What does it take to afford a 2-bedroom rental in Chicago? New report finds wages still lagging
Thank you for supporting our journalism. This article is available exclusively for our subscribers, who help fund our work at the Chicago Tribune.A woman walks past a For Rent sign in the 2400 block of North Clark Street in Chicago's Lincoln Park neighborhood on Oct. 14, 2020.a new report from Housing Action Illinois and the National Low Income Housing Coalition says.Chicago metro area, which has the most expensive housing in the state, a person would need to earn $27.
The study bases apartment costs on fair market rent values, a U.S. Department of Housing and Urban Development standard that represents the cost to rent a moderately priced unit in the local housing market. The average fair market values of one-bedroom and two-bedroom apartments in Chicago are $1,255 and $1,440, respectively.
Parts of the state beyond the metro areas of Chicago, of southern Illinois by St. Louis and central Illinois are more affordable. The lowest hourly wage needed for an Illinois worker to afford a two-bedroom apartment in some counties is $14.88. With the Illinois minimum wage at $13 an hour, full-time workers can afford one-bedroom apartments in much of the state.Advertisement
Nationally, the study finds that millions of people cannot afford rental housing, with people of color being disproportionately affected because they are more likely to be renters and have low incomes compared with white households. The most expensive jurisdictions are the Boston, Seattle and New York City metropolitan areas, as well as parts of California and one part of Connecticut.“Obviously, it’s not a new problem, but the cost of housing in the private market continues to go up, and it is most out of reach for people with the lowest incomes,” Palmer said. “We need to be increasing people’s incomes, but we also need to be increasing the supply of housing.
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