Urban Real Estate

Chicago's Rent Affordability Ranks Competitively

Chicago's Rent Affordability Ranks Competitively

Two new reports show that Chicago's rental affordability is somewhere in the middle of the pack both nationally and globally.

Nationally, Chicago is 8th in overall rental affordability - rental costs average $2.49 a square foot, with the median individual apartment for a single month renting right around $1,200. An individual needs to make just over $43,000 to afford such an apartment and families that need larger apartments need an average of just over $82,000 in annual income.

Internationally, Chicago came in 13th.

You can read more on the studies at Curbed Chicago here.