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City · 2,711,226 residents · Cook County, Illinois

Chicago , Illinois

In Chicago, a typical home is worth $334,100 and typical rent is $1,440 a month. Compared with all of Cook County, typical household income is 7% lower and the share of households that own their home is 12 points lower.

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  • Typical home value

    $334,100

    3% above the county

    27% above Illinois

    • Chicago
    • Cook
    • Illinois

  • Typical rent

    $1,440a month

    About the same as the county

    13% above Illinois

    • Chicago
    • Cook
    • Illinois

  • Typical household income

    $77,902a year

    7% below the county

    7% below Illinois

    • Chicago
    • Cook
    • Illinois

  • Households that own their home

    46%

    12 points below the county

    21 points below Illinois

    • Chicago
    • Cook
    • Illinois

Source: U.S. Census Bureau, Average 2020–2024

Market now, with Zillow data

Zillow data
Typical home value
$334,108
5.6% more than 12 months ago
Typical rent
$2,311 a month
5.7% more than 12 months ago

From Zillow (ZHVI/ZORI), September 2026. The Census figures above are 5-year averages (2020–2024).

Chicago is in Cook County. The FHA loan limit ($541,287 for a one-unit home), the fair market rents and the help on this page are those of all of Cook County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Chicago apart

What this place has that others do not, from public data, most unusual first.

  1. Chicago has the 6th lowest homeownership rate of the 337 cities in Illinois with more than 5,000 people (46%).

  2. Nearby, in Stickney, the typical home value is $244,900: 27% less than in Chicago ($334,100).

  3. Nearby, in Cicero, the typical rent is $1,154: 20% less than in Chicago ($1,440).

Sources: U.S. Census Bureau (Average 2020–2024).

The homes here

Housing in Chicago

What homes there are in Chicago, what they cost, how that changed and how people live, from Census figures (2020–2024).

What homes there are

U.S. Census Bureau, ACS 5-year, 2020–2024

Kind of home

There are more apartments in Chicago than in Cook County: 43% of homes, against 35%.

Year built

The typical home in Chicago was built in 1953, 8 years before the typical one in Cook County.

There are fewer big homes in Chicago than in Cook County: 39% have 3 bedrooms or more, against 49%.

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes

About 78% of owner-occupied homes in Chicago are worth less than the FHA loan limit for Cook County ($541,287).

Monthly rent with utilities

HUD's 2-bedroom fair market rent (FMR) for Cook County is $2,011; about 75% of rents in Chicago are below it.

With a mortgage

$2,339 a month

Cook County: $2,270 a month

Without a mortgage

$859 a month

Cook County: $910 a month

Owners with a mortgage

65%

Cook County: 62%

Owning costs about the same in Chicago as in Cook County: with a mortgage, $2,339 a month; without one, $859.

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

Much as in Cook County, the typical home value in Chicago rose 30% since 2015–2019.

Rents in Chicago rose at about the same pace as in Cook County: 30% since 2015–2019, against 28%.

Here income gained ground: typical income rose 34%, against +30% for home values and +30% for rent.

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasureChicagoCook CountyIllinoisUnited States
Rental vacancy 4.8%4.5%5.0%5.5%
Homeowner vacancy 1.3%1.1%1.0%0.9%
More than one person per room 3.4%3.3%2.5%3.4%
People per household 2.292.432.462.53
Drive alone 45%55%66%69%
Carpool 7%8%8%9%
Public transit 18%12%6%3%
Walk or bike 7%5%3%3%
Work from home 21%19%16%15%
Other means 2%2%1%2%
Typical commute 30 to 39 minutes30 to 39 minutes20 to 29 minutes20 to 29 minutes

In Chicago, the rental vacancy rate is 4.8%, about the same as in Cook County.

More than one person per room: that is how 3.4% of households in Chicago live, near the figure in Cook County (3.3%).

On average, a household in Chicago has 2.29 people, fewer than in Cook County (2.43).

