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Report: Chicago Households Need to Earn $75K Per Year to Pay Average Rent

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Rent prices in Chicago aren't going down anytime soon, and as the rental bubble continues to grow, more and more folks are finding themselves struggling to pay their rent. We've seen month-to-month data on median rental rates in Chicago that suggests that while the Windy City is nowhere near as pricey as other major cities, it's still not exactly cheap to rent here. And while it's tough to nail down the actual median or average monthly rent prices in Chicago, there's enough information out there that suggests that many Windy Citizens are finding it more difficult to pay the bills. For example, a recent story from the Chicago Reporter suggests that half of Chicagoans can't afford their rent. With more than half of the city's renters spending 30% or more of their income on housing, the picture isn't too rosy for Chicago renters. According to another recent report, this one from SmartAsset (pun clearly intended), Chicagoans need to be earning nearly $75,000 a year to pay the average rent of $1,745 for a two bedroom apartment.

SmartAsset does point out that in many neighborhoods, one can find a two bedroom apartment for $1,000 per month or even less, but with prices reaching $3,000 per month or higher for a two bedroom in the Loop and surrounding neighborhoods, the average figure floats somewhere around the $1,700 range.

The picture is much more bleak in Washington, DC, New York, Boston and San Francisco with rents in these cities going off the charts. And while Chicago's latest building boom is a huge win for local developers, architects and construction workers, the thousands of new apartments on their way to the city's downtown will likely be ones that will require a pretty substantial salary to lease.

·How Much You Need to Make to Rent a Home in U.S. Cities [SmartAsset]
·Half of Chicago renters can't afford their housing [Chicago Reporter]
·Market Reports archives [Curbed Chicago]
·Apartment Boom Town archives [Curbed Chicago]
·Renters Week 2015 [Curbed Chicago]