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The question of 'the best neighborhood to buy a property in Wheaton, Illinois' does not have a one-size-fits-all answer.
Some of you are buying to live there, while others want to make the best investment possible. Individual preferences and circumstances matter.
That’s why the article below is covering every intent.
At WhatsmyCashFlow, when we write a blog post or when we update our real estate spreadsheet for Wheaton, we want to bring solutions for everyone.
Enjoy the read, and please remember that we are not financial or investment advisors. This article is for informational purposes only.
To improve the readability and user-friendliness of this article, we will categorize neighborhoods into various groups, including budget-friendly options, emerging hotspots, and areas with high rental demand, among others. Consequently, some neighborhoods may appear in multiple categories and be mentioned several times throughout the article.
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How is the real estate market in Wheaton, Illinois?
The housing market in Wheaton, Illinois is dynamic and continuously evolving, making it an intriguing prospect for buyers and investors.
One of the city’s strengths lies in its unique combination of a strong educational presence, charming suburban atmosphere, and a vibrant community scene. The presence of Wheaton College, along with numerous local businesses and a growing tech sector, creates a steady demand for housing as professionals and students flock to the city for opportunities. Why does it matter? Because this influx of students and professionals drives up property values, making it a lucrative market for investors like you.
Let’s be honest - Wheaton offers attractions and amenities that are rare elsewhere.
The city's historic downtown area, renowned for its quaint shops and restaurants, and distinct neighborhoods like the picturesque Northside and the family-friendly Briarcliffe are just a few examples. Its unique geography, with numerous parks and proximity to the Illinois Prairie Path, provides beautiful green spaces and a limited amount of space for new development, contributing to the city's exclusivity.
People who are looking to buy in Wheaton often include college students, young professionals, and families seeking high-quality education and a peaceful suburban environment. The diverse cultural landscape, excellent public transportation, and strong community values also attract a wide array of buyers.
For those interested in buying and renting out property in Wheaton, the high demand for rental units from transient students and short-term residents ensures a steady stream of potential tenants, making it a sound investment.
The real estate market in Wheaton is exceptionally dynamic. For instance, the median home price saw a year-over-year increase of around 8% recently, indicating a robust and competitive market. This constant flux in property values and demand underscores the market's vibrancy and potential for significant returns on investment.
One very specific aspect of Wheaton properties is the prevalence of Colonial and Craftsman architecture, which adds a unique charm and historical value.
These architectural styles, characterized by their classic detailing and sturdy construction, are highly sought after and can command premium prices. This architectural uniqueness is a significant draw for buyers who appreciate the city's historical and aesthetic value.
As mentioned before, several factors contribute to the future appreciation of property values in Wheaton. The ongoing educational influence, limited housing supply due to geographical constraints, and continuous influx of students and professionals are key drivers.
Additionally, ongoing urban development projects and infrastructural improvements, such as the expansion of public transit and revitalization of certain neighborhoods, will likely further boost property values up.
Top neighborhoods in Wheaton to consider for living
Areas in Wheaton that are budget-friendly
| Neighborhood | Average Price per Square Foot ($) | Characteristics | Resident Demographics | Strengths |
|---|---|---|---|---|
| North Wheaton | 200 | Distance from downtown, older housing stock, single-family homes, ripe for renovation | Working-class families, artists, young professionals | Community spirit, increasing connectivity, nearby Metra station |
| Briarcliffe | 220 | Laid-back suburban feel, proximity to Danada Forest Preserve, single-family homes and townhouses | Long-time locals, young professionals, families | Strong sense of community, good schools, recreational opportunities |
| Scottdale | 210 | On the cusp of change, single-family homes and townhouses, diverse population | Working-class families, young professionals | Vibrant community, family-friendly environment, relative affordability |
We’ll be transparent - when you’re looking to buy a property in Wheaton, Illinois, finding an affordable and budget-friendly area can be quite the challenge.
However, there are still a few neighborhoods that stand out for their relative affordability and potential for future growth.
Let’s dive into three of these areas: North Wheaton, Briarcliffe, and Scottdale.
North Wheaton
North Wheaton is one of the last frontiers for budget-friendly properties in Wheaton.
Historically, it has been one of the city's less expensive areas due to its distance from the downtown core and older housing stock. However, recent years have seen significant investment in infrastructure and housing, leading to a gradual transformation.
The area is dotted with single-family homes, many of which are ripe for renovation. The average price per square foot hovers around $200, making it one of the more accessible areas in the city.
The community here is diverse, with a mix of working-class families, artists, and young professionals starting to move in.
