$1,350 Per Month
- 2 Beds
- 1 Bath
- 750 Sq Ft
- Condo for Rent
7238 Park Ave Unit 4, Summit, IL 60501
Property Id: 2739564 It is a nice area property is in a good shape and easy to commute . Tenant pay on the electric and cooking gas. ?
Frequently Asked Questions
How much does it cost to rent a condo in Summit, IL?
The median rent for a condo in Summit, IL is $1,450 per month, though prices vary by neighborhood, size, and property type. As of August 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 Summit, IL?
To comfortably afford the median rent in Summit, IL, a household needs to earn roughly $57,000 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 $1,425 per month in Summit, IL, renters typically need to show $4,275 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 Summit, IL?
In Summit, IL, the price-to-rent ratio is 20.5, 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 Summit, IL are best for renting a condo?
The best neighborhood for renting in Summit, IL depends on your priorities: commute, walkability, budget, and lifestyle all play a role. Popular areas for renting a condo include Little Village and Clearing, each with its own character and price range.
