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Old 04-26-2011, 10:21 PM
 
11,544 posts, read 4,198,427 times
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Default Many Chicago renters spend half of income on rent

I thought 30% was a lot. How are these people surviving? Is this sustainable?

Many Chicago renters spend half of income on rent, utilities
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Old 04-26-2011, 10:56 PM
 
2,320 posts, read 1,780,800 times
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Not surprising. I wonder how many are college students or people new to the workforce. They might be the ones most likely to over extend that way.
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Old 04-26-2011, 10:57 PM
 
Location: Andersonville, Chicago
2,167 posts, read 3,288,377 times
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I'm getting married in 19 days, and rent between me and my wife will be 28% of our income at our new place. Currently, I'm paying 44% of my income. It is do-able but requires a super tight budget an lack of entertainment.
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Old 04-27-2011, 04:55 AM
 
98 posts, read 16,130 times
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Quote:
Originally Posted by Savoir Faire View Post
Is this sustainable?
No. The rising rent prices in the last 20 years are destroying Chicago.
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Old 04-27-2011, 05:51 AM
 
Location: Chicago
3,066 posts, read 3,145,731 times
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Rent is getting too high
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Old 04-27-2011, 07:09 AM
 
Location: Andersonville, Chicago
2,167 posts, read 3,288,377 times
Reputation: 864
I have family members in Phoenix that are renting their places. You can get a decent 1BR for about $350 or so. There are even 2BRs for $650. That seems unbelievable. It's the same way across the south as well. In comparison to those places, we're getting choked on rent.
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Old 04-27-2011, 07:25 AM
 
Location: Chicago - near NW
2,834 posts, read 1,816,766 times
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In comparison to New York, Boston, LA, and SF, we're getting incredible deals.
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Old 04-27-2011, 07:27 AM
 
Location: Andersonville, Chicago
2,167 posts, read 3,288,377 times
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Quote:
Originally Posted by It'sAutomatic View Post
In comparison to New York, Boston, LA, and SF, we're getting incredible deals.
I agree. Though, I do feel that income is not keeping up with rent increases.
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Old 04-27-2011, 07:48 AM
 
7,739 posts, read 5,417,617 times
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Quote:
Originally Posted by MannheimMadman View Post
I agree. Though, I do feel that income is not keeping up with rent increases.
It's not in most places. The economy is bad, no one can or is willing to buy a home, there is no new rental supply. Hence rents up, with incomes stagnant. It's happening in most areas of the country, not just Chicago.
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Old 04-27-2011, 08:14 AM
 
5,244 posts, read 4,345,964 times
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Quote:
Originally Posted by It'sAutomatic View Post
In comparison to New York, Boston, LA, and SF, we're getting incredible deals.
I agree; many 1BR apts in Cambridge, MA go for $1400-1500; some people go without cars, and just use subways/busses, some just have very limited budgets for anything extra...
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