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?