Public transit matters here: 18% of workers take it to work, against 12% in Cook County.

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month for a home in Chicago?

A typical home costs more than the typical income allows

We start with a typical home in Chicago, worth $334,100, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 45% of the typical household income in Chicago, which is $77,902 a year. For that payment to be 28% of income, a household would need to earn about $125,201 a year.

The calculator's FHA and conventional loan limits are those of all of Cook County.

Your numbers

Local data
$

Starts at the typical home value in Chicago. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $11,694 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$2,921

at 7.18% · 30 years

Loan amount
$328,048
Total interest
$471,984
Paid off in
November 2056

Includes $5,642 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $1,818 a month

  • Tight

    $1,818 to $2,337 a month

  • Hard

    more than $2,337 a month

    Your payment · 45%

Compared with the typical household income in Chicago ($77,902 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$2,921
Principal & interest$2,222
Property tax$412
Home insurance$139
FHA mortgage insurance (MIP)$148

You need at least $11,694 for the down payment, plus closing costs.

Next step

This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.

The city and its county

Chicago and Cook County

Chicago is in Cook County, Illinois. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).

Chicago's own numbers

Typical home value
$334,100
Typical monthly rent
$1,440
Typical yearly household income
$77,902
Households that own their home
46%
Effective property tax rate
1.48%

U.S. Census Bureau, American Community Survey (average 2020–2024).

Numbers for all of Cook County

FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$2,011
Price change over 5 years (FHFA)
+42%
Homes in a high flood-risk zone
1%

HUD, FHFA and FEMA don't publish these numbers by city.

Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Cook County.

Everything about Cook County

Buying

Buying a home in Chicago

A typical home in Chicago is worth $334,100: 3% above the county and 27% above Illinois. With the typical household income in Chicago ($77,902 a year), a typical home costs 4.3 times what the household earns in a year.

Years of income to pay for a typical home

The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.

  • Chicago 4.3 years
  • Cook 3.9 years
  • Illinois 3.2 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Cook County

According to FHFA’s house price index, home prices in Cook County rose 61% in the 10 years through 2025.

FHFA does not publish this index by city: these are the numbers for all of Cook County.

Period County Illinois U.S.
Last year (2025) +5.5% +5.7% +2.9%
5 years (2020–2025) +42% +47% +47%
10 years (2015–2025) +61% +65% +85%

The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data

Chicago next to Cook County, Illinois and the U.S.

Three numbers side by side. “Typical” means the median: half are above it and half below.

Typical home value
  • Chicago $334,100
  • Cook $324,500
  • Illinois $263,300
  • United States $332,700
Typical monthly rent
  • Chicago $1,440
  • Cook $1,435
  • Illinois $1,274
  • United States $1,413
Typical yearly household income
  • Chicago $77,902
  • Cook $83,498
  • Illinois $83,390
  • United States $80,734
See the full table
Chicago next to Cook County and Illinois
Measure Chicago Cook County Illinois U.S.
Typical home value $334,100 $324,500 $263,300 $332,700
Typical monthly rent $1,440 $1,435 $1,274 $1,413
Typical yearly household income $77,902 $83,498 $83,390 $80,734
Households that own their home 46% 58% 67% 65%
Typical yearly property tax $4,943 $6,191 $5,298 $3,119
Effective property tax rate 1.48% 1.91% 2.01% 0.94%
Renters with high rent for their income 48% 49% 48% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Cook County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.

Four ways to pay for a typical home in Chicago

For a typical $334,100 home in Chicago, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Chicago's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $2,921a month

    Least cash to close
    Down payment
    $11,694
    Cash to close
    $21,717
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $148

  • Conventional, 5% down $2,860a month

    Down payment
    $16,705
    Cash to close
    $26,728
    Rate
    7.18%
    Mortgage insurance
    PMI · $159

  • Conventional, 20% down, no PMI $2,362a month

    Down payment
    $66,820
    Cash to close
    $76,843
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $2,671a month

    Down payment
    $50,115
    Cash to close
    $60,138
    Rate
    8.18%
    Mortgage insurance
    None

The option that asks for the least cash to close is FHA, 3.5% down.

