LIL’ BUDDY’S BLOG – Wanna Buy A House In Chicago – On Average You’ll Need $73000 Annual Income to Qualify!
LIL’ BUDDY’S BLOG – Wanna Buy A House In Chicago – On Average You’ll Need $73000 Annual Income to Qualify!
THE CHICAGO IL REAL ESTATE MARKET AND OTHER THINGS CHICAGO FROM THE POINT OF VIEW OF A LITTLE WHITE DOG!
Hope my Lil’ Pup Reporter Gracie Moss treated you like royalty last week while I was away. Just got back from out of town – landed just a little while ago. Received my important Certified Distressed Property Expert Designation – more about that later!
BTW . . . I already have my "Certified DOG Property Expert" Designation! Received that a few years back!
So you dogs – do you want to buy a home in the City of Chicago or in one of the suburbs nearby? I hope you’re doing well financially!
According to a report released this week by the Center for Housing Policy as reported by my good human friend Mary Ellen Podmolik in yesterday’s Chicago Tribune you need to earn $73104 each year in order to qualify to buy a home here!
All this comes despite a housing glut in Chicago and in many suburbs dozens of distressed properties or foreclosures and falling prices – the Chicago Median Home Price has fallen 14% between the Fourth Quarters of 2007 and 2008 – you still need at least that mid-$70’s income to afford a median-priced $225000 home here!
The Center’s Paycheck to Paycheck Study found that the estimated annual income necessary to buy a home here fell in 194 of the 199 metro markets studied including Chicago. But the needed annual income is still quite high!
Chicago is ranked as the 40th most expensive place to buy a home today up from 54 out of the 201 metro areas studied in 2007.
The most expensive metro market – San Francisco! The median home price here at the end of 2008 – $575000. That’s still over a 25% drop from end-of-2007 numbers.
Renting instead here in Chicago? Rents are going up opposite of homes for sale! The rent for a typical two-bedroom apartment in the Chicago Metro Area increased an average of 7.4% last year – to $1004 from the $935 average at the end of 2007.
Here is a link to the Paycheck to Paycheck study.
Well I guess even on the annual income of a Certified Dog Property Expert buying my own home here could require a lot of bones! Guess I will have to save up more of a down payment – and of course monitor my credit score!
Enjoy your weekend with your humans you dogs!
YOUR ACE REPORTER ON FOUR PAWS
BUDDY HOLLY MOSS & DEAN’S TEAM CHICAGO
