Complete Housing Cost Breakdown for Elmhurst

The Housing Market in Elmhurst Today

Elmhurst, Illinois is an affluent western suburb of Chicago known for its excellent schools, picturesque downtown, and convenient access to the city via Metra trains. The housing market in Elmhurst is shaped by its strong local economy, highly rated school district, and proximity to major employers like Edward-Elmhurst Health and Elmhurst University.

Compared to neighboring suburbs like Oak Brook and Hinsdale, Elmhurst offers a mix of relatively affordable starter homes and luxury properties. The city’s housing stock includes many historic homes dating back to the early 1900s, as well as newer construction townhomes and condos.

Elmhurst’s population has remained stable in recent years, but demand for housing continues to be strong due to the city’s desirable amenities and location. Low inventory and competition from buyers moving out from Chicago have kept home prices elevated. Understanding the nuances of Elmhurst’s housing market is essential for anyone looking to rent or buy in this sought-after suburb.

Renting in Elmhurst: Typical Costs and Trends

Rental prices in Elmhurst tend to be higher than the Chicago metro average, reflecting the city’s high quality of life and convenient location. As of 2023, a typical one-bedroom apartment in Elmhurst rents for around $1,400-$1,600 per month, while two-bedroom units average $1,800-$2,200 monthly.

Young professionals and families are the most common renter demographics in Elmhurst, often drawn by the acclaimed schools and easy commute to downtown Chicago. Rental properties are concentrated in the walkable City Centre area and along the Metra train line.

Proximity to public transit is a significant factor in Elmhurst rental prices. Apartments within walking distance of the Elmhurst Metra station often command a premium. Renters can find more affordable options in the northern and southern reaches of the city, further from the train.

Owning a Home in Elmhurst: Prices, Taxes, and HOA Fees

The median home price in Elmhurst is approximately $550,000 as of 2023, well above the national median but in line with other desirable Chicago suburbs. Elmhurst’s property tax rate is 2.72%, which translates to about $14,960 annually for a median-priced home.

Many of Elmhurst’s newer developments, particularly townhome and condo communities, have homeowners associations (HOAs) to maintain common areas and amenities. HOA fees in Elmhurst typically range from $200-$400 per month, covering services like landscaping, snow removal, and exterior maintenance. Some higher-end communities with extensive amenities like pools and fitness centers may have fees upwards of $500 monthly.

It’s important for homebuyers in Elmhurst to factor in both property taxes and HOA fees when budgeting for their purchase, as these costs can add significantly to the monthly housing expense. However, the tradeoff is often worth it for access to Elmhurst’s excellent schools, charming downtown, and strong community amenities.

Utility & Upkeep Differences

Elmhurst residents can expect to pay more in utility costs for a single-family home compared to an apartment, simply due to the larger space to heat and cool. Houses also often have additional energy expenses like water heaters and multiple appliances that renters don’t have to account for.

Maintenance is another key area where houses differ from apartments. Elmhurst homeowners are responsible for all interior and exterior upkeep, including big-ticket items like roof repairs, HVAC maintenance, and appliance replacement when needed. Renters are generally only responsible for minor repairs and routine cleaning. These added maintenance costs can easily run hundreds of dollars per month for homeowners.

Elmhurst’s climate means that both renters and owners will contend with cold winters and hot summers. Good insulation and efficient HVAC systems are important for keeping utility bills manageable. Elmhurst also sees a fair amount of snow, so budget extra if you’ll need to pay for a plow or snow removal service as a homeowner.

5-Year Rent vs Buy Outlook

Looking at the next five years, both renting and buying in Elmhurst have their advantages. Renting offers flexibility and predictable monthly costs, which can be ideal for those who may need to relocate for work or want to save up for a larger down payment.

Buying, on the other hand, provides the opportunity to build equity and potentially see appreciation in home value over time. Elmhurst has a history of strong property values due to its location and amenities. Even with the added costs of property taxes, HOA fees, and maintenance, buying can make financial sense for those planning to stay in the area long-term.

Assuming a 20% down payment and 3% annual appreciation, a $550,000 home in Elmhurst could be worth over $635,000 in five years. Even after accounting for selling costs, a homeowner could come out ahead compared to renting. Of course, individual circumstances like income, debt, and savings goals will impact the rent vs. buy decision.

FAQs About Housing Costs in Elmhurst

• How much are HOA fees in Elmhurst?
  HOA fees in Elmhurst typically range from $200-$400 per month, but can be higher for luxury communities with extensive amenities. Not all homes in Elmhurst have HOAs.
• What is the property tax rate in Elmhurst?
  The property tax rate in Elmhurst is 2.72% of a home’s assessed value. For a median-priced $550,000 home, that equates to about $14,960 per year.
• Is renting cheaper than buying long-term in Elmhurst?
  Renting can be cheaper than buying in the short term, but Elmhurst’s strong property values and potential for appreciation mean that buying may be the better financial choice over a 5+ year period.
• Do houses have higher utility costs than apartments?
  Yes, houses in Elmhurst typically have higher utility costs than apartments due to the larger space and additional appliances like water heaters. The exact difference will depend on the size and efficiency of each home.

Making Smart Housing Choices in Elmhurst

Elmhurst offers a range of housing options for both renters and buyers, but the costs of living in this desirable suburb are higher than many other parts of the Chicago area. Understanding the full picture of monthly expenses, including rent/mortgage, property taxes, HOA fees, utilities, and maintenance, is key to making an informed decision.

For most people, housing is the biggest part of the monthly cost of living in Elmhurst. Choosing a home that fits your budget and lifestyle is essential, whether that means renting a low-maintenance apartment near the train or investing in a single-family home for the long haul.

Potential buyers should also consider their moving costs and options, especially if relocating from outside the area. Planning ahead for moving expenses, closing costs, and any immediate home updates can help avoid financial surprises.

No matter your housing choice, living in Elmhurst provides access to top-notch schools, a thriving downtown, and a welcoming community atmosphere. By doing your research and budgeting carefully for all housing and living costs, you can make the most of all this appealing suburb has to offer.