North Wheaton’s strengths lie in its community spirit and increasing connectivity with the rest of the city, especially with the nearby Metra station providing easy access to Chicago.
However, it still struggles with perceptions of safety and lacks some of the amenities found in more affluent neighborhoods.
Briarcliffe
Briarcliffe offers a more laid-back, suburban feel while still being within the city limits.
It’s cheaper primarily because of its distance from the downtown core and the older, more modest homes that populate the area.
That said, the neighborhood has a unique charm with its proximity to the Danada Forest Preserve and the tranquility it offers.
You can find a mix of single-family homes and a few townhouses here, with an average price per square foot around $220.
The residents are a blend of long-time locals, young professionals, and families who appreciate the slower pace.
The strengths of Briarcliffe include its strong sense of community, good schools, and recreational opportunities at the nearby forest preserves and parks. On the downside, it can feel isolated, and the older housing stock may require some updates.
Scottdale
Scottdale is another neighborhood worth considering.
It’s cheaper because it hasn’t yet seen the gentrification that other parts of the city have, but it’s on the cusp of change. The area features a variety of property types, including single-family homes and townhouses.
The average price per square foot here is about $210. Scottdale is home to a diverse population, with a strong representation of working-class families and young professionals. The neighborhood’s strengths include its vibrant community, family-friendly environment, and relative affordability.
However, it lacks some of the polish and high-end amenities of more developed areas and has pockets that can feel a bit rundown.
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Areas in Wheaton that are popular and upscale
| Neighborhood | Average Price per sqm | Type of Properties | Demographics | Strengths | Weaknesses |
|---|---|---|---|---|---|
| Danada | $250+ | Spacious single-family homes, modern townhouses, upscale condos | Affluent residents, business executives, professionals, established families | Aesthetic appeal, safety, proximity to top-rated schools, high-end shopping | High cost of living, potential traffic congestion |
| Downtown Wheaton | $200 | Charming historic homes, modern apartments, condos | Young professionals, families, retirees | Rich history, lively cultural scene, community events, central location | Noisy streets, challenging parking |
| Scottdale | $180 | Charming ranch-style homes, modern townhouses, smaller single-family houses | Families, young professionals | Pleasant environment, safe streets, strong community feel | High cost of living, limited nightlife options |
Danada
If you're considering investing in Wheaton, Illinois, Danada should be on your radar. This neighborhood is one of the most sought-after areas in the city.
It's relatively expensive for Wheaton, with average prices per square foot often exceeding $250. Danada is home to some of the city's most affluent residents, including business executives, professionals, and established families.
Properties here include spacious single-family homes, modern townhouses, and upscale condos, many of which are situated near the scenic Herrick Lake Forest Preserve. Danada's appeal is likely to remain strong due to its prestigious reputation, prime location, and beautiful natural surroundings.
The strengths of this neighborhood include its aesthetic appeal, safety, and proximity to top-rated schools and high-end shopping at the Danada Square Shopping Center.
However, the downside is, predictably, the high cost of living and potential for traffic congestion during peak hours.
Downtown Wheaton
Downtown Wheaton is another prime area known for its vibrant atmosphere and historic charm. It's moderately expensive, with average prices around $200 per square foot.
This area attracts young professionals, families, and retirees who appreciate its walkable streets and convenient location. Properties here range from charming historic homes to modern apartments and condos, many with unique architectural details and contemporary amenities.
Downtown Wheaton is likely to stay popular because of its central location, excellent public transportation, and proximity to a variety of dining and entertainment options.
The neighborhood's strengths include its rich history, lively cultural scene, and community events like the French Market and summer concerts.
On the flip side, Downtown Wheaton can be noisy due to its bustling streets, and parking can be a challenge.
Scottdale
Scottdale is a favorite among families and young professionals looking for a more relaxed and community-oriented vibe. It is also moderately expensive, but slightly less so than Danada and Downtown Wheaton, with average prices per square foot around $180.
This neighborhood is known for its friendly atmosphere, well-maintained parks, and family-friendly amenities.
Properties here include charming ranch-style homes, modern townhouses, and smaller single-family houses.
Scottdale's popularity is likely to continue due to its welcoming community, excellent schools, and easy access to major highways for commuting to Chicago and other nearby cities.
The neighborhood's strengths are its pleasant environment, safe streets, and strong community feel.
However, the high cost of living and limited nightlife options can be drawbacks for some residents.
