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Chicago Real Estate Market Facts

  • $225,700Median home price
    28% higher than Illinois
  • $963Median rent asked
    7% higher than Illinois
  • 44.7%Home owners
    33% lower than Illinois
  • 2.6People per home
    1% higher than Illinois
Above, you will see a summary of real estate in Chicago, IL. On average, homes in Chicago, IL cost $225,700, a value that is 28% higher than the average in Illinois. In general terms, this results in Chicago, IL real estate being less affordable than Illinois real estate. On average, people who rent houses in Chicago, IL pay $963; this value is 7% higher than the average amount renters pay in Illinois. 44.7% of Chicago, IL residents own their own homes and, on average, each of the homes has 2.6 occupants. Chicago, IL real estate features a range of homes, which include everthing from large houses to small condos to stacked townhomes. Accessing real estate listings and homes that are up for sale in Chicago, IL is easy because in our search area shown above, we categorize real estate and homes based on location, price, and the number of bedrooms and bathrooms.

Chicago Home Affordability

  • $225,700Median home price
    28% higher than Illinois
  • $47,831Median home income
    16% lower than Illinois
  • 4.7xHome price to income ratio
    54% higher than Illinois
It’s advisable to look at home affordability when trying to find the ideal place to find real estate in Chicago, IL. To estimate home affordability, one method is to use the ratio of home price to median household income. The Chicago, IL’s median home price stands at $225,700 while $47,831 is the value of the average household income. The resulting home price to income ratio, which is 4.7x, differs from the Illinois average as the ratio is 54% higher than the state’s average. The average home price divided by the median home income results in the home affordability ratio. Considering the comparison between the home price and home income, homes in Chicago, IL are considered less expensive if the ratio of home price to income is lower. Besides the home price to median household income ratio, other considerable factors do apply in determining home affordability. Using the home affordability calculator displayed below can help determine the exact price that suits any budget when searching for real estate in Chicago, IL.

Chicago Affordability Calculator

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Are you looking for real estate in Chicago, IL? Be careful not to purchase a home outside of your budget. A home affordability calculator lets you input your income, down payment, and debts to figure out how much you can afford to spend on your new home. If you know further information, such as mortgage term and rate or insurance, taxes, and HOA dues, you can input that as well to get a better estimate of the total cost. The calculator will show you the maximum amount you can afford to spend on a home. With that number in mind, you can start looking for a home in Chicago, IL and avoid homes that don’t fit in your budget to guard yourself from an emotional, yet costly, decision. Thanks to the home affordability calculator, you can also create a stronger budget plan. Once you know your housing costs, you can figure out how much money you should spend and how much money you can save.

Chicago Mortgage Calculator

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What will I pay monthly if I buy real estate in Chicago, IL? Determining the monthly payment amount of a home is based on a number of different factors. Obviously, the most significant variable is the overall price of the house, but there are also other considerations to make such as homeowners insurance, the interest rate, amount of the down payment, property taxes, private mortgage insurance (PMI), and even home owner's association dues. A great way to eliminate the PMI is by paying 20% of the cost of the house as a down payment. The mortgage calculator is filled out with default values for these variables, but they can be reset to give you a more accurate payment amount. The best rule when it comes to house payments is that you want to keep your debt to income ratio at no more than 36%. This means paying no more than 36% of your monthly income on your housse and all other debt payments.

Chicago Demographics

  • 2,712,608Population
  • 11,915People / sq mile
  • 33.4Median age
  • 0.9:1Male/Female ratio

Nearby cities with low home prices

City, StatePopulationHome PriceNational Avg.
Hodgkins, IL2,185$43,10075%
Whiting, IN4,930$110,30037%
Calumet Park, IL8,189$112,40036%
Hometown, IL4,358$119,60032%
Merrionette Park, IL1,748$122,30030%
Chicago, IL2,712,608$225,70028%

Cities with similar population

City, StatePopulationHome PriceNational Avg.
Houston, TX2,167,988$125,40029%
Los Angeles, CA3,862,210$453,800158%
Philadelphia, PA1,546,920$143,20018%
Phoenix, AZ1,490,758$155,90011%
San Antonio, TX1,385,438$114,60035%
Chicago, IL2,712,608$225,70028%
Source: The Chicago, IL housing data displayed above is derived from the United States Census Bureau.