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The deep-dish pizza, Bulls games, dazzling lake view, and all that is the Windy City don't exactly scream budget-friendly living costs.
What does it cost to live in Chicago?
If thoughts of making this city your new stomping ground have crossed your mind, let's pull back the curtain on the cost of living in Chicago—from rent to rides, groceries to gigabytes.
Whether you are relocating for work, school, or a fresh start, this guide will help you plan your budget before packing your bags.
To begin, Chicago's cost of living is 14% higher than the national average. This means you will spend more than the U.S. average in Chicago, including essentials.
Let's break down the average cost of these items.
Expense Category National Average
Housing 39% higher
Utilities 6% lower
Groceries 4% higher
Healthcare 7% higher
Transportation 5% higher
How Much for Housing?
Housing is a significant concern, and yes, Chicago's housing prices can vary significantly depending on where you settle. The north side, for instance, is more expensive than the rest of the neighborhoods in the city.
However, Chicago is relatively affordable compared to other major U.S. cities, such as New York, San Francisco, and Los Angeles.
A 1-bedroom apartment in downtown will set you back about $1,995 monthly. A similar one-bedroom in neighborhoods like Logan Square or Pilsen typically costs around $1,700.
Luckily, studio apartments can be found for under $1,500 in outlying neighborhoods.
- Average House Rent: $2,340
- Median Home Value: $354,400
Note:
The CTA train system can make or break your rent. How? If your preferred neighborhood or home is within walking distance of a train line, it can increase the home's price.
…but it also significantly cuts down your transportation budget, helping reduce some of that Chicago cost of living.
Utilities and Internet
Before booking Chicago movers for your relocation, be aware that winters here are no joke, and your heating bill will reflect that.
But…not so much to make your account red when paying your utility bills. The contrary is the case. Utility bills are one of the most affordable things you can pay for in the Windy City.
For 6% lower than the national average, you can save significantly on days when your heater is on for an extended period. Don't worry; it balances out in spring and summer when you can turn the heat off and enjoy the breeze.
- Energy Bills: $187.27
- Phone Bills: $181.15
- Gas: $3.57(per gallon)
On average, utilities for a 1-bedroom apartment, measuring about 882 Square feet, will cost you about $191.66. It can soar to about $300 per month in the winter.
As for the internet, around $64 every month should suffice for high-speed service.
Food, Groceries, and Eating Out
Another expense that further raises the cost of living in Chicago is food and groceries.
Although you can find options from budget-friendly Aldi to organic-luxe Whole Foods, you will pay 4% higher than the national average.
A simple meal at an inexpensive restaurant can cost you between $15 and $35. At a mid-range restaurant, a three-course meal for two can cost upwards of $150.
Groceries Average Cost
Bread $4.12
Milk (1 gallon) $4.86
Eggs (dozen) $3.60
Chicken Fillet (1kg) $15.08
Cheese $14.62
Banana $0.75
Apples $5.35
Note:
The cost of a take-out lunch ranges from $12 to $18. Farmers' markets, local bakeries, and ethnic grocery stores also offer affordable and unique food finds.
Transportation in Chicago
Chicago has a stellar public transportation system for a U.S. city!
Many locals forgo owning a car altogether, as about 24% of the residents here use public transit. That's more than the 3.7% national average that relies on public transportation.
However, you will pay 5% more than the national average to get around here, further adding to the cost of living in Chicago.
The CTA (bus and train) offers a monthly pass for $75. A single ride costs $2.50. However, if you hail a taxi, the fare increases to $3.50.
Note:
Car owners should beware, though. Downtown parking is a nightmare and can cost about $200 to $400 per month in garages. Street parking can also be tight and metered.
Looking for a Realtor Referral in Chicago?
Let us help you. Call or Text Kenna Real Estate Group at 303-955-4220 to get personalized assistance from our expert real estate agents. Find out what your home is worth in today's market.
Healthcare — Doctor Visits and Band-Aids
Healthcare is one area where costs can climb, especially if you are uninsured. However, your costs could be significantly lower if you qualify for state programs, such as Medicaid or ACA subsidies.
Fortunately for you, Chicago is home to top-tier hospitals such as Northwestern Memorial and Rush University Medical Center.
Healthcare Expense Average Cost
Doctor Visit $150.29
Dentist Visit $123.59
Optometrist Visit $137.66
Prescription Drugs $260.93
Veterinary Visit $72.88
Education Costs
Chicago public schools vary in quality by neighborhood, and some of the best require enrollment via lottery or academic testing. Most of them even offer free education for all kids, but there are also private school options.
The cost of private K-12 tuition ranges from $8,000 to $30,000 annually. If you prefer a private kindergarten for your child, that will cost you upwards of $2,100 per month.
College tuition at the University of Illinois in Chicago can reach up to $15,000 per year. Meanwhile, DePaul University or Loyola is a whopping $45,000 per year.
It's good to know, though, that Chicago is rich in scholarship programs and community college options. When reviewing the cost of living in Chicago, you should not worry excessively about your education.
How Much Do You Need to Earn to Live Comfortably Here?
To live comfortably in most Chicago neighborhoods, a single person needs to earn between $55,000 and $65,000 annually, which amounts to an average of $ 4,583 per month.
That number jumps to about $85,000 to $100,000 for a family of four, depending on lifestyle. That's about $4,530 per month in expenses to live comfortably.
- Population: 2,664,452
- Median Household Income: $71,673
- Unemployment Rate: 9.0%
- Poverty Rate: 16.9%
Taxes are High in the Windy City
Taxes in Chicago can raise eyebrows, especially if you're moving from a state with no income tax. Illinois has a flat income tax rate, while Chicago's sales tax is one of the highest in the United States.
Property taxes in this area vary by county and neighborhood. It's a relatively small percentage of your assessed home value.
- Income Tax Rate: 4.95%
- Sales Tax Rate: 10.25%
- Property Tax Rate: 1.52%
Endnote: How Far Can Your Money Go?
The scoop is that Chicago is way more affordable than coastal cities but pricier than smaller Midwest towns. Although cost is significant, lifestyle determines how well you live.
The cost of living in Chicago can accommodate a wide range of lifestyles. While Chicago is not the cheapest city, it offers an incredible lifestyle at a reasonable price.
Whether you are a budget-savvy student, a young professional, or moving with your family, you can live well in the Windy City with a bit of planning.
Just let this guide be your compass and not your calculator.
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If you’re planning a move from Colorado to Chicago and need a reliable real estate agent in your new location, Kenna Real Estate Group is here to help. Thanks to our extensive network of trusted professionals across the country, there's a good chance we can connect you with an agent who will provide the same exceptional service you’ve come to expect from us. Contact Kenna Real Estate Group today, and we'll ensure you're in good hands as you transition to your new home.