How much would this property cost in various parts of the U.S

[partygirluk]

OK, this is probably an impossible question.

I'm looking to buy a property when I start my PhD. Where I do my PhD is as yet unknown. I am looking for a 2 bedroom place. I imagine there will be one big living/reception room with an adjoining kitchen. I would like to live in a decent neighbourhood (i.e. low crime) within 5 miles of campus.

Universities I would like to get into include:

Stanford
Berkeley
Harvard
MIT
Chicago

Go!

[touchfaith]

700K for that near Stanford, close to that near Bezerkley

[partygirluk]

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700K for that near Stanford, close to that near Bezerkley

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[censored]

[touchfaith]

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700K for that near Stanford, close to that near Bezerkley

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[censored]

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The list price was only $550k, but 14 people out bid you (i'm dead serious).

[partygirluk]

I'm not looking for anything palatial - you are sure it will be 700K? That is as much as London!

[ChipWrecked]

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700K for that near Stanford, close to that near Bezerkley

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[censored]

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The list price was only $550k, but 14 people out bid you (i'm dead serious).

[/ QUOTE ]

If you mean buying, I can verify this.

[JihadOnTheRiver]

No idea about the rest but Stanford and Berkeley will both cost you somewhere around 3/4 million.

[luckyharr]

You might be able to find something for $550k within 15 miles of Stanford.

[Forbin]

Something palatial around Stanford would cost you *way* more than 700k.

The housing market here in the Bay Area has been going up and up and up for quite a while. I regret not buying 4 or 5 years ago when I though, "Holy [censored]! $450k for that 1 bedroom condo?" 6-figures of rent later, that condo sells for more than double what I could have paid.

Though we are due for at least a small correction sometime soon. Some signs point to things flattening out already or slightly dipping, but nothing solid yet. Of course I've thought the same thing every year since.

[touchfaith]

[ QUOTE ]
Something palatial around Stanford would cost you *way* more than 700k.

The housing market here in the Bay Area has been going up and up and up for quite a while. I regret not buying 4 or 5 years ago when I though, "Holy [censored]! $450k for that 1 bedroom condo?" 6-figures of rent later, that condo sells for more than double what I could have paid.

Though we are due for at least a small correction sometime soon. Some signs point to things flattening out already or slightly dipping, but nothing solid yet. Of course I've thought the same thing every year since.

[/ QUOTE ]

You don't even want to hear my 'holy [censored] why did I do that' bay area property story.

It's very very ugly.

[ethan]

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700K for that near Stanford, close to that near Bezerkley

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[censored]

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As a grad student, you're going to have trouble buying in Boston too. No idea about Chicago.

From what I understand, the California housing market's currently bad enough that renting is more cost-effective than buying.

In Chicago, you could probably find something for just under $300K, minimum.

You will definitely want to be within walking distance of campus, regardless of where you go (U of C, Depaul, Northwestern).

The price will vary greatly depending on what neighborhood you live in (two blocks in the wrong direction can make a huge difference) or what amenities you want.

[partygirluk]

Anyone willing to chime in with some East Coast estimates?
Seems West Coast is out of my range to the meanwhile.

[NorCalJosh]

although you've apparently ruled out the west coast... the 1 bedroom + den/2nd bedroom 1300 square foot condo i bought in emeryville (near berkeley) last year went for ~600k.

Cal is a great school though. i may be in love with one of the volleyball players there.

[DeezNuts]

Why would you change your choices because of how expensive the house is? The PhD is the thing here, and it is a HUGE renter's market in California.

I think it would be a much better idea to rent a house that is similar to the specs you listed for around $2k month. Then, when you see the market flattening out or going through a slight correction(doubtful there is a bubble) and the people with "interest-only" loans not being able to afford their balloon payments in 2-3 yrs, you swoop in.

From reading your posts, I am in the same situation as you, in terms of liquid capital, except I have a job, albeit as a freelance consultant(not steady) but am thinking of going back to school. I think buying property at this time would be insane. All signs point to the market being as high as it can go. The question now is whether it will level off or drop.

DN

[partygirluk]

BTW if I reduce the flat to 1 bedroom so I have:

Big living room. Kitchen. Bedroom with adjoining bathroom.

What % less will it typically cost that the property mentioned in my opening post?

I would be looking for something liveable, a place I would be happy to move a girl into, not some grubby student place.

Thanks,

Dean

[jdl22]

I'm not from Boston but a friend of mine went to MIT for his Ph.D. and housing there is [censored] expensive.