Areas in Wheaton that emerge as new hotspots
| Neighborhood | Description | Key Attractions | Current Property Prices | Future Outlook |
|---|---|---|---|---|
| Downtown Wheaton | Transformed from a quiet suburban area to a vibrant community hub with a mix of historic charm and modern amenities. | New restaurants, boutique shops, cultural venues, proximity to Metra train station. | Rising, but still more affordable compared to nearby suburbs like Naperville or Glen Ellyn. | Property values expected to appreciate further as the area continues to develop. |
| College Avenue | Historically residential, now popular due to proximity to Wheaton College and new trendy amenities. | Trendy cafes, bookstores, fitness studios, proximity to Wheaton College. | On the rise, but still more affordable than in more established neighborhoods. | Promising for long-term investment due to ongoing development and steady influx of college-related residents. |
| Danada | Known for its equestrian center and open spaces, now a sought-after residential area with new developments. | New housing developments, shopping centers, dining options, proximity to major highways and recreational facilities. | Relatively affordable compared to other parts of Wheaton. | Property values expected to rise as the area continues to grow. |
If you're looking to invest in a neighborhood with strong long-term rental demand and the potential for significant returns, these emerging hotspots in Wheaton, Illinois, are worth considering.
Downtown Wheaton
Downtown Wheaton has seen a remarkable transformation over the past few years.
Once a quiet suburban area, it has evolved into a vibrant community hub. The influx of new restaurants, boutique shops, and cultural venues has made Downtown Wheaton a magnet for young professionals and families alike.
The area boasts a mix of historic charm and modern amenities, with beautifully restored buildings and new developments coexisting harmoniously.
Proximity to the Metra train station offers easy access to Chicago, making it an attractive option for commuters.
While property prices in Downtown Wheaton have been rising, they are still more affordable compared to nearby suburbs like Naperville or Glen Ellyn. As the area continues to develop, expect property values to appreciate further.
College Avenue
College Avenue, located near Wheaton College, is another area experiencing significant growth.
Historically a residential neighborhood, it has become increasingly popular due to its proximity to the college and the recent addition of trendy cafes, bookstores, and fitness studios.
The area is particularly appealing to students, faculty, and young professionals, creating a steady demand for rental properties.
College Avenue offers a mix of single-family homes and apartment complexes, providing diverse investment opportunities.
While property prices here are on the rise, they remain more affordable than in more established neighborhoods. The ongoing development and the steady influx of college-related residents make it a promising area for long-term investment.
Danada
Danada, once primarily known for its equestrian center and open spaces, is now becoming a sought-after residential area.
The neighborhood has seen a surge in new housing developments, shopping centers, and dining options, attracting a diverse demographic.
Danada's proximity to major highways and the Wheaton Park District's extensive recreational facilities make it an ideal location for families and professionals seeking a balanced lifestyle.
The area offers a mix of townhomes, single-family homes, and luxury apartments, catering to various investment preferences.
Real estate prices in Danada are still relatively affordable compared to other parts of Wheaton, but as the area continues to grow, property values are expected to rise.
Investing in these emerging neighborhoods in Wheaton, Illinois, offers the potential for significant returns as the areas continue to develop and attract new residents. Whether you're looking for a vibrant downtown atmosphere, a college-centric community, or a family-friendly environment, Wheaton has something to offer for every investor.
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Top neighborhoods in Wheaton to invest in propertyAreas in Wheaton with a strong long-term rental demand
| Neighborhood | Types of Tenants | Types of Properties | Rental Income | Rental Yield | Tips for Increasing Income |
|---|---|---|---|---|---|
| Downtown Wheaton | Young professionals, families | Modern apartments, condos | $1,500 - $1,800/month (1-bedroom) | 5-6% | Opt for properties close to the Metra station |
| Danada | Families, professionals | Single-family homes, townhouses | $2,500 - $3,200/month (3-bedroom) | 4-5% | Consider properties near shopping centers and parks |
| North Wheaton | Wealthy professionals, families, executives | Historic homes, spacious condos, well-appointed apartments | $3,500 - $4,500/month (4-bedroom) | 3-4% | Focus on properties with proximity to top-rated schools and scenic views |
If you're looking to purchase property in Wheaton, Illinois for rental purposes, focusing on neighborhoods with strong demand can maximize your returns. Three key areas stand out: Downtown Wheaton, Danada, and North Wheaton.
Downtown Wheaton
Downtown Wheaton is a bustling, vibrant area attracting a mix of young professionals and families due to its proximity to the Metra train station, local businesses, and a variety of dining and entertainment options.
Tenants here typically seek modern apartments and condos with amenities such as fitness centers, rooftop terraces, and secure parking.
