Chicago no longer affordable
Just know seeing the summer rent hikes hit and it's absolutely insane. 2000+ for a decent studio, 2500+ for a decent 1 bed. Whole of appeal of Chicago is sort of gone as pay hasn't kept up with this housing inflation.
Jun 28, 2022Jun 28, 2022
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Comments (46)
If you think this is bad look at nyc lol
im apartment hunting in nyc right now. I wish a studio was $2000 :(
Yeah coming from Miami this doesn't seem that bad.
Big time prediction- every major metro in liberal/semi liberal areas will implement some form of rent control in the next 5 years
"Affordable" is a meaningless term
Commercial Real Estate Developer
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Learn moreIn what sense?
I think he's trying to say that if that's what people are charging for rent, someone is able to afford them.
In the sense that it is entirely relative. Literally anything "affordable" to one person is "too expensive" to another.
Is $2,500 expensive for a 1 bedroom in Chicago? Is $5 expensive for a dozen eggs? Opinions will inevitably be mixed.
Commercial Real Estate Developer
I'm guessing OP is referring to COL.
Don't @ me
This is such a real estate douchebag answer lol. Cal me bitter or jaded or whatever, but people are so fed up with everything real estate related. Landlords jacking prices to obscene levels, brokers charging stupid af fees for doing nothing, property companies rationing inventory to create demand - I swear they are all as slimey as they come. Everyone I know is paying a considerable amount more in rent as a % of take home pay than they did pre-covid.
An investment banker taking a moral high horse against real estate, while failing in every way to understand how the rental market works, is pretty fucking comical.
Commercial Real Estate Developer
move if you can't afford it bro..
Capital A Affordable generally means 30% of gross income. If the median income is 50k and then median rent is >$1,250 a month then housing is generally not affordable in that market.
Damn, that sucks. Almost nothing "decent" is "affordable" anymore. The 4b2ba apartment (student housing) I will be living in next schoolyear is 8,000 a month. Los Angeles.
USC? one of the Palmer projects downtown with split leases and bunk style?
have you tried looking on the southside of Chicago?
I heard 64th & King Drive or 63rd & St. Lawrence are very diverse and vibrant areas...
Isn't there a episode of Shameless about all the hipsters moving into the south side
If you live in O Block you get live entertainment for free.
I won't be surprised if somebody tries to gentrify some parts of the south side. you can literally buy houses there for $100-200k and drive north for 10 min and the same houses will be selling for $1-2M. great investment opportunity if you somehow can gentrify these neighborhoods.
OP is incorrect. Chicago is widely recognized as still having a great housing market. Housing prices are up 18% nationwide, and 6% in Chicago. Best city in the US to live in right now.
This is renting nimrod, and go talk to the multi jabronies who are jacking rents 30% city wide
When you annualized rent growth from 2019-2022, the rate is 3-4%. The 30% bump is to get rents back to a precovid level after rent tank 20-25% in 2020. Same goes for the stock market index/everything else - as in the individual annualized rate of growth is consistent with their respective historical trends.
When comparing Chicago cost of living vs metro area median HHI, there is clear evidence that this metro is still one of the best/most affordable top 10 metro in the country. You're not going to even have a shot at living in 1BR in a luxury building in NY/SF/Bos/LA paying less than $3000/mo. In Chicago, you just may...
And yes - I'm the multi landlord for that apartment you can't afford
Way too much tax risk to own property there.
Have you tried making more money?
Honestly, I don't know why more people don't try this. I gave working as an analyst at FTPartners a shot ($140k base btw) and it improved my financial health significantly. Pretty much the quickest and easiest way to buy more things.
That's crazy bro now I know why its real name is Paradise
I live in a pretty dope 1BR in Lakeview for $1,700. I'll admit my place is a bit of a "steal" (LL didn't raise rents for the last 2 years) but there's definitely affordable places if you look outside of the Loop, Old Town, River North, and Lincoln Park.
Lakeview, Uptown, Roscoe Village, parts of Wicker, Logan, Bucktown are pretty affordable.
Keep digging around, see if you can find that sleepy condo owner that just wants a nice kid in their apt who will pay on time. Maybe these folks aren't prevalent anymore.
Lived in Chicago for 2 years now and my first 2br was $1200 in Lincoln Park, no shit. Owner was exactly how you described it, really great experience but I moved to be closer to my school and office
It's a lifestyle choice, but look in the neighborhoods (especially west side). Roommates obviously help.
You are so obviously looking at the wrong places. It is easy to find a very nice single bed for sub 2200 in great neighborhoods. If you are even moderately ok at critical thinking, you should be able to find sub 2k studios or converts in the loop, river north, Gold Coast, or old town, areas, let alone picking places farther from the loop.
If you live with someone, you should easily be able to find something from 1700-1850, and if crafty a place from 1500-1700.
Have you tried googling?
I agree OP is an idiot but still funny to see the Chicago simps get mad
he doesnt know how to google
All these points are too demonstrate this is no longer an attractive CoL city due to the current rent increases happening this summer.
Sub 2k for a luxury building in the nicest neighborhoods of a city is undeniably good. If you comp it to NYC, Boston, SF, LA, it's substantially cheaper. If you comp it to the US broadly there are certainly cheaper places.
My studio went from $1,723 ($1.450 with concessions) to $2,400+
In line with what I'm seeing as well
There are still some good deals to be found. There is a general shortage of 1/1 and studio space across the USA so this kind of space will be expensive. Looking at 2/2's or 3/3's as long as you arent looking at the sexiest and sleekest building, the market is cheap.
You can live in a related building for 2k - Go find a related building in any other major metro for a similar price, maybe Washington DC and even there it is slightly more expensive
Go to new york/LA with similar budget on prime location studios and you will be in a shithole
This is so much cheaper than London. London rent is £1,300 per month with 2 roommates and with a 20-30% salary cut. Don't complain guys.
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