Report names top towns for home buyers
Huntley, Algonquin and Lake in the Hills have been ranked among the state’s top places for home buyers, according to a study by NerdWallet.
NerdWallet, which offers price-comparison tools for researching dozens of financial products, looked at home ownership rates, owner costs, median income and population change from 2010 to 2012 in 121 Illinois towns to come up with a list of the top 20 towns for homebuyers in the state.
Huntley, which includes the 55-and-older Sun City community, took the top spot with an overall score of 93.8. It was followed by Plainfield, Oswego, South Elgin, Romeoville and Lockport. Algonquin came in seventh with an overall score of 75.1 and Lake in the Hills was ninth with a score of 73.7. Bartlett and Tinley Park were ranked eighth and 10th, respectively.
The report, which was based on U.S. Census data, excluded towns with less than 20,000 people and those with higher than average crime rates, said NerdWallet analyst Maggie Clark.
Huntley’s high home ownership rate of 93.5 percent and 12.4 percent growth rate from 2010 to 2012 helped put it at the top of the list, even though it had the second highest homeowner costs as a percentage of household income (34.5 percent) of the top 20 towns. Morton Grove had the highest homeowner costs as a percentage of household income at 36.9 percent. Algonquin and Lake in the Hills were 26.6 percent and 28.4 percent, respectively.
Huntley had a median monthly income of $5,877 and median selected monthly homeowner costs of 2,025, according to the NerdWallet report published last month.
By comparison, Plainfield’s median monthly household income was $9,303 (the highest of the top 20) and its median selected monthly homeowner costs were $2,613 (second among the top 20 behind Northfield at $2,896).