One-bedroom apartments in Downtown Wheaton can fetch around $1,500 to $1,800 per month. The rental yield here can be attractive, ranging between 5-6%, thanks to the high demand and premium rental rates.
Opt for properties close to the Metra station to ensure lower vacancy rates and higher rent.
The main drawback is the area's susceptibility to economic fluctuations, particularly in the retail and service sectors, which could impact demand.
Danada
Danada is another hotspot, popular for its suburban charm and proximity to shopping centers like Danada Square and Rice Lake Square.
This area appeals mainly to families and professionals who enjoy the convenience of nearby amenities and the tranquility of suburban living. Tenants in Danada often look for single-family homes and townhouses with modern amenities and spacious layouts.
Here, three-bedroom homes can rent for about $2,500 to $3,200 per month. Rental yields can be solid, around 4-5%, given the consistent demand for the area's family-friendly environment.
To maximize rental income, consider properties near the shopping centers and parks, such as the Herrick Lake Forest Preserve. However, be mindful of the traffic and noise from nearby commercial areas, which might deter some potential tenants.
North Wheaton
North Wheaton is a prime neighborhood with a reputation for upscale living. It draws wealthy professionals, families, and executives who prefer larger, luxurious homes and high-end apartments.
Properties in North Wheaton often include historic homes, spacious condos, and well-appointed apartments. Rental rates for a four-bedroom home here can reach $3,500 to $4,500 per month. Due to the high property values, the rental yield might be lower, around 3-4%, but the area offers stability and lower vacancy rates.
Focus on properties with proximity to top-rated schools and scenic views to attract top-tier tenants and command higher rents. The primary downside is the steep initial investment and the competitive market for high-quality properties.
Areas in Wheaton with a strong short-term rental demand
| Neighborhood | Demand Reasons & Tenant Profile | Preferred Properties & Amenities | Average Nightly Rate & Tips |
|---|---|---|---|
| Downtown Wheaton | Bustling atmosphere, proximity to Wheaton Metra Station and French Market. Young professionals and families valuing convenience and vibrant community. | Modern amenities like high-speed internet, secure parking, easy access to public transportation. | $150-$200/night. Invest in contemporary condos or townhomes near Metra Station and local attractions; prioritize workspace and proximity to dining and shopping. |
| College Avenue Historic District | Historic charm, tree-lined streets, proximity to Wheaton College. Tourists and academic professionals. | Unique, character-filled properties with well-maintained gardens, off-street parking, proximity to public transportation and local landmarks. | $175-$250/night. Invest in charming historic homes or updated vintage properties close to the college and local parks. |
| Danada | Suburban experience with easy access to urban amenities, close to Danada Forest Preserve and Danada Square Shopping Center. Families and business travelers. | Spacious, well-furnished homes with modern amenities like fitness center, swimming pool, proximity to shopping and dining. | $200-$300/night. Invest in properties near the forest preserve with scenic views and outdoor activities; focus on modern upgrades and family-friendly features. |
If you want to reduce the risk of your property investment in Wheaton, Illinois, and especially the vacancy rate, aim for these 3 neighborhoods.
Downtown Wheaton
Downtown Wheaton is a prime area for property investment due to its bustling atmosphere and proximity to key amenities like the Wheaton Metra Station and the French Market.
The typical tenants in Downtown Wheaton are young professionals and families who value convenience and a vibrant community.
They look for properties with modern amenities, such as high-speed internet, secure parking, and easy access to public transportation. For a one-night stay in Downtown Wheaton, you can expect to charge around $150-$200.
To maximize rental income in Downtown Wheaton, invest in contemporary condos or townhomes near the Metra Station and local attractions. Properties with a dedicated workspace and proximity to dining and shopping options will attract higher-end tenants and reduce vacancy rates.
College Avenue Historic District
The College Avenue Historic District is another neighborhood with strong rental demand, attracting both tourists and academic professionals.
The area is known for its historic charm, tree-lined streets, and proximity to Wheaton College.
Tenants in the College Avenue Historic District often seek unique, character-filled properties that reflect the neighborhood's historic vibe. They appreciate amenities like a well-maintained garden, off-street parking, and proximity to public transportation and local landmarks.
The average nightly rate in the College Avenue Historic District ranges from $175 to $250. To get better rental income in this area, consider investing in charming historic homes or updated vintage properties close to the college and local parks.
Danada
Danada is a sought-after location for short-term rentals, attracting families and business travelers seeking a suburban experience with easy access to urban amenities.
This neighborhood offers a mix of modern conveniences and natural beauty, being close to the Danada Forest Preserve and the Danada Square Shopping Center.
