month

Good natural light

Garage Parking preferred

Strong resale potential

Ideally in a good school area, though we know that may make the search harder

We’ve seen a few places, but we’re starting to wonder whether this is too unrealistic for these neighborhoods, especially with current taxes, HOA, and interest rates. We’re open to a condo if the building is solid, but we’re also drawn to townhomes because of the lower HOA and more “house-like” feel.

For people who have bought recently or know the market:

Is a 3-bed in Lakeview/Lincoln Park/West Loop at $650k–$700k realistic, or should we adjust expectations?

Also curious if there are nearby neighborhoods you’d recommend that still feel walkable, safe, and have good resale value.