What’s the Cost of Living in Chicago?

When looking to move to a new city, town, or state as a whole, it’s important to fully research your new area and what type of lifestyle you’ll be able to enjoy in your new surroundings. After all, if you move to a fun new city but aren’t able to afford the housing or rental prices there or the daily costs of living, you’ll have to move again quickly, and will never be able to enjoy everything your potential city has to offer.

If you’re considering a move to Chicago, you’re probably wondering what the cost of living is in Chicago, since it’s one of the largest and most popular cities in the country. Does Chicago’s costs of living measure up to the high costs in cities like it, including New York City or Los Angeles? If you’re looking for everything that comes with living a big-city lifestyle without the huge price tag that comes with it, you might just be in luck with Chicago. So what should you know about the costs of living in the city and the overall quality of life you can enjoy there? We’ve got all of the information you need about whether or not you should move to Chicago.

Chicago Cost of Living

Of course, when looking at a larger city, the first thing you probably think about is how expensive it must be to live in a place, or how the housing prices differ from neighborhood to neighborhood. Especially if you’ll be commuting to work from your new place in Chicago or have particular interests that will bring you to certain parts of the city often, this is a huge consideration to ensure that you can afford a convenient neighborhood that works well with your commute and hobbies.

  • How Expensive is Chicago?

    Our analysis of the overall cost of living in Chicago takes into account the costs of larger-picture considerations like healthcare and housing, as well as everyday expenses like the cost of groceries or transportation.

    Chicago is a huge, diverse city that serves as a hub for all things commerce, transportation, and entertainment. The city has a very diverse economy and attracts people from all over the country and the world. Though not located on a coast like Los Angeles or New York, Chicago features the beautiful coastline and beaches that its location alongside Lake Michigan brings. Chicago is a great destination for those looking for a city lifestyle that’s much more affordable than New York City or Los Angeles.

    Chicago Housing Prices

    Chicago’s housing and rental prices will give you much more value for your money in comparison to other major cities. The average rent for Chicagoans from 2020-2021 was around $1,900, which is expensive for the country at large, but a lot less than most major cities. The city’s many neighborhoods also feature rental prices that vary greatly, so you’ll be able to find a place that works for you and your budget without breaking the bank.

    Many people moving to the city also find their rent to be much more affordable by living with roommates, which brings rental prices down considerably while allowing you to find a nicer and larger place to live in.

    These lower rent prices not only benefit city renters but those looking to buy houses in the city as well. Since many have opted to go the rental route rather than buying a home, home prices have been pushed down below the national average due to the abundance of inventory. This creates a great environment for prospective home buyers, who can enjoy home prices around $280,00 which is nearly unheard of for a city of its size, location, and popularity.

    Chicago Everyday Expenses

    Though home prices are lower than average, tax rates for Chicagoans are unfortunately higher than many others. parts of the country. Beyond just sales tax, the city also has a restaurant tax, which applies to takeout and dining expenses alike. These expenses are still more affordable than comparable cities like New York, but can still add up.

    When it comes to public transportation, Chicago excels. Its millions of residents rely heavily on its exemplary buses, rail lines, and even public bikes. Its plethora of rail lines and bus routes can bring you almost anywhere in the city for $2.50 per rail ride, or $2.25 for buses.

    Having a car in Chicago will be a little more expensive since the city has higher gas prices than the rest of Illinois. Car insurance will also come at a higher cost since you’re in a city but remains lower than the national average. Car owners also have to pay a ‘Wheel Tax’, as well as for any parking costs associated with your location.

    Chicago Average Salaries

    For those looking for a city with a good job market and good salaries, Chicago is for you. The city’s average salary is around $57,000, which is higher than the national average, but lower than that of other large cities. It is, however, a huge high-paying hotspot for many careers, including those in law and manufacturing.

Now that you have a better idea of how living in Chicago will impact your overall budget, it’s time to start getting ready to move to the city! When looking to move to Chicago, using Hollander Storage & Moving Co as your Chicago moving company will allow you to have the best possible moving services at the right prices. See what we can do for you and your household today!


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