The (San Francisco) Bay area is maybe the most expensive place to buy a house in the US. That may not be right, but it is the first place most people would think of if you were you to ask them where the most expensive place to buy a house is.

Chicago is probably expensive too, though not as bad as any of the others I believe. Are we talking about the University of Chicago? That's supposedly in a pretty bad neighborhood. Again, never been there but that's what people say. If looking to buy a house you may want to look further out.

I would reccomend checking out a real estate website. Try www.century21.com. (http://www.century21.com.)

[bwana devil]

one consideration, you may want to add Univeristy of Texas. a PhD from UT carries significant clout and the cost of living is MUCH cheaper here. and the life in austin wonderful.

dont know if youre already locked into your elite 5 selection or not. but if you want to expand UT is a good pick.

disclamer: im a UT grad and i live in austin.

EDIT: you could rent a house for $1100 or buy for $130,000 if you were patient and got a steal.

bwana

[BigBaitsim (milo)]

Realtor.com (http://www.realtor.com)

[sam h]

What are you doing your PhD in?

Two words of advice regarding Bay Area living:

The quality of places in the east bay tends to vary quite a bit, even if you are just looking in better parts of Berkeley and North Oakland. There are some serious dumps on the market that are advertised as fixer-uppers. Stay away unless you want to spend your first couple years of graduate school orchestrating a ridiculous renovation project.

Second, if you are used to living in London and you buy in Palo Alto or Berkeley, it will not take you long to wonder why you didn't buy in San Francisco. Palo Alto is a terrible place. Berkeley is better, but is still not for some people who are used to a more urban environment.

[partygirluk]

I don't mind a more rural environment. I live on the very outskirts of london. Having a nice, queitish park nearby would be ideal.

[kenberman]

near Harvard Square, decent 2 bedroom condos will cost around $450K. near MIT, a bit cheaper.

[eastbay]

[ QUOTE ]
OK, this is probably an impossible question.

I'm looking to buy a property when I start my PhD. Where I do my PhD is as yet unknown. I am looking for a 2 bedroom place. I imagine there will be one big living/reception room with an adjoining kitchen. I would like to live in a decent neighbourhood (i.e. low crime) within 5 miles of campus.

Universities I would like to get into include:

Stanford
Berkeley


[/ QUOTE ]

Umm, what is the size of your trust fund, exactly?

eastbay

[blendedsuit]

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new Harvard Square, decent 2 bedroom condos will cost around $450K. near MIT, a bit cheaper.

[/ QUOTE ]
no way, i challenge you to find a listing and post a link.. San Fran has the hottest/most expensive city real estate market, with Boston 2nd. I dont know about chicago.

[bravos1]

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Something palatial around Stanford would cost you *way* more than 700k.

The housing market here in the Bay Area has been going up and up and up for quite a while. I regret not buying 4 or 5 years ago when I though, "Holy [censored]! $450k for that 1 bedroom condo?" 6-figures of rent later, that condo sells for more than double what I could have paid.

Though we are due for at least a small correction sometime soon. Some signs point to things flattening out already or slightly dipping, but nothing solid yet. Of course I've thought the same thing every year since.

[/ QUOTE ]

You don't even want to hear my 'holy [censored] why did I do that' bay area property story.

It's very very ugly.

[/ QUOTE ]

LOL.. mine has a happy ending .. well so far!

[BruinEric]

For UC Berkeley and/or Stanford, I highly recommend renting. As things progress, contact each school to understand possible student housing options. The living areas around each of those schools is very different.

I spent the night at a house adjoining the U of Chicago 15 years ago or so. You must be aware that it closely adjoins a very troubled neighborhood. You wouldn't want to pick something out by mapquest.

[kenberman]

[ QUOTE ]
[ QUOTE ]
new Harvard Square, decent 2 bedroom condos will cost around $450K. near MIT, a bit cheaper.

[/ QUOTE ]
no way, i challenge you to find a listing and post a link.. San Fran has the hottest/most expensive city real estate market, with Boston 2nd. I dont know about chicago.

[/ QUOTE ]

665 Sq foot 1 bedroom, ok condo in Harvard Square under agreement for $425k (http://www.yourguidehome.com/listings/destiny/detail.php?detailrecord=372)

[UCF THAYER]

[ QUOTE ]
[ QUOTE ]
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new Harvard Square, decent 2 bedroom condos will cost around $450K. near MIT, a bit cheaper.

[/ QUOTE ]
no way, i challenge you to find a listing and post a link.. San Fran has the hottest/most expensive city real estate market, with Boston 2nd. I dont know about chicago.

