How much income do I need to buy a home in Chicago?

To afford a home in Chicago, you'd generally need an estimated income of around "$100,564" per year. This is based on the current median listing price in the area. This income figure helps cover a monthly mortgage payment of about "$2,347". This estimate includes the principal and interest on the loan, property taxes, and homeowner's insurance, assuming a 20% down payment. The median listing price for homes in Chicago is "$389,000". This price has seen a small increase of 2.4% compared to last year, meaning homes are slightly more expensive than they were. It's worth noting that the average listing price is much higher at "$1,373,191". This big difference means there are some very expensive homes on the market, which can pull the average up a lot. The median price gives a better idea of what most people are actually paying. With prices going up a bit, and fewer homes coming onto the market (new listings are down 13.0% from last year), it means you'll likely have fewer options to choose from. Homes are also staying on the market for 33 days, which is a little longer than last year. For you as a homebuyer, this means you should focus on saving a solid down payment. Getting pre-approved for a mortgage will also give you a clear idea of what you can comfortably afford.