$1,295 Per Month
- 2 Beds
- 1.5 Baths
- 1,100 Sq Ft
- Condo for Rent
500 W Chestnut St Unit C, Chatham, IL 62629
Frequently Asked Questions
How much does it cost to rent a home in Chatham, IL?
The median rent for a home in Chatham, IL is $1,795 per month, though prices vary by neighborhood, size, and property type. As of June 2026, condos tend to be the most affordable option while single-family homes are currently more expensive.
How much do you need to make to afford rent in Chatham, IL?
To comfortably afford the median rent in Chatham, IL, a household needs to earn roughly $71,800 per year. This is based on the common guideline that households should spend no more than 30% of gross income on housing. Most landlords require monthly household income of at least 3x the monthly rent, and with a median rent of $1,795 per month in Chatham, IL, renters typically need to show $5,385 per month in gross income to qualify. Actual affordability will vary depending on household debts, other living expenses, and overall budget.
Is it more affordable to rent or buy in Chatham, IL?
In Chatham, IL, the price-to-rent ratio is 15.1, which generally favors renting. This ratio divides the median home price by the annual median rent: below 15 typically favors buying, 15 to 20 is balanced, and above 20 typically favors renting. Your finances, how long you plan to stay, and costs like mortgage rates, taxes, and maintenance all factor into the decision.
What neighborhoods in Chatham, IL are best for renting a home?
The best neighborhood for renting in Chatham, IL depends on your priorities: commute, walkability, budget, and lifestyle all play a role. Popular areas for renting a home include Old Aristocracy Hill, Pasfield Park Place, Iles Park, Vinegar Hill and Oak Ridge, each with its own character and price range.
