Morgan Park renters looking for the least expensive areas to rent should look for the areas towards the red end of the spectrum on the rent cost map. Those who don't mind paying for high-end and luxury apartments should seek out apartments in dark green areas.
On average, the cost of rent in Morgan Park is about $1,256 per month. This puts it in the 63rd percentile compared to the city average cost of rent, which is $1,422. Households in Morgan Park have a median income of $5,646 per month so the average renter in Morgan Park is spending roughly 22% of their earnings on housing.
Nationally, and in Morgan Park, home values are the data point most closely correlated with the cost of rent. The median price of a home in Morgan Park is $188,905 right now, which is higher than nearby neighborhoods, meaning that rents in Morgan Park also tend to be higher versus these nearby neighborhoods.
Higher rent prices are common in the southern parts of Morgan Park while lower rent rates are often available in northwestern areas.
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