Comprehensive salary data, cost of living, and employment information for Chicago, Illinois. Population: 2,693,976.
Reviewed by Alexander O.M., MBA, BSc Engineering•Updated
Chicago's $65,781 median household income sits close to the national average, and the city's cost-of-living index of 107 is only marginally above baseline — a combination that makes Chicago one of the more affordable major metros for the professional class in the US. The income distribution is geographically concentrated: North Side neighbourhoods (Lincoln Park, Lakeview, Wicker Park) and the central business district have median household incomes well above the city-wide figure, while South and West Side neighbourhoods run meaningfully lower. Employment clusters in finance (CME Group operates one of the largest derivatives exchanges in the world; major banks maintain sizable back-office footprints), healthcare (University of Chicago Medicine, Northwestern Medicine, Rush), manufacturing (Boeing's commercial-aircraft HQ is in Chicago, along with Abbott Labs in nearby Abbott Park), and logistics (O'Hare is one of the busiest cargo airports in the country). Chicago also has one of the largest consulting and legal employment bases in the country by headcount. Illinois's flat 4.95% state income tax applies to all Chicago wages, and Cook County property taxes are among the highest in the US by effective rate — both factors compress take-home pay meaningfully. Full wage, employer, and cost-of-living data follow.
Median Individual
$41,108
per year
Median Household
$65,781
per year
Cost of Living
107
Average (US avg = 100)
Population
2.7M
Salary Breakdown for Chicago
The median individual income in Chicago is $41,108 per year, which works out to approximately $3,426/month or $19.76/hour for full-time workers. The median household income is $65,781.
Cost of Living Adjusted Salary
Chicago's cost of living index is 107 (national average = 100). The median salary of $41,108 in Chicago has the purchasing power of approximately $38,419 at the national average cost of living. Chicago is roughly in line with the national average, making it a balanced option for salary vs expenses.