Safe Rate Local

Cost of Living in Hyde Park

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

← Back to Hyde Park Hub

Rent vs. Buy Affordability Calculator

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

$77,308
$1,593/mo

Median in area: $1,593

$362,575

Median in area: $362,575

$72,515

If you Rent

🔑
$1,759 /mo
Base Rent$1,593
Est. Utilities$166
% of Income27.3%
Pre-tax Residual$4,683

If you Buy

🏠
$2,683 /mo
P&I (6.939%)$1,918
Taxes & Ins$599
Est. Utilities$166
% of Income41.6%
Pre-tax Residual$3,759

Compare Nearby Areas

See how Hyde Park stacks up against neighboring areas.

ccaKenwood, Chicago, IL
$1,265/mo
ccaWashington Park, Chicago, IL
$1,173/mo
ccaWoodlawn, Chicago, IL
$1,240/mo
ccaSouth Shore, Chicago, IL
$1,124/mo

Cost of Living FAQs

Is it cheaper to rent or buy in Hyde Park?›

Based on median housing data, renting is currently more affordable on a monthly basis in Hyde Park. The estimated all-in monthly cost for renting is $1,759, while owning a median-priced home with a 20% down payment is roughly $2,683 per month (a difference of $924).

How much do utilities cost in Hyde Park?›

The average monthly utility cost (electricity and natural gas) for a typical home in Hyde Park is approximately $166. This estimate uses local utility rate schedules combined with median energy consumption profiles.

What is a good salary to live comfortably in Hyde Park?›

To comfortably afford the median rent and utilities in Hyde Park without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $70,360 per year.