What Income Does Your Client Need to Qualify for a Mortgage in Chicago?

by Peter Thomas Ricci

At the end of the day, how much income do consumers need to qualify for certain mortgages in our housing market?


In our most recent analysis of housing affordability, we looked at what percentage of our housing market’s inventory was affordable to middle class homebuyers; how does that percentage, though, translate to the income a consumer needs to qualify for certain down payments?

To find out, we took a look at a fresh batch of data from the National Association of Realtors, which analyzed its latest existing-home sales report to find out that very information – and the results are quite interesting.

To see how our housing market compares to other metro areas, check out our graph below:

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