Chicago, IL
Cook County · Pop. 2,664,452
Ranked #72 of 243 cities
48Moderate
Median Home Price
🏠$330K
3.5% YoY
Median Rent
🔑$1,500
2.8% YoY
Median Income
💰$68K
Rent Burden
📊30.0%
% of income to rent
Income to Buy
🏦$95K
annual income needed
Income to Rent
📝$60K
annual income needed
Price-to-Income
⚖️4.9x
Homeownership
🏡56.0%
Rent vs. Buy
Buy
$1,756/mo
Est. mortgage (7%, 20% down)
Need $95K/yr income
Rent
$1,500/mo
Median rent
Need $60K/yr income
How Chicago Compares
| Metric | Chicago | Illinois | National |
|---|---|---|---|
| Home Price | $330K | $263K | $410K |
| Rent | $1,500 | $1,238 | $1,500 |
| Income | $68K | $80K | $75K |
| Rent Burden | 30.0% | 32.5% | 30.0% |
Key Takeaways
- • Home prices in Chicago are 20% lower than the national average.
- • Rent is about average than the national average.
- • You need an income of $95K to comfortably buy a home here.
- • The homeownership rate is 56.0%, compared to 65.0% nationally.