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HotPads Names Most Affordable Neighborhoods for Single Renters in Chicago
[February 13, 2018]

HotPads Names Most Affordable Neighborhoods for Single Renters in Chicago


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 HotPadsĀ® 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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Cision View original content:http://www.prnewswire.com/news-releases/hotpads-names-most-affordable-neighborhoods-for-single-renters-in-chicago-300597674.html

SOURCE HotPads, Inc.


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