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Factory-made homes coming to Chicago's West Side
There could be more affordable housing on the way for neighbors on Chicago’s West Side.
CHICAGO - The salary needed to afford a home in Chicago is probably not what you'd expect.
Visual Capitalist used data from Home Sweet Home to analyze the salary one needs to earn in order to buy a home in America's 50 biggest metros.
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According to the data, the median home price in the U.S. is around $370,000. That means the average person would need to earn around $76,000 to consider comfortably purchasing a home in the U.S.
The data shows that Chicago's median home price is $325,400 — and the salary needed to afford a home in the Windy City comes in just above the U.S. average, at $76,500.
THIS IS HOW MUCH MONEY YOU NEED TO MAKE TO BE HAPPY LIVING IN ILLINOIS, STUDY FINDS
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Englewood Housing Fair to help potential homebuyers
Listen up! If you're in the market to buy a home, a housing fair is being held in Englewood this weekend to give neighbors a chance to learn about buying one in the neighborhood.
The top four most expensive areas to live in the U.S. are all in California:
1. San Jose — The highest median home prices in the U.S. can be found in San Jose, where you'd need to earn around $337,000. The data revealed the monthly mortgage payment in San Jose for the median home is $7,718.
2. San Francisco
3. San Diego
4. Los Angeles
Rounding out the top 10 are:
5. Seattle
6. Boston
7. New York City
8. Denver
9. Austin
10. Washington, D.C.
You can see how other cities rank by tapping or clicking here.
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Why you shouldn't panic about the real estate market right now
Dave Ramsey and George Kamel talk about the current state of the U.S. housing market and dish out advice for those looking to buy or sell homes.
DESPITE HIGH RENT, IT’S STILL CHEAPER THAN BUYING A HOME – EXCEPT IN THESE CITIES
Meanwhile, a new report reveals the disparity between minimum wage and the cost of an average two-bedroom rental in different U.S. cities.
According to the report, the average Illinoisan needs to earn an hourly wage of $22.80 and work full-time to afford a two-bedroom apartment.
For more on that report, tap or click here.
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