A list of Chicago’s top 10 most affordable neighborhoods for single renters was released by a new analysis.
HotPads, a map-based apartment and home rental search platform, released 10 of the most affordable neighborhoods for renters wanting to live alone.
“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.
The list includes Park Manor, Gresham, Marquette Park, Brainerd, Chatham, East Chatham, Washington Park, Belmont-Cragin, Mayfair and Kilbourn Park.
Seven are on the South Side of the city, two of those seven are easily accessible to downtown Chicago via the Red Line, and three are on Metra routes, the statement said.
To find the most affordable neighborhoods, HotPads compared each neighborhood’s median rent for a one-bedroom apartment to the Bureau of Labor Statistics’ city annual income median of $39,380.
Experts recommend single renters spend no more than 30 percent of that median income on rent. However, the median rent for a one-bedroom apartment is $1,784 a month, which means renters would need to spend about 54 percent instead.
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“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,” Pope said.
Click here for the full list and pricings.