  • Cash to close = down payment plus 3% of the price in closing costs (example).
  • Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
  • The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for Chicago and for Cook County.

Property tax

Effective rate in Chicago

1.48%of the home’s value each year

$4,943 a year for the typical owner in Chicago.

  • Chicago 1.48%
  • Cook 1.91%
  • Illinois 2.01%

What Illinois publishes General Homestead Exemption (Illinois Department of Revenue)

Exemptions and deadlines in Illinois

Flood risk in Cook County

FEMA does not publish these numbers by city: they are for all of Cook County.

Homes in the high-risk zone
1%
12,558
Of those, with NFIP insurance
32%
County Illinois U.S.
Homes in the high-risk zone 1% 1.5% 3.5%
Of those, with NFIP insurance 32% 25% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Chicago

Typical rent in Chicago is $1,440 a month: about the same as the county. In Chicago, 48% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Cook County, by unit size. To pay the 2-bedroom one ($2,011 a month) without spending more than 30% of your income, you would need to earn $38.67 an hour working full time.

HUD fair market rent for all of Cook County

What you need to earn to pay it without spending more than 30% of income, working full time.

Size Fair rent a month Hourly wage Yearly income
Studio $1,678 $32.27 $67,120
1 bedroom $1,780 $34.23 $71,200
2 bedrooms $2,011 $38.67 $80,440
3 bedrooms $2,586 $49.73 $103,440
4 bedrooms $2,954 $56.81 $118,160

Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027

By ZIP code

Fair market rent by ZIP code in Chicago

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Chicago has 56 ZIP codes with their own.

For 2 bedrooms it runs from $1,500 in 60609 to $3,020 in 60661.

29 of the 56 are above the fair market rent for Cook County ($2,011).

3 of these ZIP codes cross the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Chicago when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD) Fiscal year 2027 Small Area Fair Market Rents (HUD) Source: Census Bureau ZCTA-to-place relationship file Data from 2020 data Census Bureau ZCTA-to-place relationship file

Is your rent high for your ZIP?

Low-income apartments

Low-income apartments in Chicago

HUD lists 301 buildings with rents for lower incomes in Chicago. These are the largest.

  • Altgeld Gardens I 700 E 133rd Pl, Chicago 60827 1,574 homes, 1533 low-income · Run by Chicago Housing Authority · Average payment: $377 a month (312) 742-8500
  • Lawndale Restoration 3100 W Douglas Blvd, Chicago 60623 1,240 low-income homes · Studio: 8 · 1 bd: 101 · 2 bd: 548 · 3 bd: 429 · 4 bd: 154 · In service since 1996
  • Region 1 Small (2-6) Units 420 W North Ave, Chicago 60610 1,134 homes, 1132 low-income · Run by Chicago Housing Authority · Average payment: $466 a month · Homes at several sites (312) 742-8500
  • The Pavilion Apts 5441 NE River Rd, Chicago 60656 1,114 low-income homes · Studio: 183 · 1 bd: 636 · 2 bd: 283 · 3 bd: 9 · 4 bd: 3 · In service since 1994
  • Parkway Gardens 6415 S Calumet Ave, Chicago 60637 694 low-income homes · For families (773) 288-6701

See all 946 buildings in Cook County Source: HUD, Retrieved November 6, 2026

Free help

Help to buy or rent in Chicago

You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.

There are 42 HUD-approved agencies with an office in Cook County; 19 say they serve in Spanish.

A man leans over the armchair to help a teenage girl with her book.

HUD counseling is free or low-cost

Assistance programs in Chicago

2 programs are for Chicago or Cook County, by their own records: they come first, each with what its official page says about being open. The ones below are statewide in Illinois: they work in Chicago the same as in the rest of the state.

