People “are having to make enormous sacrifices” to handle housing costs. Chicago residents are facing massive problems with cost of living.
Chicago Cost of Housing Increases
To identify “distressed homeowners and renters,” researchers used a general housing rule that requires affordable housing to cost no more than 30 percent of a household’s gross income.
In Chicago, 48 percent of people said they were devoting more than 30 percent of their income to rent or a mortgage. In the suburbs, 40 percent were stretching beyond the manageable 30 percent limit.
49% of those in households with incomes over $75,000 said “it’s challenging to find affordable housing in my area.”
High taxes are contributing to the increasing cost of living. The lack of affordable housing is likewise driving up home costs.
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