Want to buy a Chicago-area home? Here’s the salary you need to be making

||Want to buy a Chicago-area home? Here’s the salary you need to be making

Want to buy a Chicago-area home? Here’s the salary you need to be making

Neil Hackler GroupNeil Hackler Group

“Compare to major metropolitan cities like New York, Los Angeles, San Francisco, and Washington D.C., Chicago’s real estate is still affordable.  If your total household income is around $62,731.35, you will be able to afford a $255,000 home in Chicago land area”  –  Amy Battsetseg Ganbold     

Between rising CTA fares and a new tax on Uber and Lyft rides, living in Chicago isn’t getting any cheaper. It shouldn’t come as a surprise that buying a home in the city isn’t exactly an affordable proposition for many—a new study by mortgage-tracking website HSH.com has narrowed down the salary you should be earning in order to purchase a median-priced home within the Chicago metro area.

According to the study, Chicagoans should be earning a salary of $62,731.35 in order to make payments on a $255,600 home in the area (with a 20% down payment and a 30-year mortgage). The median sale price of a home in the Chicago metro area was arrived at by looking at data from Cook, DuPage, Kendall, McHenry, Will, Kane, Lake (IL); Lake, Porter (IN); DeKalb, Grundy (IL); Jasper, Newton (IN) and Kenosha (WI) counties, so it’s not exactly indicative of what you’d need to be making to afford payments on a house within city limits (let alone in an in-demand neighborhood like Logan Square, Hyde Park or Lincoln Park).

Data from the 2015 census shows that the median household income in the Chicago-Naperville-Joliet Illinois metro area was $63,153—more than the median salary that the study arrived at. What HSH.com doesn’t factor into its calculations are the city’s continuously-rising property taxes, which are among the highest in the country.

While Chicago is easily the most expensive market for home-buyers in the Midwest, it doesn’t hold a candle to the financial demands of the East and West Coasts. The HSH.com study estimated that New York City residents must earn at least $99,151.22 per year to purchase a home, while San Jose, California buyers should be taking home a whopping $216,181.25 annually before applying for a mortgage.

Before you start browsing through real estate listings, take a look at the most expensive metro areas in the country below.

                                                                                                                                                                                                                                                                                                source  | TimeOut by Zack Long

By |2018-02-12T18:25:35+00:00January 30th, 2018|Articles|0 Comments

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Amy Ganbold

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