Chicago’s Rent-to-Income Proportions Exceed 40 Percent

TWL_2015_june_blog6Despite strong job growth, Chicago is among the nation’s top four metro markets where the median cost of rental living exceeds 40 percent of annual income. According to a report from Mad Valorem’s interactive real estate database, 11 of the 17 metro areas to show the nation’s highest job growth also have the highest rent-to-income ratios. With a median cost of rent around $1,850, rental living in Chicago takes up 47 percent of the average annual income. Boston tops the list with median rent of $2,900 taking up 65 percent of annual income. The six metro areas to have strong job growth and median rents below 33 percent of annual income include Kansas City, Salt Lake City, Nashville, Austin, Seattle, Minneapolis, and Richmond, Virginia.

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Image Source: Jaysin Trevino