If you’re considering moving to the Windy City, you’ll need a handle on the overall cost of living in Chicago. To help you, we’ve compiled a comprehensive guide on what you can expect to pay as a resident in Illinois’ largest city.
iStock.com/Sean Pavone Rental costs
Chicago is currently the 15th most expensive rental market in the United States, with a median one-bedroom rental cost of $2,000 and a median two-bedroom rate of $2,540. Although rent may seem costly, don’t let these numbers deter you. Every neighborhood is different, and prices can vary dramatically depending on where you want to live. You may need to compromise on space or amenities to stay in an expensive neighborhood like River North, the Loop, or West Loop. Areas outside the downtown cluster have much lower medians. North Center, South Shore, and Oak Park are all attractive values.
Roommates are always a great option to help save on rent. Depending on how many roommates you have, you could save 50%-60% on the rental rates by splitting the bills.
Utilities
You can expect to pay around $161.88 per month for the utilities for a 915-square-foot apartment in Chicago. This estimate includes heat, electricity, cooling, water, and garbage. Also, expect to pay between $45 and $100 per month for internet, depending on the speed. According to August 2022 rates, $61.50 is the average for a reasonably fast plan with unlimited data.
Food
Chicago has an incredible dining scene, but food prices in Chicago unsurprisingly rank above the national average. For eating out, expect to pay $20 per person for a casual meal and upward of $80 for a three-course meal for two at a midrange restaurant (not including drinks). An average cappuccino will run you around $4.50, while a beer costs between $5 and $7, depending on whether you drink domestic or imported.
Groceries in Chicago are 4% higher than the national average. Numbeo recommends budgeting at least $358 per month per person. This budget assumes you’ll buy necessities rather than organic produce and free-range meat.
Transportation
Transportation costs vary depending on how you’re getting around Chicago. As in most cities, owning a vehicle in Chicago is expensive. Along with car payments, you’ll pay approximately $5.20 for a gallon of gas. Budget between $50.52 for a motorbike and $224.51 for a small pickup for your Chicago City Vehicle Sticker to cover the city’s Wheel Tax. You can also expect to pay $7 an hour for metered parking in The Loop, $4.75 per hour in the Central Business District, and $2.50 for hourly parking outside these areas. Renting in an apartment complex with a garage can help you save money.
Chicago’s light rail provides excellent coverage at a reasonable price. The “L” is the country’s fourth-largest rapid transit system and the third-busiest one. Fees range from $2.50 for a single ride to $75 for a monthly pass, which also lets you ride on local buses.
If you’re looking to move without a car but still want the convenience of a vehicle from time to time, ride-sharing and car-sharing services are great options. Uber and Lyft are the two primary ride-sharing services, while car-sharing services, which let you rent cars on demand, include Zipcar, Turo, and Getaround. Prices depend on distance and duration, but they can potentially be more affordable than car ownership. Yellow Cab charges a $3.25 base fare for taxis, then $2.25 for each extra mile. Calculate your expected usage to compare costs for each option.
Health care
Chicago has several nationally recognized hospitals, including Northwestern Memorial Hospital, Rush University Medical Center, the University of Chicago Medical Center, and NorthShore University Health System-Metro Chicago. You won’t pay a fortune for treatments, with local health care costing 2% less than the national average. Expect to pay approximately $116 for a doctor’s visit and $99 for a trip to the dentist. Pet lovers can expect their vet visits to cost approximately $61.
Fitness and entertainment
You needn’t let your fitness routine lapse when moving to Chicago, as there are plenty of excellent gyms around the city. Budget around $56 for your monthly membership. During the warmer months, you can save money by jogging or cycling around The 606 or Lakefront Trail.
After sweating it out, you can unwind at top local venues, including House of Blues, City Winery, and Concord Music Hall. Seeing big-name acts can be expensive, but you can catch local talent free at many bars that don’t have a cover charge. If you love movies, budget around $15 for your tickets before considering popcorn.
Other expenses to think about
Chicago imposes a hefty 10.25% sales tax on purchases. This tax is more than 25% greater than that in nearby cities like Naperville and Wheaton, so you may want to travel to these neighboring areas to make significant purchases.
You may also want to budget for a new wardrobe if you’re moving from a warm city. You’ll need heavy jackets, boots, a sturdy umbrella, and some clothes you can layer to feel comfortable in Chicago’s relentless rain, wind, and snow.
FAQs: Cost of living in Chicago
Review some of the most frequently asked questions about living in Chicago and their answers:
The 30% rule suggests you shouldn’t spend more than 30% of your gross monthly salary on rent. Considering median rents in Chicago, you should make at least $6,500 per month before taxes ($78,000 annually) for a one-bedroom apartment and $7,500 per month ($90,000 annually) for a two-bedroom. These are minimum salaries given the rule, so you’d likely want a higher salary for savings or leisure. Half of all available rentals are below the median, so you might make do with less if you’re happy with a standard apartment. Set a budget according to your lifestyle.
Chicago’s job market is rebuilding, with its unemployment rate rebounding from 8.7% in January 2021 to 4.5% in November 2021. Its unemployment rate is better than other large cities, including Los Angeles and New York. Are you a job seeker? You’ll find abundant opportunities in highly skilled industries, including finance, business, engineering, and health care. Additionally, major companies have headquarters in Chicago, including JPMorgan Chase & Co., Deloitte, Boeing, and United Airlines.
Chicago has a wealth of free attractions you can enjoy when you’re short on cash. The Lincoln Park Zoo is one of the few zoos in the country without an entry fee. The Chicago Cultural Center hosts free programs all year round. It also costs nothing to soak up the atmosphere of the Chicago Riverwalk.
Now that you’ve learned more about the cost of living in Chicago, read our comprehensive moving to Chicago guide and list of reasons to move to Chicago if you’re considering relocating.
