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

To buy a home at the typical price in the Chicago area, you would need an income of about $118,500. This is based on the median listing price of $394,500. Keep in mind, this number is a general guide. Your specific income needs will vary based on your interest rate, loan terms, and down payment. The median listing price in Chicago has increased by 1.4% from the previous month and by 3.8% over the past year, reaching $394,500. This means homes are a bit more expensive now than they were recently. There are currently 13,809 homes listed for sale, which is 7.8% fewer than a year ago. This lower number of homes available means you might have fewer choices. Homes are selling a tiny bit faster than last year, staying on the market for 33 days on average. This suggests that buyers are still actively looking, but it's a very small change. About 12.7% of homes have had their prices lowered. This is a small decrease from last year, meaning fewer sellers are dropping their prices compared to before. If you are looking to buy, it’s a good idea to speak with a lender to understand what you can afford and create a budget to help you in your home search.