Almost half of renters in the Chicago area make enough money to buy a median-priced home locally, an analysis has found.
Area renters need an annual salary of at least $32,389 in order to buy in the Chicago area, where the median price of a home in 2013’s fourth quarter was $187,100, according to SNL Real Estate, a financial data firm, which based its analysis on a variety of data sources.
Other Midwest cities fared similarly to the Chicago area. In Detroit, 62 percent of renters could afford a median-priced home. In St. Louis, it was 56 percent, and in Minneapolis, 48 percent of renters could afford a home.
The worst city for renters was San Diego, where less than 14 percent of renters had an annual income of at least $81,570 that would be necessary in order to afford a home with a median price of $476,790. Year-over-year, home prices in San Diego were up 19.4 percent in January.
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One big caveat that might bring those percentages down: the data included in the research did not include taxes or insurance.