May
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Affording a Home in Chicago: What Does It Take?

May 27, 2013

Chicago luxury residenciesTrying to afford a home in the city can feel like trying to keep up with the Joneses. From Atlanta to Los Angeles to Portland, city homes carry high price tags and a lot of pressure. Chicago, however, has been developing a more affordable reputation due to lower mortgage rates and home prices. Chicago’s average mortgage rate is 3.77 percent, and the average home price is now $159,400, a decrease from the $175,300 price tag in 2012.

All of the above considered, the average salary necessary to buy a home in Chicago is $25,371. This ranks the Windy City at number nine out of 25 cities for home affordability, just behind other big cities such as Cincinnati, Atlanta and Dallas. As the economy has continued to improve, the financial backing for these homes is more readily available for those in their 20s and fresh on the job market. With all the perks of a big city at the price of one much smaller, Chicago is a city that should be more thoroughly explored by new graduates.

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