Is It Affordable to Live in Chicago, IL?
A data-driven analysis of housing costs in Chicago for 2025.
Moderate
Affordability Score
Median Home Price
🏠$330K
Median Rent
🔑$1,500
Income Needed to Buy
💰$95K
The Short Answer
It depends on your situation. With an affordability score of 48 out of 100, Chicago falls in the moderate range. Some residents find it manageable, while others — especially renters earning below the median — face significant cost burdens.
Housing Costs vs. National Average
Home prices in Chicago are 20% below the national median of $410K. Rent is 0% below the national median of $1,500/month.
The price-to-income ratio in Chicago is 4.9x, meaning the median home costs 4.9 times the median household income. Financial experts generally consider anything above 5x to be unaffordable.
Income You Need
To comfortably purchase the median home in Chicago (spending no more than 28% of gross income on housing), you'd need an annual household income of approximately $95K. The median household income in Chicago is $68K — a gap of $27K.
For renters, you'd need about $60K per year to keep rent at or below 30% of income. Currently, 30.0% of renters are cost-burdened (spending more than 30% on rent).
Market Trends
Home prices changed by 3.5% year-over-year, while rents shifted by 2.8%. The market is heating up, making affordability worse for new buyers.
Similar Cities to Compare
These cities have similar affordability profiles to Chicago: