House Affordability in Chicago
Median home price: $340K · Property tax: 1.97% · Insurance: $1,500/yr
You can afford a home up to
$186,664
That's a 1-bedroom condo in Chicago
Based on your $75,000 income with 20% down
Your $186,664 budget buys
Monthly payment breakdown
$1,750/mo
Home price
$186,664
Down payment
$37,333
Loan amount
$149,331
No PMI
Waived (20%+ down)
Estimates based on the 28/36 DTI guideline with Chicago-specific property tax and insurance rates. Actual mortgage approval depends on credit score, employment history, and lender criteria.
Chicago Housing Market Overview
Chicago offers comparatively affordable housing among major metros, though property taxes in Cook County are among the highest in the nation.
The median home price in Chicago is $340,000, which is 17% below the national median of $412,000. Property taxes average 1.97% of assessed value, adding $558/month to housing costs.
Homeowners insurance averages $1,500/year ($125/month). Condos and townhomes typically carry HOA fees around $350/month.
What can you buy in Chicago?
Typical price ranges by property type in Chicago, IL (2024/2025 estimates).
| Property type | Price range | Down payment (20%) |
|---|---|---|
| 1-bedroom condo | $150K – $280K | $30K – $56K |
| 2-bedroom condo | $250K – $400K | $50K – $80K |
| 3-bedroom home | $320K – $500K | $64K – $100K |
| 4-bedroom home | $450K – $750K | $90K – $150K |
| 5+ bedroom home | $650K – $1.10M | $130K – $220K |
Sources: Zillow, Redfin, Realtor.com (2024/2025 estimates). Prices vary by neighborhood.
Income needed to buy in Chicago
Minimum annual income to afford each property type at 28% DTI, 20% down, 6.75% rate.
| Property type | Midpoint price | Income needed |
|---|---|---|
| 1-bedroom condo | $215K | $68,295/yr |
| 2-bedroom condo | $325K | $100,496/yr |
| 3-bedroom home | $410K | $125,378/yr |
| 4-bedroom home | $600K | $180,997/yr |
| 5+ bedroom home | $875K | $261,499/yr |
Green = achievable at Chicago's median household income of $74,000.
Cost of living context
The median household income in Chicago is $74,000, which is 1% below the national median of $75,000.
At the median income, a household can afford roughly $234K using the 28% DTI rule — which falls short of the $340K median. Many buyers need dual incomes, a larger down payment, or lower price points.
FAQ
Can I afford a house in Chicago on a $100,000 salary?
At $100K with 20% down and 6.75% interest, you can afford roughly $323K in Chicago using the 28% DTI rule. The median home price is $340K, so you may need to look at lower price points or increase your down payment.
What income do I need to buy a house in Chicago?
To afford the median price of $340K with 20% down at 6.75%, you need approximately $104,887/year (28% DTI). The median household income in Chicago is $74,000, which is below what is needed.
What are property taxes like in Chicago?
The average property tax rate is 1.97%, or $6,698/year on a median-priced home. This is above the national average of 1.2%.
What does a 3-bedroom home cost in Chicago?
A typical 3-bedroom home costs between $320K and $500K, with the midpoint around $410K.
Is Chicago affordable compared to other cities?
Chicago's median price of $340K is 17% below the national median of $412K. Median household income is $74,000, 1% below the national median.
Other cities
- San Francisco, CA — median $1.35M
- New York City, NY — median $780K
- Los Angeles, CA — median $950K
- Miami, FL — median $590K
Related tools
- Illinois House Affordability — statewide data
- Illinois Paycheck Calculator — calculate your take-home pay
- House Affordability Calculator — compare all cities
- Compare Job Offers — factor in housing costs