Chicago is one of America’s biggest, toughest, and most expensive cities. It is a real metropolis, and the third largest city in the U.S. after New York and Los Angeles. It has large architecture and skyscrapers, crime, and attitude. Additionally there is an unique atmosphere and a large population of nearly 3 million people. While these people come from all walks of life and find themselves in Chicago, it is an interesting place that is defined by its culture and diversity. Whatever you want out of life can be found in the city. Since there are all kinds of people here, there are many different lifestyles and careers you can choose from, and there’s always things to do to keep it interesting. Whoever you are and whatever you do, below is a guide on the cost of living in Chicago and what to expect.
Rent in Chicago
Recently, the cost of living in Chicago reached its highest point ever. The average cost of rent in Chicago reached just under $2,000 a month, making it very difficult for people moving around to find affordable housing. This price increase is due to effects of inflation and lingering problems such as the fact that after the pandemic people are looking to move around, especially to bigger cities like Chicago. You have to have a reliable job to find yourself looking for a place to rent in this city. However, there are other, more affordable, options that are worth considering.
For example, you can look into getting a roommate or some co-living options. Co-living refers to working with a middleman company to help you find a good place with a roommate. It adds an extra layer of protection and ensures that each of the living spaces will have the amenities that you need. Additionally, it’s also a great way to find the rent price point that meets your budget and needs. There are, of course, other ways to find affordable places to live in Chicago, but it all depends on what you are looking for and what you are willing to compromise. This website, Coliving in Chicago, is a great option to look into and can make it easier to find a place to stay.
Transportation
Luckily, it is pretty easy to get around the city of Chicago without needing to own a car or vehicle. That means you won’t have to spend money on things such as storage, gas, parking, and other expenses that come with motor vehicles. Instead, you can take public transportation like buses, trains, or carpooling. It also is beneficial to not own a vehicle because then you won’t be spending a ton of money on maintenance and other expenses, you can get around the city just fine. Additionally it is more eco friendly to use public transportation which is a bonus. So, if you are planning on moving to Chicago, you can think about selling your car to help you have more funds to pay rent and other necessities. When it comes to city living, transportation is something you can skimp on, and not stress about.
Food
In Chicago, the cost of food ranges greatly. Whether you want a quick meal like an affordable sandwich or dine at one of the most expensive restaurants in the world, it’s all available for you here. You will always be able to find something to eat that fits your needs. However, some parts of Chicago can be considered a food desert where it is hard to find something good to eat. It may require traveling to another neighborhood for fresh produce and other healthy food, and it’s likely more expensive in those areas, but if you plan out a budget and know what groceries cost every month, you will be able to eat well for a reasonable price. There is food for every budget in Chicago, and always something new to try.
Utilities
When it comes to utilities, the cost in Chicago is about 7 percent lower than the national average. This means that you won’t pay an unreasonable amount for resources such as water and power. The odds are, you will live in a smaller place—making the utilities even more affordable for you. While rent is still going to be very expensive in the city, utilities are another area where you can really cut down on spending and save some money. There are also tips and tricks to help you save and cut down on utility bills that are also good for the environment.
What Salary Do I Need?
The cost of rent is very expensive in Chicago and seems to keep increasing, but the average rent isn’t as pricey as other large cities can be, like New York or Los Angeles. When it comes to the salary, you need a minimum of $43,200 a year to be able to afford rent and other costs in Chicago, but it is beneficial to make more to have a more stable living situation. According to a variety of cost-of-living calculators, $60,000 a year is much more comfortable depending on your lifestyle. Of course, the more money you have the more options you have and things you can do in the city. With a larger salary you can choose where you live, how you live, and have more resources available to you. Affording rent isn’t easy, but it’s completely possible whether you opt for Coliving in Chicago or to live alone.
When it comes to big cities, Chicago is a great choice to live in. Depending on what you are looking for, you can find what you need. Look for a good, reasonably priced area where you can live comfortably and happily. Chicago is a great city full of culture, great food, and is overall a great place to reside.
The world continues to change, as does the United States. More and more people are moving to cities and inflation and many other factors are making it difficult to find housing that is affordable and meets everyone’s needs. It is important to understand the costs and different factors that will affect how much you will need to spend before moving to the city, as to not overwhelm yourself and be shocked once you move.
