A study by the National Low Income Housing Coalition said the average Cook County renter makes $18.34 an hour, which means the renter would have to work 1.2 jobs to earn enough to be able to afford the average apartment in the county.
Focusing particularly on the needs of families, the research shows the median rental price of a two-bedroom apartment in the Chicago area is $1,176 a month. Based on the average pay of renters in the metropolitan area, only $886 is affordable, the coalition reported. The average hourly pay for the 1.1 million renters in the area is just $17.03 an hour, or about $35,422 annually.
To afford the typical two-bedroom at $1,176, a renter in the Chicago area would need to be earning $22.62 an hour, or $47,040 annually. That would easily be manageable if the person were earning the metro area median salary of $76,900. But renters average less than half of that, Aurand said.
(link below)
http://www.chicagotribune.com/business/ct-chicago-rent-affordable-0526-biz-20160525-story.html
Thursday, May 26, 2016
REAL ESTATE: RENTING CHICAGO APARTMENTS BECOMING LESS AFFORDABLE
A study by the National Low Income Housing Coalition said the average Cook County renter makes $18.34 an hour, which means the renter would have to work 1.2 jobs to earn enough to be able to afford the average apartment in the county.
Focusing particularly on the needs of families, the research shows the median rental price of a two-bedroom apartment in the Chicago area is $1,176 a month. Based on the average pay of renters in the metropolitan area, only $886 is affordable, the coalition reported. The average hourly pay for the 1.1 million renters in the area is just $17.03 an hour, or about $35,422 annually.
To afford the typical two-bedroom at $1,176, a renter in the Chicago area would need to be earning $22.62 an hour, or $47,040 annually. That would easily be manageable if the person were earning the metro area median salary of $76,900. But renters average less than half of that, Aurand said.
(link below)
http://www.chicagotribune.com/business/ct-chicago-rent-affordable-0526-biz-20160525-story.html
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