Chicago, known as the jewel of the Midwest is a major city in the USA having no sealine. This city of Illinois is popular for its business and transportation facilities and acts as the hub with all other nearby states. In 2021, we must admit that this city is has a diversified range of economic and educational facilities. So, at a glance, for living, Chicago might be a top-class choice.
Chicago Living Cost
Chicago achieves 82.23 out of 100 in Numbeo’s cost of living index in July 2020. What does it mean? Simply the cost of living in Chicago is around 20% less than in New York City while it has almost similar facilities even in a few cases more than NY.
Here are the breakdowns for Chicago living cost nowadays:
Rental Prices
US’s national average rent price is $1,463 and the average rent in Chicago is $1,948. But if we are considering the 15 major cities countrywide then we find an interesting stat. Interim of average rental price Chicago ranked in the position of 11 out of the top 15 cities. So, this is undoubted that Chicago is much cheaper than the other bigger cities.
Highest rented Areas:
- Streeterville
- River North
- River West
Lowest rented Areas:
- Austin
- West Pullman
- The Island
Share home is more affordable even almost 24% less than the private-owned bungalow in the same neighborhood.
The luxury apartments in Chicago are varied from $750 and $22,500.
Home Purchase Pricing
Chicago owns a below range of average housing price than any of the major cities in the USA.
While the national average median price for a home purchase is $245,000 the Chicago has a slightly higher of $281,000. Though the property tax in Chicago is higher than in many other cities still purchasing homes in Chicago is a better decision than a rent one. While the national average median price for a home purchase is $245,000 the Chicago has a slightly higher of $281,000. Though the property tax in Chicago is higher than in many other cities still purchasing homes in Chicago is a better decision than a rent one. You can also check the best apartment sites san francisco.
A Comparison:
- Washington DC and Boston – Maiden Price: $650,000
- In Manhattan, the price of 125 square foot is around $200,000 but for the same price you will get around 1,102 S/F in Chicago
Utilities and other Services
The price of the utilities in Chicago is really cheaper than in any other city in the USA. People here pay around $132 for the services which include electricity, water, gas and garbage pickup.
On other hand, the internet costs slightly higher than the nationwide average which is around $68.
Food Prices
- Basic Lunch: $16
- Meal Cost in a Full-Service Restaurant: $33
For Imposing a 10.75% tax on food this a bit higher than other cities but still lower than NY.
Transportation
You will be a real jealous in this case if you are from other major cities. The popular “L” elevated railway will cost only $2.50 per ride. $2.25 is the cost for a bus ride. With a monthly pass of $105, you can ride both bus and train which is really on the budget.
Average Salary
The lower cost of living in the Chicago metro area relative to other major cities means that many companies pay lower salaries in Chicago as well. The average annual income near Chicago Metro area is over $57,000 which seems a bit lower but the living cost of these areas are most affordable as well.
So, now it’s your turn. What do you think? Are you planning to move to Chicago?