Chicago is ranked 9th most requested city based on 2020 mortgages
In an age of low home inventories, it pays to make at least $ 100,000 a year when applying for a mortgage in high-demand cities like Chicago, according to Rocket Mortgage.
The mortgage lender looked at the average salaries of successful applicants in each city, their average FICO credit scores, the average size of their loan applications, and the median list price for that location.
In Chicago, the average annual salary for getting a mortgage was $ 126,256. Chicago applicants had an average credit score of 748 and applied for loans with an average value of $ 257,695. The median price of homes in the Chicago market was $ 328,746. Rocket Mortgage ranked Chicago the ninth most requested city based on the number of mortgages entered into last year.
The average annual salary of successful applicants fell below $ 100,000 in just three cities on Rocket Mortgage’s list: Phoenix, AZ ($ 99,417); San Antonio, Texas ($ 94,550); and Tucson, AZ ($ 84,958).
The other cities on the list are: Las Vegas, NV ($ 100,912); Houston, Texas ($ 122,400); Charlotte, North Carolina ($ 106,914); Miami, Florida ($ 120,555); Denver, Colorado ($ 112,740); and San Diego, California ($ 139,282).
Las Vegas was the most popular city according to data from Rocket Mortgage, followed by Phoenix and Houston. Charlotte placed fourth and San Antonio completed the top five. Tucson was sixth, followed by Miami, Denver, Chicago and San Diego. The lowest median list price was $ 270,064 in Tucson and the highest $ 691,928 in San Diego.
Tucson had the lowest average loan request at $ 207,601. San Diego had the highest, at $ 403,327. Applicants from San Diego also had the highest average credit score, at 766. Denver (755) and Las Vegas (751) were the only other cities where applicants had an average credit score above the 750 point threshold. an “excellent” rating. Miami and Charlotte had the lowest average score among the 10 most requested cities with 742.