Which programs do I qualify for? All programs in Illinois

  • HomeGrown Purchase Assistance

    For Chicago

    Open, per the source

    Chicago Department of Housing grant for the down payment and closing costs, from $10,000 to $70,000 depending on your income and the home's area; you apply through NLS or TRP and must live in the home five years. Offered by City of Chicago Department of Housing (DOH).

    Grant

    See the program Official page

  • Home Repair Program (HRP)

    For Chicago

    Closed, per the source

    City of Chicago program that repairs the roof or porch of homeowners with qualifying incomes, and makes small accessibility changes. Offered by City of Chicago Department of Housing.

    Repairs

    See the program Official page

  • IHDAccess Home

    Statewide in Illinois

    Limited funds remain, per the source

    IHDA second loan with deferred payments for first-time buyers in Illinois. Offered by Illinois Housing Development Authority (IHDA).

    Deferred

    See the program Official page

Housing counselors near Chicago

The HUD-approved agencies closest to the center of Chicago, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • Xilin Association

    2538 S Blue Island Ave, Chicago · 1 miles away · Spanish

    Also serves in Cantonese, Mandarin Chinese, and Korean.

    • Budget and credit workshops
    • Fair housing pre-purchase workshops
    • and 4 more
    (630) 974-8470

  • Brighton Park Neighborhood Council

    4000 S Archer Ave, Chicago · 1 miles away · Spanish

    • Mortgage delinquency and default
    • Budget and credit workshops
    • and 5 more
    (773) 523-7110

  • The Resurrection Project

    1818 S Paulina St, Chicago · 2 miles away · Spanish

    • Mortgage delinquency and default
    • Mortgage delinquency workshops
    • and 9 more
    (312) 666-1323

Every agency in Cook County All counseling agencies in Illinois

Help in Spanish near Chicago

3 of the 3 agencies on this list say they serve in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Housing authorities of Chicago

HUD’s record names them for Chicago or Cook County. They run public housing or Section 8 vouchers. Ask whether their waiting list is open.

  • Chicago Housing Authority Public housing and Section 8 vouchers (312) 742-8500
  • Housing Authority Cook County Public housing and Section 8 vouchers (312) 542-4721

4 other authorities have an office in Cook County: see the list Source: HUD

Cities

Other cities in Cook County

These cities are also in Cook County. They share its loan limits and fair market rents, but home values and rent change from one to the next.

Everything about Cook County Housing in Illinois
See 84 more cities in Cook County, with prices and rents

Every city has its own page with prices, rents and help.

Nearby cities

The cities closest to Chicago, with the typical home value.

Neighboring counties

If Cook County is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in Chicago.

All guides
A mother smiles as she carries her young daughter on her shoulders (black and white).

Questions

Housing questions about Chicago

Short answers with the numbers for Chicago and all of Cook County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.

How much does a typical home cost in Chicago?

The typical home value in Chicago is $334,100, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Cook County it is $324,500.

How much does it cost to rent in Chicago?

Typical rent in Chicago is $1,440 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Cook County is $2,011.

What is the FHA loan limit in Chicago?

Chicago uses the FHA limit for all of Cook County (2026): $541,287 for a one-unit home and $1,041,125 for a four-unit home.

How much property tax do owners pay in Chicago?

The typical homeowner in Chicago pays $4,943 a year, according to the U.S. Census Bureau. That is 1.48% of the home’s value; in Cook County, the rate is 1.91%.

Where can I find free help to buy or rent in Chicago?

There are 42 HUD-approved counseling agencies with an office in Cook County. 19 say they serve in Spanish. They can help you get ready to buy, with your credit, or with rent.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); Small Area Fair Market Rents (HUD) (Fiscal year 2027); Census Bureau ZCTA-to-place relationship file (2020 data); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).