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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?

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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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