[/ QUOTE ]

665 Sq foot 1 bedroom, ok condo in Harvard Square under agreement for $425k (http://www.yourguidehome.com/listings/destiny/detail.php?detailrecord=372)

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I'd say there is quite a difference in "a decent 2 bedroom" and a 665 Sq foot 1 bedroom.

[4thstreetpete]

jesus christ! /images/graemlins/ooo.gif

[kenberman]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
new Harvard Square, decent 2 bedroom condos will cost around $450K. near MIT, a bit cheaper.

[/ QUOTE ]
no way, i challenge you to find a listing and post a link.. San Fran has the hottest/most expensive city real estate market, with Boston 2nd. I dont know about chicago.

[/ QUOTE ]

665 Sq foot 1 bedroom, ok condo in Harvard Square under agreement for $425k (http://www.yourguidehome.com/listings/destiny/detail.php?detailrecord=372)

[/ QUOTE ]


I'd say there is quite a difference in "a decent 2 bedroom" and a 665 Sq foot 1 bedroom.

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exactly...that's what I was trying to prove. that it would cost at least $450 for this in harvard sq.

unless I got this challenge backwards...hmmm.

[haakee]

$435,000, exactly 5 miles from Stanford. Reasonable neighborhood. Maybe a little small for you. You will not find anything cheaper to buy.

Mountain View condo (http://www.mlslistings.com/common/properties/propertyDetail.asp?open=0&page=2&mls_number=553617 &type=property&name=)

[CardSharpCook]

[ QUOTE ]
$435,000, exactly 5 miles from Stanford. Reasonable neighborhood. Maybe a little small for you. You will not find anything cheaper to buy.

Mountain View condo (http://www.mlslistings.com/common/properties/propertyDetail.asp?open=0&page=2&mls_number=553617 &type=property&name=)

[/ QUOTE ]

ew. That's just a freaking apt, and not a very good one at that.

[partygirluk]

What is the difference between a condo and an appartment?

[kenberman]

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What is the difference between a condo and an appartment?

[/ QUOTE ]

you own one and rent the other

[peachy]

way to pick all the expensive places

[nothumb]

The cheapest will be Chicago, but you'll get mugged as the school is near a roughish area. Boston and San Fran are ludicrous. Try this: bend over and touch your toes. If no wads of bills fell out of your ass, you are not rich enough to be a full-time student and also buy a house in these areas. You'll have to rent.

Also, are you planning on owning this place for the duration of your PhD studies, then selling it? My feeling is you could take a big loss on that, the housing bubble in this country is ridiculous right now.

NT

[daveymck]

I dont think buying is definatley going to be the best option without more research. You will be there how long 3-4 years whats the growth in the property market going to be in that time in the States? How much would the actual mortgage costs be and how much is renting?

You could invest the lump sum you have at 5% minimum in the UK can you get higher return on property in the US? Another option could be to buy a property over here and rent it out usng the rent to pay off the mortgage and make a profit towards your rent in the states, there are pleanty of property hotspots in the UK where growth of 15-20% a year is happening.

I understand wanting to get on the ladder at this point and agree you should be doing it but not sure why so set on buying the home in the US just to goto Uni in.

Another option could be to get the mortgage here use the good exchange rate for the full amount rather than just the deposit might increase you budget, but would be looking at comparing interest costs and projections to compare the real costs of this between UK and US mortgages.

Also need to check the tax position of the house sale at the other end as well might need to add that to any costings.

[renodoc]

Chances of getting out of your program from one of the five schools you list without becoming a complete liberal wackjob is extremely low. I would agree with the University of Texas.

I don't think it's realistic to buy and live in the Bay Area or Boston. As others of said, unless you're rich, forget about it. Even if you are, you're probably looking at a break even return on investment (if you're lucky) within a four year period. Rental costs will be far lower than an equivalent mortage payment for the same property in these high cost of living cities.

Some alternative schools:

Cornell (in a small town, ivy league school)
UNC/Duke (Raleigh-Durham is a reasonably priced area and both of these schools are very good)

There are others...a lot of the Big 10 schools are good depending on what your area of study is. It's difficult to recommend schools/areas of the country without an idea of what you're studying.

-dustyn

[casinogosain]

2 bedroom condo within 5 miles of University of Chicago or Northwestern (assuming these are where you would pursue your doctorate in an field you didn't mention), somewhere between $200-350k, depending.

If you decide on Chicago (or they decide on you) I can put you in touch with trusted realtors and also advise on locations, etc. Good town.

Oh, FWIW, I have 2 bedroom townhouse, within the distances you quoted, for >= twice what I quoted. So there is a broad range.

