Living Cost Analysis of Chicago, IL

July 27, 2021

Chicago is one of the major cities of the United States. It is located in the US state of Illinois. It is a major business hub in the Midwest states of the United States. The city is very popular due to its world class business facilities and transportation. If you are among those who are wandering. Is Chicago expensive? Then here we have given a living cost analysis of Chicago, IL. 

Chicago Living Cost

Chicago has a 78.77 number in Numbeo’s cost of living index for July 2021. Cost of living in Chicago is less than other United cities like Miami, Asheville, Los Angeles, Washington DC and many other medium to large size US cities. So you can get the similar amenities and living facilities at lower cost in Chicago than these cities

 

Here are some major cost analyses for living in Chicago.

Rental Cost

Rent of an apartment in Chicago is around $1200 to $3600. The rent of an apartment depends upon the location and size of the apartment. If you rent a one bedroom apartment outside of the city center then it will cost you around $1200 but in the city center the price for one bedroom rental apartment is around $1800. 3 bedroom rental apartment price in Chicago city centre is around $3600. 

River North, River West and Streetville are the highest rented areas of Chicago. Rental prices of apartments are quite high in this area. If you have a lower budget then choose Austin, West Pullman and The Island areas for rental apartments. You can also share a home with others if the rental price of an apartment or bungalow is out of your budget.

Price for utilities and other services

As the cost of living is lower in Chicago than other similar cities,  price of utilities in Chicago is lower. For electricity, water, garbage service and for gas, people pay around $130 in Chicago. Cost for internet connection is higher in Chicago. It is around $70 which is higher than the national average.

Price for home purchase

You can get your new home in Chicago at the lower cost than other major US cities. But if you consider the national average for buying a new home then it is much higher.Cost of a new home in Chicago is around $280000.  It is better to rent an apartment in Chicago with all the living facilities than to buy a new one.

Food Prices 

Average price for lunch in a normal restaurant in Chicago is $17. Tax on restaurant food is around 10.75% which is higher than other cities.  Price for  food in a full service restaurant in Chicago is around $35.

Transportation

Chicago has very good transportation facilities. Price for a bus and railway ride is around $2 to $2.50 in Chicago. If you buy a monthly pass then you can save more bucks. Monthly pass is around $110 in Chicago

Average Salary

The average salary in Chicago is around $4900 per month. This is due to the cost of living in Chicago which is lower than other similar cities.

 

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