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Cost of Living in Near West Side

Is it better to rent or buy in Near West Side? 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.

$90,036
$1,731/mo

Median in area: $1,731

$443,040

Median in area: $443,040

$88,608

If you Rent

🔑
$1,900 /mo
Base Rent$1,731
Est. Utilities$169
% of Income25.3%
Pre-tax Residual$5,603

If you Buy

🏠
$3,169 /mo
P&I (6.85%)$2,322
Taxes & Ins$678
Est. Utilities$169
% of Income42.2%
Pre-tax Residual$4,334

Compare Nearby Areas

See how Near West Side stacks up against neighboring areas.

ccaWest Town, Chicago, IL
$2,027/mo
ccaWest Town, Chicago, IL
$488/mo
ccaEast Garfield Park, Chicago, IL
$1,248/mo
ccaNorth Lawndale, Chicago, IL
$1,264/mo
ccaSouth Lawndale, Chicago, IL
$1,066/mo
ccaLower West Side, Chicago, IL
$1,381/mo
ccaLoop, Chicago, IL
$2,419/mo
ccaNear South Side, Chicago, IL
$2,495/mo
ccaMcKinley Park, Chicago, IL
$1,309/mo

Cost of Living FAQs

Is it cheaper to rent or buy in Near West Side?›

Based on median housing data, renting is currently more affordable on a monthly basis in Near West Side. The estimated all-in monthly cost for renting is $1,900, while owning a median-priced home with a 20% down payment is roughly $3,169 per month (a difference of $1,269).

How much do utilities cost in Near West Side?›

The average monthly utility cost (electricity and natural gas) for a typical home in Near West Side is approximately $169. This estimate uses local utility rate schedules combined with median energy consumption profiles.

What is a good salary to live comfortably in Near West Side?›

To comfortably afford the median rent and utilities in Near West Side without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $76,000 per year.