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Salary of Nearly $53K Needed for Chicago Homes

By Randi PetrelloJust how much money do you have to make to buy a home here in Chicago? Not as much as you’d expect, according to a recent report. The report from, publisher of mortgage and consumer loan information, found that residents of the Windy City need to earn a salary of $52,866.88 in order to afford the principal and interest payments on a home here. That’s down $1,699.83 from the previous quarter, the report said. Home prices are on the decline here, so the required salary fell, as well, the report said. The average home price here is $176,900, down 5.45 percent from the previous quarter. Mortgage rates are at 4.52 percent, making the monthly payment on a home about $1,233.56, according to the report. Zillow’s Home V

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