What a $850,000 family home budget means in Chicago
35% of net — at the stated ceiling. Workable with both incomes; uncomfortable on one.
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$850,000
$6,381
35%
The best short-list neighborhoods at this budget.
Kenwood
The single cleanest fit. Linda's commute is shortest here, the high school is the strongest non-lottery option in CPS, the demographic mirrors the family, and budget buys actual single-family inventory. The elementary question is real — but solvable. This is #1.
Pick 2Hyde Park
If they win the Murray magnet lottery or self-fund Lab Schools (or qualify for U Chicago faculty discount), Hyde Park jumps to #1 because the commute and walkability are unbeatable. Without that, the zoned elementary is a real unsolved problem. Tour with Murray application status in mind.
Pick 3Beverly
The 'more house, longer commute' play. Best pick if Linda's schedule consolidates (4 days/wk in-person, OR overnight call in a hospital apartment) — the commute math then becomes acceptable. If she stays at 5/wk with rounds at 7am, it's a daily 30-min reality check. Strong #3, but only if commute logistics give.
Budget rules from the sample report.
- Maximum offer: $900k on a true unicorn; $850k on a great fit; $750k is the bullseye.
- Keep at least $100k liquid post-close. With one kid in childcare ($2k+/mo) and another starting Pre-K, the cushion is non-negotiable.
- Plan for the 6.4% rate we lock today — not a hypothetical refinance.
- Cook County's effective tax rate of 2–3.5% (Hyde Park ~2.1%, Oak Park ~3.4%) is built in forever. Always model monthly with PITI, not P&I.
- Stress-test on Linda's salary alone ($300k of HHI). If the monthly is >40% on her income, walk.
A budget only matters when it is tied to your income, down payment, commute, and school priorities.
This page uses one sample family profile. A custom report recalculates affordability and neighborhood fit around your actual numbers.
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