Cost of Living Breakdown
The cost of living in Chicago, IL is 7% higher than the national average. Here's how each category compares:
| Category | Index | vs National Avg |
|---|---|---|
| Overall | 107 | +7% |
| Housing | 108 | +8% |
| Groceries | 104 | +4% |
| Utilities | 102 | +2% |
| Transportation | 118 | +18% |
| Healthcare | 103 | +3% |
Housing Costs in Chicago
Housing is typically the largest expense. In Chicago, the housing index is 108 (national average = 100).
- Median home price: $325,000
- Median rent (1 bedroom): $1,750/month
- Median rent (2 bedrooms): $2,100/month
- Annual rent (1BR): $21,000/year
Housing costs in Chicago are roughly in line with national averages.
How Much Do You Need to Earn in Chicago?
To maintain the equivalent of a $50,000 salary at the national average cost of living, you would need to earn approximately $53,500 in Chicago. The median household income of $65,781 translates to a monthly budget of approximately $5,482.
Groceries & Everyday Expenses
The grocery index in Chicago is 104. Grocery prices are close to the national average.
Transportation & Utilities
Transportation costs sit at an index of 118, while utilities come in at 102. Getting around Chicago tends to be more expensive, including gas, insurance, and public transit.
Healthcare
Healthcare costs in Chicago are indexed at 103. Healthcare costs are close to or below the national average.
Compare to Illinois
See statewide salary and tax data on our average salary in Illinois page. Also see income data for this city on our average salary in Chicago page.
Financial Tools
Use our free calculators to plan your finances in Chicago:
- Mortgage Calculator — estimate your monthly home payment
- Home Affordability Calculator — see how much house you can afford
- Salary Calculator — convert hourly to annual pay
- Savings Goal Calculator — plan for your move or down payment