Is the Loop an affordable neighborhood for young couples?

The average price for a one bedroom condo in the Loop has risen 22.7% over the past 24 months. Today, the average price ($228,900) comes with an average property tax bill of $3500 and assessment of $500/month. As interest rates are fluttering around 4.5% (assuming a 10% down payment), the gross monthly Principal/Interest/Taxes/Assessment (PITI) payment would run about $1841 per month. Accounting for state and federal income tax savings, the savings on interest alone would provide a monthly discount of $271, for a net monthly payment of $1570.

Lender requirements vary, depending on buyers' credit scores and down payment tendered, but a conservative ratio of 28% means that the monthly income required for a $1841 gross payment would be $6575, or a gross annual income of $78,900 per year.

These are only estimates - talk to your lender and tax attorney to get numbers that are applicable to your situation!

My wife and I lived in the Old Irving Park Area for a few years and find it to be reasonably affordable with access to a lot of good restaurants and services. It's not in the center of all the action, which is why rent is more affordable, but it's a stones throw from Wrigley and Irving Park. If you work in the Loop, transportation can be a long haul though.