Markets & Economy

Zillow Chicago: Affordability Breakdown

Per Zillow, home values in the Chicago area are on the rise, as renters pay twice as much

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Zillow breaks down how incomes and affordability match up in Chicago. Chicago metro highlights: The median income is $62868. 13.7 percent of income is spent on a monthly mortgage payment, and 31.4 percent is spent on rent. A 20 percent down payment on a median-valued home in Chicago, IL would require a potential buyer to have saved $38200. The ZHVI (Zillow Home Value Index) rose by 2.2 percent over the past year, to $191000. ...