How Much Do You Need to Afford Rent in Chicago, IL?
Income needed for the average 2BR rent under the 30% rule
Rent is affordable on the local median income in Chicago, IL
The average 2-bedroom rent ($1,761/mo) takes 24% of the local median household income ($88,850/yr). That is within the recommended 30% threshold.
| To afford $1,761/mo rent (30% rule) | You need |
|---|---|
| Annual salary | $70,440 |
| Monthly income | $5,870 |
| Hourly wage (full-time) | $33.87/hr |
| Local median household income | $88,850 |
| Rent as % of that income | 24% |
The 30% rule says housing should cost no more than 30% of gross income. The "housing wage" is the full-time hourly pay (2080 hrs/yr) needed to hit that. Rent is the HUD Fair Market Rent for a 2-bedroom; income is the Census median for the area.