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Cost of Living in Washington Park

Is it better to rent or buy in Washington Park? 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.

$41,705
$1,173/mo

Median in area: $1,173

$275,340

Median in area: $275,340

$55,068

If you Rent

🔑
$1,353 /mo
Base Rent$1,173
Est. Utilities$180
% of Income38.9%
Pre-tax Residual$2,122

If you Buy

🏠
$2,024 /mo
P&I (6.987%)$1,464
Taxes & Ins$380
Est. Utilities$180
% of Income58.2%
Pre-tax Residual$1,452

Compare Nearby Areas

See how Washington Park stacks up against neighboring areas.

ccaGrand Boulevard, Chicago, IL
$1,186/mo
ccaKenwood, Chicago, IL
$1,265/mo
ccaHyde Park, Chicago, IL
$1,593/mo
ccaWoodlawn, Chicago, IL
$1,240/mo
ccaGreater Grand Crossing, Chicago, IL
$1,065/mo

Cost of Living FAQs

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

Based on median housing data, renting is currently more affordable on a monthly basis in Washington Park. The estimated all-in monthly cost for renting is $1,353, while owning a median-priced home with a 20% down payment is roughly $2,024 per month (a difference of $671).

How much do utilities cost in Washington Park?›

The average monthly utility cost (electricity and natural gas) for a typical home in Washington Park is approximately $180. This estimate uses local utility rate schedules combined with median energy consumption profiles.

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

To comfortably afford the median rent and utilities in Washington Park without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $54,120 per year.