Does a Chicago move make sense for you financially?
As a paradise for architecture lovers and home to more than a couple million hard-working, friendly people, Chicago offers renters a bevy of opportunities and experiences. From ample job opportunities in everything from finance to fine arts to a lively food culture, there’s something for everyone.
Yet, it’s essential to consider that the cost of living in Chicago is higher than in many other U.S. cities, particularly smaller ones in terms of population, amenities and land mass. Fortunately, the average salary in the Windy City is also above the national average, providing a financial counterbalance for those looking to dive into all that this vibrant Midwestern city has to offer.
And if you make a salary closer to $100,000 per year, you’ll most likely be able to afford both the necessities of Chicago life, plus some bonuses that make this city great, such as entertainment and food. We’ll break your expenses down into categories to give you a better impression of how each one might affect your finances.
- Average salary in Chicago: $58,508
- Average Chicago salary as an hourly rate: $31.81
The Chicago job market, at a glance
If you’re on the job market, Chicago presents a dynamic and attractive destination for you to consider, especially if your work falls into verticals like finance, healthcare, manufacturing, culinary or fine arts.
Finance and business
One of Chicago’s standout features is its prominence in the finance and business sectors, especially for job seekers looking to make at or above the average salary in Chicago. The city is home to major financial institutions and exchanges, including the Chicago Mercantile Exchange (CME) and the Chicago Board Options Exchange (CBOE). This financial hub provides ample opportunities for careers in banking, investment and financial services.
Healthcare
The healthcare industry plays a significant role in Chicago’s job market, with renowned institutions like the University of Chicago Medical Center and Northwestern Memorial Hospital leading the way. Job seekers can explore a wide range of opportunities in healthcare, from medical research and nursing to healthcare administration.
Manufacturing and logistics
Manufacturing and logistics are other key players in Chicago’s job landscape, given its strategic location as a transportation hub. Major employers in these sectors offer positions in supply chain management, manufacturing engineering and distribution. Leading companies such as Boeing, Caterpillar and United Parcel Service (UPS) play pivotal roles in this sector, offering a multitude of job opportunities for workers at many experience levels.
Arts, culture and culinary
For those inclined towards the arts and culture, Chicago’s vibrant creative scene is a treasure trove of opportunities in theaters, museums and the performing arts. The city’s historic theaters, such as the Chicago Theatre and the Goodman Theatre, provide careers in entertainment, event management and the arts.
Additionally, Chicago’s reputation as a global culinary destination opens doors in the hospitality and restaurant industry, with positions ranging from chefs and sommeliers to hotel management and event planning.
Renting in Second City
The rental market in Chicago presents a unique landscape, offering diverse options for residents across various neighborhoods. According to our data, Chicago’s average rent trends are more affordable than most cities of a similar size.
For a studio apartment in Chicago, the average rent is approximately $1,800 per month, while a two-bedroom apartment typically costs around $2,700 monthly. One-bedroom apartments in the Windy City fall in between, with an average rent of about $2,100.
In terms of popular neighborhoods, Chicago boasts a variety of choices. The West Loop, known for its vibrant dining scene and proximity to downtown, has experienced a surge in demand, leading to rent increases of around 8% for studio apartments. Logan Square, celebrated for its artsy atmosphere and green spaces, has also seen rent hikes, especially for one-bedroom units.
For renters looking for more budget-friendly options, neighborhoods like Albany Park and Rogers Park offer affordability without compromising access to public transportation and community amenities. Studio apartments in these areas typically range from $1,000 to $1,300, making them attractive choices for those on a tighter budget.
On the higher end of the spectrum, upscale neighborhoods like the Gold Coast and River North command some of Chicago’s highest rents. In these prime downtown locations, one-bedroom apartments can exceed $3,000 per month, an inaccessible cost to most people making right around the average salary in Chicago.
Overall, Windy City’s rental market offers a diverse range of neighborhoods and pricing, accommodating various budgets and preferences. While some areas experience rent increases, there are still affordable pockets, ensuring renters have plenty of options when making this city their home. For more detailed data on Chicago’s rent trends, you can refer to our dedicated rental trends page.
Transportation
Navigating Chicago is made convenient by the city’s extensive public transportation system, known as the “L” (short for “elevated”), along with a comprehensive bus network. The Chicago Transit Authority (CTA) manages this robust transit system, which includes elevated trains, buses, and even a picturesque water taxi service. The “L” lines crisscross the city, connecting major neighborhoods and downtown, providing an efficient way to get around.
