$1,300 Per Month
- Studio
- 1 Bath
- Condo for Rent
7300 W North Ave Unit 2B, Elmwood Park, IL 60707
Frequently Asked Questions
How much does it cost to rent a condo in Elmwood Park, IL?
The median rent for a condo in Elmwood Park, IL is $1,563 per month, though prices vary by neighborhood, size, and property type. As of July 2026, condos tend to be the most affordable option while townhouses and single-family homes are currently more expensive.
How much do you need to make to afford rent in Elmwood Park, IL?
To comfortably afford the median rent in Elmwood Park, IL, a household needs to earn roughly $76,000 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 $1,900 per month in Elmwood Park, IL, renters typically need to show $5,700 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 Elmwood Park, IL?
In Elmwood Park, IL, the price-to-rent ratio is 16.2, 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 Elmwood Park, IL are best for renting a condo?
The best neighborhood for renting in Elmwood Park, IL depends on your priorities: commute, walkability, budget, and lifestyle all play a role. Popular areas for renting a condo include Galewood, Belmont Terrace, Austin, Norwood Park and Portage Park, each with its own character and price range.
