Chicago, IL — income, home value, property tax, and sales tax.
In ZIP code 60625, on Chicago's North Side, homes carry a median value of $401,900, and the county-level effective property tax rate of 1.91% works out to roughly $7,676 a year in taxes on such a home. Households here earn a median of $85,703, so that bill equals about 9% of income before mortgage costs even enter the picture. Per-capita income stands at $49,295. Add Chicago's 10.25% combined sales tax, and the cost of living stacks up quickly, squeezing buyers who stretch to purchase in this price range.
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