Chicago, IL variant. This is a Chicago, IL-specific version of the Home Affordability Calculator, using pre-defined local figures (tax rates, median home and income values, and typical regional costs). For the full formula, methodology, and FAQ, open the main Home Affordability Calculator.
Affording a home in Chicago pits the $71,673 median income against a $320,000 median price - a price-to-income ratio of 4.5x.
Can you afford Chicago?
The 28% rule caps housing at $1,672/month on the local median income, supporting roughly $330,734 in price - versus the $320,000 Chicago median.
Chicago is relatively attainable on the local median income.
About Chicago, IL
Chicago does not levy a city income tax, so residents pay Illinois state income tax but no separate municipal wage tax.
Chicago offers relatively affordable home prices for a major US city, though Illinois carries some of the highest property tax rates in the nation.
Chicago's diverse economy spans finance, manufacturing, transportation, and professional services as the largest hub in the Midwest.
Worked example: max price on $71,673
28% of $71,673 ÷ 12 ≈ $1,672/month supports about $330,734 at 6.5% with 20% down - compared with the $320,000 median.
Quick reference
- Median home value: $320,000
- Median rent: $2,150/mo
- Median household income: $71,673
- Local sales tax: 10.25%
- Effective property tax rate: 2.1%
- Cost of living index: 107 (US avg = 100)
Frequently Asked Questions
What income do I need to buy in Chicago?
To afford the $320,000 median home, you'd typically need well above the $71,673 local median income at current rates.
What is the price-to-income ratio in Chicago?
About 4.5x (median home ÷ median income).