What Is The Cost Of Living In Chicago? 

cost of living in chicago

As the largest city in the Midwest, the cost of living in Chicago is also more significant. We will see in detail, the cost of living in Chicago Illinois due to food, house, travel, healthcare, etc. Chicago is officially the city of Chicago, is the most populated city in the United States state of Illinois, and the third most populated city in the United States. There are many things for which Chicago is famous, including Chicago-style hot dogs, Chicago-style pizza, Maxwell Street Polish Sausage, Jazz music, and 1920s gangsters, for instance, AI Capone. It is also known for architecture, for example, the Sears Tower and Museum. Let’s know the cost of living in Chicago.  

What Is The Cost Of Living In Chicago? 

The cost of living in Chicago is 106.9, which is 6.9% more than the average cost in the United States. The average cost of living in Chicago in any area can vary based on factors such as your career, your average salary, and the real estate market of that area. The table given below will give you the cost of living in Chicago per month as compared with the national average cost of 100.  

Cost Of Living For ChicagoUSA 
Housing 99.1100
Grocery 97.2100
Transportation 138.5100
Utilities 92.8100
Health 90.6100
Miscellaneous 107.3100
Median Home Cost $291,200$291,700 
Overall 106.9100

Home Rent 

The cost of living in Chicago Suburbs is low but that of in the city is more because of more house cost. Still, the city is affordable as compared to other cities like California, and New York. Here, in Chicago a one-bedroom apartment costs around $1917, and a two-bedroom apartment costs around $2,600. Aspiring homeowners can expect to pay a median sale price of $312,489. Low house rent decreases the cost of living in Chicago for a single person. Here is the approximate rent for one and two-bedroom houses in different cities in Illinois. 

City Approx 1 Bedroom Rent Approx 2 Bedroom Rent 
Springfield $650$919
Peoria $1100$1758
Rockford $1700$2300
Champaign $1000$2450
Naperville $1400$2275

Food Cost 

Food cost is one of the most significant living expenses and also daily needs. In the city of Chicago, a single person who works full time spends around $3,246 per year on food. Food prices are higher in Chicago than in other midwestern cities, with a gallon of milk costing $3. Due to higher costs, the cost of living for International students increases. In the city, the cost of a loaf of bread runs $2.49, and a dozen eggs $2.24. Here is the approximate cost of dinner for two persons in the different regions of Illinois

City Approx Dinner Cost For 2 
Springfield $42
Peoria $40
Rockford $75
Champaign $47 
Naperville $100

Travel Cost 

Chicago living cost for students is higher because of the higher traveling cost. While looking at the cost of living in Chicago vs Dallas, you will find Dallas less expensive because of lower travel costs. According to the BLS, travel cost is the second largest expense in the city of Chicago. 

Other Expenses 

Vex to food, travel and house cost, health care, tax, and utility is also important. Let’s know them in detail. 

Health Care 

Chicago is less expensive when you see the cost of living in Chicago vs Los Angeles, because of its low health care charges. Also, when you see the cost of living in Seattle vs Chicago you will clearly understand the cost difference between them. In Chicago, a single person spends $2,862 per year. 

Utility Bills 

Fortunately, you will see the lease utility bills while looking at the cost of living in Chicago vs New York. In Chicago, the utility includes heating, cooling, water supply, and garbage collection for an apartment. They charge around $168.90 per month for an apartment.  

Internet Bills 

Which city has more internet cost than the cost of living in Dallas vs Chicago? Both cities have approximately the same internet costs. The internet provider namely Xfinity charges $25 per month. 

Fitness 

While looking at the cost of living in Chicago vs DC, both cities have different expenses for fitness. In Chicago, If you want to join a gym, then prepare to shell out another $52.33 monthly.  

Entertainment 

For entertainment there is so many places to visit in Chicago. And also so many free things to do in Chicago. So, you can reduce your budget by doing it. You can visit the Chicago Cultural Center for free. 

Taxes 

In the city of Chicago, there is a tax of 6.25% on general merchandise, including items required to be titled or registered by an agency of the Illinois state government. 

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FAQ

What Salary Do You Need To Live In Chicago?

The median income for Chicagoans is $58,247. And to live comfortably in Chicago in a one-bedroom apartment you would need around $43,200 a year, which translates to $21.60 per hour.

Is It Expensive To Live In Chicago?

As of June 2019, Chicago ranks 11th in terms of average rental prices in large American cities. This means Chicagoans pay relatively low rents for a major city (especially compared to San Francisco, where the average rent is a staggering $3,700).

What Is A Good Salary In Chicago For A Single Person?

The recommended household income for a one-bedroom in Chicago is about $51,360 a year, or $22.22 an hour. However, the “living wage” is defined as the minimum amount of money needed to live above the poverty threshold. For Chicago, the living wage is around $16.08 an hour for a full-time employed single individual.

Is Chicago A Good Place To Live?

With a population of 2.71 million, Chicago is the most populated city in Illinois and the third most populous city in the country. One of the top largest urban areas in the world, the Chicago metropolitan area is an excellent place to live and is considered one of the best places to live in Illinois.

Conclusion 

The city of Chicago offers something for everyone, from career climbers to college students. Ready to pack up and move to the Windy City or the city nearby Chicago? Chicago is one of those cities that offers standard life at an affordable cost. But still, you should consider your budget before moving to Chicago. Now you know the cost of living in Chicago