For those looking to use public transportation regularly, the CTA offers various fare options. A single ride on the “L” with a Ventra Card costs $2.50, while bus rides start at $2.25. Frequent riders can opt for weekly or monthly passes, which provide unlimited rides during their validity periods.
However, the decision to own a car in Chicago involves some considerations. The city’s layout can vary from neighborhood to neighborhood, with some areas boasting ample parking options, while others present more challenges. Downtown Chicago, in particular, can be notorious for congested roads and high parking costs. Parking rates in downtown garages often exceed $25 per day, and street parking can be elusive and metered.
Residents who own cars may explore options like neighborhood parking permits to ease the parking hunt. However, the costs associated with car ownership in Chicago extend beyond parking, encompassing expenses like insurance, maintenance and fuel. Many Chicagoans find it more cost-effective and practical to rely on public transportation for their daily commuting needs.
Food
One of Chicago’s claims to fame is its deep-dish pizza, a hearty and iconic dish that can be enjoyed at various price points. A single slice of this cheesy and indulgent pie typically ranges from $4 to $6, making it an affordable indulgence for pizza lovers.
If you’re in the mood for something more budget-friendly, the city’s thriving food truck culture is a fantastic option. Food trucks offer a diverse range of cuisines, from tacos to sandwiches, with prices typically ranging from $5 to $12 per meal. These mobile kitchens often park in popular areas, providing convenient and affordable dining choices.
Chicago’s diverse neighborhoods also offer wallet-friendly dining experiences. In areas like Uptown and Logan Square, you can discover affordable international cuisine, including delicious tacos, banh mi sandwiches, and more, with many dishes priced between $7 and $15.
For those looking to dine in style, Chicago boasts upscale dining establishments where you can savor gourmet meals and fine wines. Prices at these fine-dining restaurants can vary significantly, with multi-course tasting menus often starting at $100 per person or more.
Entertainment
Chicago is a city that knows how to keep its residents and visitors entertained with a diverse range of cultural, nightlife and recreational offerings.
One of Chicago’s cultural treasures is its collection of renowned museums. The Art Institute of Chicago, for example, offers an immersive art experience with an admission fee of around $25 for adults. On the other hand, the Museum of Science and Industry provides an engaging and educational journey, with adult tickets priced at approximately $21. For those on a budget, many museums offer free admission days, allowing you to explore the exhibits without breaking the bank.
Live music enthusiasts will find Chicago’s music scene vibrant and accessible. The city is famous for its blues heritage, and you can catch live performances at venues like Buddy Guy’s Legends, where ticket prices generally range from $20 to $40.
Outdoor enthusiasts can take advantage of Chicago’s beautiful parks and recreational spaces. Millennium Park, home to the iconic “Bean” sculpture, offers free concerts and events throughout the year. You can also explore the scenic Chicago Riverwalk or rent a Divvy bike for an affordable way to see the city.
Sports fans can catch a Chicago Cubs baseball game at Wrigley Field or cheer for the Chicago Bulls at the United Center. Ticket prices for sporting events can vary widely, depending on the teams and seating options, but you can often find affordable tickets for under $30.
Other expenses to consider
Living in Chicago comes with various expenses beyond housing, food and entertainment. Here are some additional costs you can expect and their approximate price ranges:
- Utilities: The cost of utilities, including electricity, heating, cooling, water and garbage, for a standard 85-square-meter (915-square-foot) apartment can range from $100 to $200 per month, depending on usage and the season.
- Groceries: The cost of groceries can vary depending on your dietary preferences and shopping habits. On average, a single person can expect to spend around $300 to $400 per month on groceries. This cost may be higher if you prefer organic, gluten-free or specialty items.
- Healthcare: Health insurance is a significant expense, and costs can vary widely depending on your plan and coverage. Employer-sponsored plans can help reduce this cost. On average, individual health insurance premiums in Chicago can range from $300 to $600 per month.
- Taxes: Chicago has a sales tax rate of 10.25%, which includes state, county and local taxes. Income tax rates vary depending on your income level.
Make your move to Chi-Town
In Chicago, the average salary reflects a balance between the city’s vibrant opportunities and the associated cost of living. While the city offers a diverse range of job prospects across various industries, the cost of housing, transportation and other expenses must be considered.
On average, Chicagoans earn slightly above-average salaries that allow for comfortable living, with some sectors offering higher earning potential than others. So, at a $100,000 salary, you should be able to afford basic expenses and plenty of entertainment, restaurant food and self-care, as long as you watch your budget. However, it’s crucial to budget wisely to ensure that your income aligns with the expenses that come with city life in the Windy City.
Ready to start your best life in Chicago? Look at apartments for rent here.
