I can't imagine living in the Midwest, or MidEast for that matter, without a basement. The first time you have a tornado on the loose after dark, you will be damn glad to have one. There are alternative storm shelters that you could do. A friend in OK had one installed in his garage floor. A short time later, he watched his house lift off. He, his wife, his cat, his ipad, and his guitar were all without a scratch. He was a happy guy. But basements are so multifunctional that they are hard to live w/o once you have had one.
Just my 2 cents.