Tuesday, October 29, 2013

How Affordable is Rogers Park?




Rogers Park and Uptown have long had the cheapest rents on the north side along the lake. And they still do.  Domu's data :  Rogers Park studios 650 - 875, one bedrooms 780 - 1150 and two bedrooms 995 - 1425. Uptown's apartments are similar in price. In the past ten years the cheapest studios have gone up about 100 - 150 bucks a month. (Click to enlarge photo and read the ISO flyer)

On Zillow the cheapest apartment in Rogers Park is 625 for a studio. To really get a feel for price range for the area you have to check out Craigslist. Senior studio apartments are listed for 525-550. The cheapest studio is 615, the vast majority going for 650.

Compare that to Edgewater where (according to Domu) studios range from 725 - 850, one bedrooms 895-1400, and two bedrooms from 1595 - 2000.

Update - 10/30/13 1:30 pm - ISO just tweeted the link to the Facebook page of The Rent Is Too Damn High!

Please continue reading for more pictures and words







Above is an example of Jennifer Pritzker's investment into Rogers Park (Mayne Stage) and the higher rents that the area is commanding (Mayne Annex). If memory serves this blogger right the one bedrooms there were going for 1100 and the two bedrooms 2000 or more. Definitely at the higher end of the rent spectrum. Right next door is Reside on Morse (data from Domu) the rents range from $836-1,461 for Studio-2 bed / 1-1.5 bath

Cursory search of the web reveals that West Ridge (Domu has a long discussion regarding the neighborhood name) generally lacks studios. One bedrooms begin at 750 and top out around 965. Two bedrooms at the lowest are 850 and at the high end 1250. Two affordable basements units are being added to West Ridge.

(Definition of affordable housing from the Chicago Tribune The Illinois Affordable Housing Planning and Appeal Act considers a mortgage "affordable" when a person who earns 80 percent or less of the area's median income can pay for it by using 30 percent or less of his or her income.)

What isn't going to be discussed at the November 14th meeting on Howard Street is how much subsidized section 8 (low to no income) is still in Rogers Park. And how much of that is concentrated in North of Howard. Maybe some of that could be turned into affordable housing? Hence mixed income properties. Crime would decrease and children would have a more positive environment to grow up in.

Buying a condo or house (when possible) is a hedge against future rent inflation and a way to build and gain equity in an improving neighborhood. Do posters like this (The rent is too damn high!)  mean its a good time to buy in Rogers Park?

Looking at Dreamtown the cheapest condos in Rogers Park range from 45 thousand to 100 thousand with thirty listings. Of course you have to take into account assessments and taxes which can easily add up to what someone would pay for rent alone. But if someone can afford it taxes and assessments rise at a much slower rate than rents.

14 comments:

Anonymous said...

It's hard to say. When incomes are decreasing and everything else is rising in price, it can get scary. When I moved into Rogers Park in April 2003, my monthly rent for a large one-bedroom apartment was $695. Now it is at $845. That comes out to a 2.2% increase per year which is not bad at all. The problem is you never know how much the rent is going up from year to year. There have been years when there has been no increase and there has been a year that had a $40 increase per month. It makes a big difference! I would love to own a condo, but here again I am afraid of unlimited rises in assessments and "special assessments". How can you plan to pay $10,000 in a special assessment when something major goes wrong with the building?? That is scarier than a $40 bump in rent. Glad the city's budget has no new housing taxes!!!

Anonymous said...

The threat of socialism is alive and well in Rogers Park...

Regarding the $100-$150 increase over the past 10 years... Much.. or all is due to inflation.

Just based on inflation, a $500 apartment 10 years ago would be $636 today. A $650 apartment would be $827 now.

Marty Dinsmoor said...
This comment has been removed by a blog administrator.
Martin Dinsmoor said...

Please note that the fake name of MARTY Dinsmoor, not to be confused with me, is making anti-semitic remarks directed toward Lew Rosenbaum, a respected member of the community and instructor at the Chicago Academy for the Arts. He or she, whomever MARTY is, is indulging in hate speech directed at a person's heritage and faith. I hope that the moderator has the courage to post this comment.

Mary Leahy said...

Hey, Phil, I know I've called this place crummy, but sure din't know you allowed no ethnic slurs. I've read Lew Rosenbaum's comments on Nextdoor and don't agree with him but that's no reason to make a slur on his name. Now this place is gettin as bad as Chicago News Report.

Philip McGregor Rogers said...

Marty Dinsmoor's comment is gone.

Didnt know who he was referring to.

Greg Goondirt said...

Lew shouldn't be made fun of because of his opinions or beliefes anymore than any ones of us should be for what ever. Moderationers should not let things get posted what are not nice.

Max Madd said...

Those commies and their silliness...

Lise Dirks said...

Who are you Martin/Mary/Louise/John Andrew/Mr. Morse/Sandra? Show yourselves. Sock puppets are everywhere on our community blogs and sites and are not productive to any discussion. It prevents those of us who want to have serious discussions and debates from doing so for fear of being harassed or muted in the noise of your ridiculous and desperate attention craving presence. Please stop and let the adults at the table have a chance. The ruse is up.

Greg Goondirt said...

Poor Mz. Clark must be living in a whrilwind of frennzy these days from sounds of it all.

Blair Wentworth-McCormick said...

Did somebody appoint Dirks as a moderator here? This thread is about rent prices. Whoa what a bad hair day from the sound of it. Hey Max Madd you are one crazy goofball. Let's clone you.

Patricia Williams said...

That Lise causes trouble all over. Hope she doesn't join the socialists at the meeting coming up. Some Eastlake people get it but the snobs aren't welcome.

Mary Leahy said...

Hey, Lise, you talkin about me? What's a sock puppet? All I did is call Phil on puttin up that ethnic slur.

Thanks for takin it down Phil.

Philip McGregor Rogers said...

No problem Mary.

A thought provoking topic, but good GOD the thoughts it produced.....

:)