Quick facts: Chicago, IL

Quick Facts

102.5
Cost of Living
above US average
2,665,039
Population
36.55
Crime Rate per 1000
above US average
$71,673
Median Income
below US average
$394,250
Median House Price
above US average
$2070
Average Rent
above US average
18%
Poverty Rate
above US average
7.1%
Unemployment Rate
above US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $71,673.

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Income Needed to Buy

βœ— Stretch
$124k/year
Based on $394,250 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $124k vs median $71,673
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Income Needed to Rent

⚠ Stretch
$89k/year
Based on $2070/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $89k vs median $71,673
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Chicago, IL

Chicago, Illinois, known as the "Windy City," is the third-largest city in the United States, situated on the southwestern shore of Lake Michigan. Famous for its stunning skyline, Chicago is home to iconic structures such as the Willis Tower (formerly Sears Tower) and the John Hancock Center. The city's rich history is reflected in its diverse neighborhoods, each offering a unique cultural experience, from the historic architecture of the Loop to the vibrant arts scene in Wicker Park and the Latin influences in Pilsen. Chicago is renowned for its food scene, including deep-dish pizza, Chicago-style hot dogs, and an array of international cuisines. The city's cultural attractions include world-class museums like the Art Institute of Chicago, the Field Museum, and the Museum of Science and Industry. Additionally, Chicago boasts a vibrant music landscape, known for jazz and blues, and hosts various festivals throughout the year. With its passionate sports culture, the city supports major teams like the Chicago Bears (NFL), Chicago Bulls (NBA), and Chicago Cubs (MLB). Chicago offers diverse recreational activities, including parks, beaches, and the scenic lakefront trail, making it a dynamic place to live or visit.

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