Chicago Renters Should Consider Affordable Rent Options
Posted On July 1, 2021
Buyers should consider renting at affordable rates when looking to buy a home, according to a new study from Chicago Rent Guidelines.
The research found that buyers should consider a two-bedroom apartment at a budget of $1,000-$1,500 a month or a two bedroom in a three bedroom apartment at $2,500-$3,000 a month.
It also said that buyers of single-family homes and townhouses should consider paying $1 per month for a two or three bedroom unit.
“The average two-bedroom unit in a two and a half-family home in Chicago is $1.5 million, and the average three-bedbedroom apartment is $3.2 million,” the report said.
“The average single-income household in Chicago has an annual income of $50,000.
In comparison, the average household income for a family of four is $100,000.”
The study said the city has the highest percentage of renter households, and that homeownership is the top occupation in Chicago.
“Homeownership is associated with a lower risk of foreclosure, less income inequality, lower rates of domestic violence and higher rates of homeownership,” the study said.
The study also said there is evidence that the number of renters is on the rise, but that the percentage of people in the labor force has been declining in recent years.