Mortgage payments up in Chicago, while inventory still low

Illinois, Chicago

2022/07/05

In early June, mortgage rates averaged 5.78%, bringing the monthly mortgage payment on a typical home to $2,127, ↑ 51% YoY.Mortgage payments on a typical Chicago-area home are $1,983, ↑ 37.1% YoY.While inventory continues to recover from its February low, it’s still 50% below 2019 levels.The typical Chicago home is worth $309.9K, ↑ 14.6% YoY.