SAN FRANCISCO, Feb. 13, 2018 /PRNewswire/ -- Single renters can
expect to spend a smaller share of their income on a one-bedroom
apartment south of Chicago's
downtown core than anywhere else in the city, according to a new
HotPads® analysis.
To find the most affordable neighborhoods for single renters,
HotPads compared each neighborhood's median rent for a one-bedroom
apartment to the city's median annual income of $39,380i to see where renters can
expect to put the smallest share of their income toward rent.
In the city of Chicago as a
whole, the median rent for a one-bedroom apartment is $1,784 a month. This means that renters making
the city's median income who want to live alone need to spend about
54 percent of their income on rent, which is far greater than the
30 percent recommended by experts. Fortunately, there is a wide
array of Chicago neighborhoods
where single renters can afford a one-bedroom apartment while
sticking with the 30 percent rule.
Among the 10 most affordable neighborhoods for renters wanting
to live alone, seven are on the south side of the city. Among these
seven, two are easily accessible to downtown Chicago via the Red Line, and three are on
METRO routes. HotPads predicts that many of the most affordable
neighborhoods for single renters in Chicago will become even more popular in 2018,
including Brainerd and Marquette Park.
"One of the many great things about Chicago is that renters can afford to live
alone while still having room in their budget to save for a rainy
day," said Douglas Pope, co-founder
and general manager of HotPads. "Chicago's affordability for renters living
alone can be a selling point for singles who are increasingly
getting priced out of cities on the coasts. Renters who want to
live alone in Chicago can stay
competitive in the apartment hunt by starting their search early,
preparing applications ahead of time, and keeping a close eye on
new listings that hit the market."
HotPads is a Zillow Group-owned apartment and home search
platform for renters in urban areas across the United States. For more information on
Chicago's rental market, visit
HotPads.com.
Neighborhood
|
Median One-Bedroom
Rent
|
Share of Median
Income
Spent on Rentii
|
City of
Chicago
|
$1,784
|
54.4%
|
Park Manor
|
$713
|
21.7%
|
Gresham
|
$750
|
22.9%
|
Marquette
Park
|
$750
|
22.9%
|
Brainerd
|
$750
|
22.9%
|
Chatham
|
$775
|
23.6%
|
East
Chatham
|
800
|
24.4%
|
Washington
Park
|
$830
|
25.3%
|
Belmont-Cragin
|
$895
|
27.3%
|
Mayfair
|
$900
|
27.4%
|
Kilbourn
Park
|
$925
|
28.2%
|
HotPads
HotPads is an efficient rental search platform for urban areas
across the United States, with
features designed for competitive markets such as map-based search,
real-time notifications and detailed information on landlords and
property managers that help renters spend less time searching and
more time feeling excited about their next home.
Launched in 2005, HotPads is based in San Francisco and is owned and operated by
Zillow Group, Inc. (NASDAQ: Z and ZG).
HotPads is a registered trademark of Zillow, Inc.
i Bureau of Labor Statistics, median annual income
for the city of Chicago
ii Based on the city of Chicago's median income from the Bureau of
Labor Statistics ($39,380
annually)
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content:http://www.prnewswire.com/news-releases/hotpads-names-most-affordable-neighborhoods-for-single-renters-in-chicago-300597674.html
SOURCE HotPads, Inc.