Home Decor Projects Observer

Renting is more affordable than buying a home in Chicago but not by a lot, says a report from real estate analyst company Attom Data Solutions.

Generally, Chicago is seen as an affordable place to live especially when compared to places like LA or New York City.

Per the report, rent for a three-bedroom home in Cook County is about $1,683. For those making the city’s average income of $63,000, that would mean 31.8 percent goes toward rent.

The report calculates homeowners would dedicate 37.7 percent of their wages toward a median-priced home at $240,000.

Attom also found rent and home prices were rising faster than wages and that uneven growth isn’t good for affordability. In markets where rent exceeds a third of income, cities see rapid increases in homelessness, according to another report by Zillow.

Rising rent is no surprise to many Chicagoans. Critics of the city’s transit-oriented development policy blame the program for spurring luxury construction in quickly gentrifying areas along the Blue Line. The city is attempting to address these issues and preserve affordable housing.

To buy or to rent? It’s a hard choice and while renting might be slightly cheaper now, Attom’s report shows how that might be shifting.