The Spark

the Voice of
The Communist League of Revolutionary Workers–Internationalist

“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?