Markets & Economy

Zillow Chicago: Affordability Breakdown

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

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. ...