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Chicago Ranked Third Most Affordable ‘Hot Job Market’

by James Bellandi

chicago-rental-market-reis-quarter-three-q3-2015

Chicago has the third most-affordable hot job market, according to a resource set up by Indeed and realtor.com. Fifty-nine percent of homes in Chicago were considered affordable.

The sites set out to determine which major metro areas had both a strong job market and affordable housing, with more importance placed on the latter rather than the former. Atlanta ranked No. 1 on the list, with the second-highest number of clicks among job searchers looking to relocate, as well as 67 percent of homes in the market being considered affordable. In contrast, New York had nearly double the amount of job search clicks, but with a lower average salary and high housing costs, only 31 percent of homes were affordable; New York ranked eighth on the list.

Similarly, though San Jose had the most job postings per capita at 69 per 1,000 residents, its average home prices were nearly double that of the top 15 list ($680,000 vs. $394,000), and while Los Angeles, San Francisco and San Diego made the top 15 list, they ranked 13, 14 and 15 with only 7 to 9 percent of homes being affordable.

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