[willu]

That might be realistic for a condo, but a single family home at that price would have to be a serious fixer-upper or have some other significant flaw (near gang areas, etc.). The types of homes most urban professionals would consider suitable are hard to find under $500k in Chicago. And if you're targeting one of the few decent public school districts, even that number is a stretch.

[tptacek]

No, this is just not true at all. Sorry. Read the other branch of this thread.

For what it's worth: I paid nothing close to 500k in Oak Park, 5 minutes on foot from the Green Line, in one of the best school systems in the area.

[wglb]

I am not sure where your figures come, but as someone who looked seriously at eight houses in various neighborhoods of Chicago, you can find quite suitable houses in the $200-250k range.

[willu]

I guess I should have specified that I'm thinking of 3+ bedroom homes. Here's what Zillow looks like for a wide drawing of north-side Chicago SFHs under $250k.

http://www.zillow.com/homes/for_sale/house_type/3-_beds/0-25...

This is dominated by auctions and homes in very rough west-side neighborhoods. Yes, there are a small handful of exceptions which are typically very old homes that have not been updated in decades, but to act like above $250k is "weird" or out of the norm is just not in line with reality.