Wednesday, December 20, 2006
Increased Cost of Living for Low Income Residents
The cost of renting a two bedroom apartment in the Chicago area has risen by 25% since 2000 according to an article in the December 13th Chicago Tribune. An individual or family would have to earn about $18/hour or $37,400 per year in order to afford the current average $935 monthly rent. With the Illinois minimum wage at $6.50, without paying more than 30% of income for housing three people in each household would have to be working full time to afford a two bedroom apartment. In our neighborhood of East Garfield Park, the per capita income in 2005 was $11,599.