The Spark

“The emancipation of the working class will only be achieved by the working class itself.” — Karl Marx

Unaffordable to Rent OR Buy!

Jan 9, 2017

Is it more affordable to rent or buy a place to live? Turns out in Chicago, the answer is – neither!

According to the “rule of thumb,” you are not supposed to pay more than 30 per cent of your income on housing. But according to a study by Attom Data Solutions, the average rent for a three-bedroom home in Cook County is $1569 – 31.4 per cent of the average pre-tax income. Buying is slightly worse, with an average of $1611 a month for mortgage, insurance, and property taxes.

So, if renting and buying are both unaffordable in Chicago, what do they expect a worker to do?