Housing Affordability Statistics for Cook County, Illinois

Home > Solutions > Market Trends > Housing Affordability Index Report > Cook County, IL Housing Affordability

Property Data Insights for Chicago

Home mortgage rates continue to hit historic lows, and workplace pay is rising in Cook County, Illinois and Chicago. That’s according to the latest Housing Affordability Index by ATTOM. In Cook County, Illinois, which encompasses the city of Chicago, the data shows that home prices have been consistently affordable for the average wage earner.

Latest Housing Affordability Highlights for Cook County, Illinois

In most of the nation, low real estate inventory has been exacerbated by the COVID-19 pandemic. Historically low home-mortgage rates and new work-at-home lifestyles are spurring investment in homes and condominiums, and the increased demand is pushing up prices. However, in Cook County, the second most populous county after Los Angeles, California, wages are also rising, and wage growth is outpacing home-price appreciation.

Here are the latest data highlights from ATTOM’s Housing Affordability Index for Cook County, Illinois.

Financial Services

Affordability

Unlike Los Angeles, homes in Cook County have been consistently affordable for the average wage earner.

Financial Services

Prices

The major costs of owning a median-priced home in Cook County, Illinois, typically consume less than 28 percent of the average local wage.

New Borrowers

Wages

The median annual income needed to buy a home in Cook County, Illinois is around $60,000.

Map data ©2021 Google

Housing Affordability Index Summary for Cook County, Illinois

Cook County is the second-most populous county in the nation after Los Angeles, California. In contrast to Los Angeles, however, average annualized wage growth in Cook County is outpacing home-price appreciation.

ATTOM’s housing affordability index data shows that in early 2015, the U.S. housing affordability index for Cook County reached a high of 165. It then ranged between 100 and 140 over the next few years and into 2021. The index has recently hovered just over 100, which means that homes in Cook County are becoming more affordable for the average wage earner.

The median sales price for a home in Cook County in 2007 was $255,000. After the housing crisis of 2008, prices dropped to around $128,000 in 2012 and then steadily increased to around $280,000 today.

The cost of owning a median-priced home in Cook County typically consumes less than 28 percent of the average local wage. Annualized wages in 2007 were around $50,000 and have steadily increased to just over $76,000.

ATTOM’s housing affordability index for Cook County, Illinois, analyzes median home prices derived from publicly recorded sales deed data collected by ATTOM and average wage data from the U.S. Bureau of Labor Statistics.

The housing affordability index is calculated based on the percentage of average wages needed to make a monthly house payment on a median-priced home with a 30-year, fixed-rate mortgage and a 20 percent down payment.

Gain Access to Cook County Home Affordability Data

Attom NewsletterATTOM Newsletter

Sign up to get free Real Estate & Housing Market Trends!

  • This field is for validation purposes and should be left unchanged.