Tenants in Danada typically prefer spacious, well-furnished homes with modern amenities. They look for properties with features such as a fitness center, a swimming pool, and proximity to shopping and dining options.
The average price for a one-night stay in Danada is between $200 and $300.
To increase rental income, focus on properties near the forest preserve, offering scenic views and outdoor activities. Investing in homes with modern upgrades and family-friendly features can attract a high-end clientele and ensure consistent bookings.
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Areas in Wheaton where property prices might increase in the future
| Neighborhood | Why Prices Are Low | Current Developments | Factors for Price Increase |
|---|---|---|---|
| Downtown Wheaton | Still relatively affordable compared to other parts of the Chicago metropolitan area. | Wheaton 121 luxury apartments, new retail spaces, new housing, dining options, and entertainment venues. | Ongoing downtown revitalization, increased vibrancy and desirability, high demand for single-family homes and condos. |
| College Avenue Corridor | Not as well-known as other parts of the city, one of the last affordable areas in Wheaton. | Improvements to local infrastructure, College Avenue Train Station enhancements. | Proximity to Wheaton College, better commuter access, high demand for multi-family units and townhouses, hidden-gem status. |
| Danada | Prices higher than Downtown Wheaton or the College Avenue Corridor but still reasonable compared to more central neighborhoods. | Danada Farms West project adding new residential and commercial spaces. | Proximity to Danada Square Shopping Center and Danada Forest Preserve, new amenities, exciting urban development. |
As these neighborhoods continue to develop and attract more residents and businesses, you can expect property values to rise, making them smart choices for investment.
Downtown Wheaton
Downtown Wheaton is experiencing a renaissance, with a surge in new developments and revitalization projects.
Prices here are still relatively affordable compared to other parts of the Chicago metropolitan area, making it an attractive option for investors.
With the Wheaton 121 luxury apartments and the new retail spaces popping up, there's a lot of investment pouring in. These projects are bringing in new housing, dining options, and entertainment venues. As the area becomes more vibrant and desirable, expect a rise in property prices.
Single-family homes and condos will be in high demand as families and young professionals move in looking for a blend of suburban charm and urban amenities.
The key factor here is the ongoing downtown revitalization, which will transform the neighborhood into a more attractive and livable area.
College Avenue Corridor
The College Avenue Corridor is another area with great potential. It’s one of the last affordable areas in Wheaton, partly because it’s not as well-known as other parts of the city.
However, it's gaining attention due to its proximity to Wheaton College and the ongoing improvements to local infrastructure, like the College Avenue Train Station enhancements.
This project aims to improve commuter access with better parking, lighting, and pedestrian pathways.
Properties like multi-family units and townhouses will see high demand here, especially because they cater to students, faculty, and young professionals looking for reasonably priced options with good commute access.
The ongoing infrastructure upgrades and the neighborhood's hidden-gem status make it ripe for appreciation.
Danada
Danada is already somewhat established but still has room to grow.
Prices are higher than Downtown Wheaton or the College Avenue Corridor, but still relatively reasonable compared to more central neighborhoods.
The big draw here is the proximity to the Danada Square Shopping Center and the Danada Forest Preserve.
With new developments like the Danada Farms West project, which is adding new residential and commercial spaces, Danada is becoming increasingly desirable.
High-demand properties will include modern townhouses and single-family homes that appeal to families and professionals looking for a blend of nature and convenience.
The combination of new amenities and exciting urban development will drive property prices up.
How to get the best ROI out of a property investment in Wheaton, Illinois?
Picking the right neighborhood in Wheaton, Illinois is not everything.
Each neighborhood has potential if the strategy is right, but it cannot be based on gut feeling. You need to analyze the data and make financial projections. This approach will save you from a lot of mistakes and money losses.
This is where we can help with our real estate spreadsheet for Wheaton. Our tool provides a comprehensive overview of your property investment in Wheaton. With this tool, you get all the key metrics you need, such as Net Operating Income (NOI), Loan-to-Value (LTV), cap rate, net yield, and more. It's specifically tailored to the Wheaton market, incorporating the latest real estate data, so you don't have to spend hours researching.
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One of the standout features of our spreadsheet is its comprehensive data set. It includes all the average and median values for sale price, price per square foot, cash on cash returns, rental income, and occupancy rates for Wheaton. This means you can make accurate, data-driven decisions specific to the city's market conditions.
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If you have any questions, feel free to reach out to us at team@whatsmycashflow.com. Also, you can read this detailed article that explains how the Wheaton spreadsheet works.
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