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Cost of Living in Chatham

Is it better to rent or buy in Chatham? Explore median costs, utility estimates, and run the numbers on your own budget to see how far your income goes.

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Rent vs. Buy Affordability Calculator

Adjust the sliders to match your scenario. We recommend keeping total housing costs under 40% of your gross income.

$50,939
$1,179/mo

Median in area: $1,179

$206,974

Median in area: $206,974

$41,395

If you Rent

🔑
$1,429 /mo
Base Rent$1,179
Est. Utilities$250
% of Income33.7%
Pre-tax Residual$2,816

If you Buy

🏠
$1,610 /mo
P&I (6.936%)$1,094
Taxes & Ins$266
Est. Utilities$250
% of Income37.9%
Pre-tax Residual$2,634

Compare Nearby Areas

See how Chatham stacks up against neighboring areas.

ccaWoodlawn, Chicago, IL
$1,240/mo
ccaSouth Shore, Chicago, IL
$1,124/mo
ccaAvalon Park, Chicago, IL
$1,061/mo
ccaBurnside, Chicago, IL
$678/mo
ccaGreater Grand Crossing, Chicago, IL
$1,065/mo

Cost of Living FAQs

Is it cheaper to rent or buy in Chatham?›

Based on median housing data, renting is currently more affordable on a monthly basis in Chatham. The estimated all-in monthly cost for renting is $1,429, while owning a median-priced home with a 20% down payment is roughly $1,610 per month (a difference of $181).

How much do utilities cost in Chatham?›

The average monthly utility cost (electricity and natural gas) for a typical home in Chatham is approximately $250. This estimate uses local utility rate schedules combined with median energy consumption profiles.

What is a good salary to live comfortably in Chatham?›

To comfortably afford the median rent and utilities in Chatham without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $57,160 per year.