-Ash

[ChromePony]

U Chicago will be relatively cheap compared to the rest, yeah its not the best neighborhood but its getting better for sure. Im at Northwestern at the moment and if youre interested, Evanston is being overrun with these new luxury condos that are actually quite nice though perhaps not exactly what you were looking for. I would imagine you could get a good one for ~250k, also Im not sure about other places but there arent too many 2 bedroom houses around here. Its either apartments/condos or bigger nicer homes.

[partygirluk]

NorthWestern has a great reaputationfr Economics.I will probably apply there/

[Indiana]

There are deals to be found around Chicago but the other cities are very expensive and too far from anything cheap. You could get something nice around chicago for 300K, and you could go reeealy cheap if you crossed the border into Indiana. Northeast Indiana is a dump though. Hell, all of Indiana is a dump except for NE Indpls where I live.

Indy

[partygirluk]

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NorthWestern has a great reaputationfr Economics.I will probably apply there/

[/ QUOTE ]

Hmmm, I had presumed it was somewhere in the NW of U.S.A but I have seen right. I have heard that Chicago is a pretty crime ridden city. How difficult would it be for me to find a nice area to live nearby to Northwestern and/or Chicago.

[pokerjo22]

I've lived in London, Boston and the Bay Area. There's very little difference between the three in terms of price. 700k sounds about right for what you originally requested, although your square footage in the U.S. will be greater than London.

[IndieMatty]

[ QUOTE ]
I've lived in London, Boston and the Bay Area. There's very little difference between the three in terms of price. 700k sounds about right for what you originally requested, although your square footage in the U.S. will be greater than London.

[/ QUOTE ]

I don't believe a word you say. /images/graemlins/grin.gif

[drewjustdrew]

[ QUOTE ]
I'm not from Boston but a friend of mine went to MIT for his Ph.D. and housing there is [censored] expensive.

The (San Francisco) Bay area is maybe the most expensive place to buy a house in the US. That may not be right, but it is the first place most people would think of if you were you to ask them where the most expensive place to buy a house is.

Chicago is probably expensive too, though not as bad as any of the others I believe. Are we talking about the University of Chicago? That's supposedly in a pretty bad neighborhood. Again, never been there but that's what people say. If looking to buy a house you may want to look further out.

I would reccomend checking out a real estate website. Try www.century21.com. (http://www.century21.com.)

[/ QUOTE ]

U of Chicago's Hyde Park Campus is in a bad part of town as previously mentioned. Your only local option would be on-campus. I would recommend living downtown and driving. I think it is under 10 miles. You can find 2 bedroom high rises right by the downtown campus for a little over $300,000. There are many good areas to live in chicago though. Anywhere near Lake Shore Drive will make your commute pretty easy if you have a car.

[pokerjo22]

Just to follow up now that I have a little more time (and I am for once telling the truth /images/graemlins/tongue.gif). Unless you're planning on paying cash for your house you may be in trouble. You are unlikely to qualify for a mortgage since you don't have a US credit history. That is a much bigger deal here than it is in the UK.

If you plan on renting, you'll probably be paying $2k a month for what you want. But a problem is that many places (Boston for one) require you to earn 4x your rent in salary. So to afford that place you would need to earn $96k a year, which sounds unlikely if you're doing a PhD. Not only that but they also require first and last months rent, a month's deposit, and in Boston, a month's 'fee' (which simply disappears) in advance. So just to sign the rental agreement will cost you $8k.

Welcome to America! /images/graemlins/grin.gif

Not that you asked, but you can buy a 2 BR house, 1000+ sq ft, with a yard, in a decent neighborhood, for less than 100k in St. Louis.

Washington University has a lot of top-tier programs. It's nice to be in grad school and not be desperately impoverished.

[drewjustdrew]

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[ QUOTE ]
NorthWestern has a great reaputationfr Economics.I will probably apply there/

[/ QUOTE ]

Hmmm, I had presumed it was somewhere in the NW of U.S.A but I have seen right. I have heard that Chicago is a pretty crime ridden city. How difficult would it be for me to find a nice area to live nearby to Northwestern and/or Chicago.

[/ QUOTE ]

Northwestern is actually in Evanston which is an upscale city bordering Chicago. Definitely public trans accessible. They have a downtown campus for their business school. It is in a very nice area as well.

The only areas you really have to worry about in Chicago are the West and South sides. Unfortunately U of C is on the South side.

I go to U of C, but I'm in the evening MBA program that meets downtown about 4 blocks from Northwestern's downtown campus.