Is the Loop an affordable neighborhood for young couples?

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Anne Rossley 2yrs+
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!
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TLouie 2yrs+
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.
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TLouie
TLouie Sorry, the above posted to the wrong question. However, to answer your question, affordable is a relative term. The Loop Area is a vibrant place to be year round and offers a lot of services and easy access to transportation, shopping, entertainment and great eats. Weighing this against the cost for travel to get access to all these amenities can offset the "affordable" aspect. Rent is obviously higher than the outer lying neighborhoods. A young professional couple can definitely find the Loop living affordable.
2yrs+
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