While it might be the third-largest city in the entire country, Chicago’s cost of living is relatively affordable. Its median home value of $258,000 is very similar to Cook County’s, with plenty of real estate across several price ranges. 40% of the entire market has a price point of $200-$399k, while a quarter of residential housing costs between $100k and $199k, which is very low for a city of this size.
Despite being slightly more popular, renting is even more affordable than buying. Although Chicago’s median rent of $1,100 is already relatively low on its own, a third of all the rentals go for $500 to $999 a month. There are almost as many places in the $1,000-$1,499 price range, with the rest of the listing evenly split among other price points. Be aware that many of the best neighborhoods are likely going to be more expensive. Fortunately, you’ll still have the opportunity to buy or rent excellent property in the city even if you have limited relocation expenses.