What Does a First-Time Buyer Actually Spend in Chicago?

By Maureen Moran, REALTOR®, @properties Christie’s International Real Estate. Last updated October 23, 2026.

When people ask me what a first-time buyer spends in Chicago, I wish I could give one number. I can’t, and neither can anyone else. What I can do is show you what the data says, what it leaves out, and how to use it.

What did one-bedroom condos sell for in Chicago’s north side neighborhoods?

Here is what one-bedroom condos sold for between September 30, 2025 and September 30, 2026, using closed sales from MRED:

Neighborhood	One-bedroom sales	Median sale price	Middle half of sales
Lakeview	338	$250,000	about $210,000 to $300,000
Bucktown/Logan Square	32	$287,500	about $241,000 to $323,000
Lincoln Park	177	$305,000	about $265,000 to $352,000
Wicker Park/West Town	59	$345,000	about $307,000 to $377,000

A few notes on how to read this:

• The median is the middle sale: half sold for less and half sold for more. I use it instead of an average because a few expensive sales can pull an average up.
• The middle half shows where the central half of sales landed, so you can see the typical range and not only one number.
• Nearly all of these sales were condos, and I did not set a price cap.
• Bucktown/Logan Square has the smallest sample, with 32 sales, so treat that row as a rough guide.
• The typical building was built between 1925 and 1970, and roughly three to four in ten sales were rehabbed. Rehab did not move prices in one consistent direction.

In my post Ready to Buy in Chicago? Why Preparing Now Beats Waiting for a Signal, I looked at a different group: attached homes in Lincoln Park with two bedrooms and one bath or less, where the median was $521,000. One-bedrooms are a different category, and that is why the numbers here are lower.

What about studios?

Studios sold for less. In Lakeview the median studio price was $167,500 (52 sales), and in Lincoln Park it was $183,250 (30 sales). There were too few studio sales in Wicker Park/West Town (3) and none in Bucktown/Logan Square to give a useful number. If you are looking at the lowest entry point, studios are worth a look, but they are a smaller part of the market.

What might that cost per month?

As an illustration, I took each neighborhood’s one-bedroom median, assumed a 10% down payment (the NAR national median for first-time buyers), and used a 30-year rate of 7.32%, the Freddie Mac average for the week of October 22, 2026. Principal and interest comes to about:

• Lakeview: about $1,550 a month, with about $25,000 down
• Bucktown/Logan Square: about $1,780 a month, with about $28,750 down
• Lincoln Park: about $1,890 a month, with about $30,500 down
• Wicker Park/West Town: about $2,130 a month, with about $34,500 down

That does not include condo assessments, property taxes, insurance, or mortgage insurance, so your real number will be higher. A lender can give you your actual numbers. This is only to show the scale.

What does NAR say about the typical first-time buyer?

The National Association of REALTORS® 2025 Profile of Home Buyers and Sellers, which covers purchases from July 2024 to June 2025, found:

• The median first-time buyer age is 40, an all-time high. About 32% were 25 to 34 and 25% were 35 to 44.
• The median down payment for first-time buyers is 10%, the highest since 1989.
• 92% of first-time buyers financed their purchase.
• The median household income of first-time buyers was $94,400 in 2024.
• The median home size for first-time buyers was 1,600 square feet.

Income depends a lot on who is in the household. NAR found median household incomes for first-time buyers of $111,100 for married couples, $108,300 for unmarried couples, $73,000 for single females, and $66,400 for single males. These are national numbers, not Chicago numbers. You can read more in my post The Typical First-Time Buyer Is Now 40. What That Means in Chicago.

Why is the data only an overview?

Because the numbers can’t see the choices behind them. I have worked with first-time buyers who waited until their thirties and then bought a first home for $1 million or more. Some of those households had two incomes, and some had one. I have also worked with first-time buyers who were looking in the $300,000 range.

None of that shows up in a median. Here are some of the things that do not:

• How long someone saved before buying
• Whether the household has one income or two
• Whether family helped with the down payment (22% of first-time buyers in the NAR survey received a gift or loan from family or friends)
• Career timing, such as a new job or a promotion on the horizon
• How long the buyer plans to stay

So please do not measure yourself against these numbers. They tell you what happened in the market. They do not tell you what is right for you.

Why don’t I price small condos by square footage?

In my experience, first-time buyers put a lot of weight on square footage, but for small units it is a poor way to judge value. In the MRED data I pulled, 40% of the small-condo sales did not list a square footage at all. Location, building, condition, floor, layout, outdoor space, and assessments all matter at least as much. When I compare small condos, I look at how similar the homes really are, not only at the square footage number.

How should a first-time buyer use this?

1. Start with your own numbers. Talk to a lender and find out your real monthly payment at today’s rates.
2. Pick a neighborhood range, not a single price. Use the middle-half range above as a guide.
3. Know the full cost. Include assessments, property taxes, and insurance.
4. Learn the neighborhoods. Spend time in Lincoln Park, Lakeview, and Bucktown and Wicker Park before you decide.
5. Plan for what is next. If you do not find the right home yet, decide whether to save more, widen your search, or wait. Waiting is not the same as being behind.

Frequently asked questions

How much does a first-time buyer spend on a condo in Chicago?

It depends on the neighborhood and the size of the home. From September 2025 to September 2026, the median one-bedroom condo sale price was $250,000 in Lakeview, $287,500 in Bucktown/Logan Square, $305,000 in Lincoln Park, and $345,000 in Wicker Park/West Town, based on MRED closed sales.

How much do you need for a down payment?

NAR reports a median down payment of 10% for first-time buyers nationally. On the one-bedroom medians above, 10% is about $25,000 to $34,500. Your lender may offer different options, so ask about your specific situation.

What income do first-time buyers have?

NAR’s 2025 survey found a national median household income of $94,400 for first-time buyers in 2024. Income varied by household type, from $66,400 for single males to $111,100 for married couples. These are national figures, not Chicago figures.

Is a studio cheaper than a one-bedroom?

Yes. In Lakeview, the median studio price was $167,500 compared with $250,000 for a one-bedroom. In Lincoln Park it was $183,250 compared with $305,000. Studios are a smaller part of the market, so there are fewer to choose from.

Is the typical first-time buyer in Chicago 40 years old?

NAR reports that the median first-time buyer in the United States is 40. NAR does not publish this survey at the Chicago neighborhood level, so I can’t give you a Chicago-only first-time buyer age. Many buyers are younger, and many are older.

Do first-time buyers only buy under $300,000?

No. I have worked with first-time buyers who were looking in the $300,000 range and others who were looking at $1 million and above. The medians are a guide, not a rule.

A next step

If you would like to see the numbers for your neighborhood and home type, send me a message. No pressure, only real information. You can also sign up for my newsletter here for market updates.

Sources: MRED closed sales, Sept. 30, 2025 to Sept. 30, 2026 (one-bedroom and studio condos in Lakeview, Lincoln Park, Bucktown/Logan Square, and Wicker Park/West Town), analyzed by Maureen Moran; National Association of REALTORS®, 2025 Profile of Home Buyers and Sellers (Nov. 4, 2025); Freddie Mac Primary Mortgage Market Survey (Oct. 22, 2026).