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Global Lifestyle

Detailed Guide To Cost Of Living In Chicago

  • November 17, 2021
  • 4 min read
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Detailed Guide To Cost Of Living In Chicago

Chicago is a city of culture and entertainment. Living and working are very standard and prestigious too. This city is affectionate to everybody and the place of attraction. It is the USA’s largest and third most famous city. It is the dominant metropolitan area in the Midwest zone of the USA. Here we will give detailed guide to cost of living in Chicago.

While the cost of living in Chicago is high in price, but it is also needed to remember that it offers to access all extensive city amenities with a fantastic community, art, and culture. You can have the facility of excellent communication and transportation system. So if you want to move to Chicago for a better living, you should make your budget first. If you are wondering is Chicago expensive then here is the detailed information on it.

Some Points You Need To Figure Out

Housing Costs

Living cost is primarily dependent on housing cost. Housing cost is here measured up expensive, but due to the pandemic, it is pretty much gone down.

Housing cost is mainly related to enhancing the job market, and all rented apartment prices have decreased quite a bit as the job ratio has been slowed due to economic fall. Rent growth is increased by only 4.4% in comparison to last year.

Currently, one bhk rents for $1,392 and 2bhk apartment rents for $1,432 monthly, but the rents are not much higher than the national average. This city is comparatively affordable than any other city in the USA.

Transportation Costs

Here transportation is the pocket-friendly ad you can keep your budget in check. Roaming around or travelling is cheaper here, and you can avail yourself of this significant communication facility at a regular rate. There are ample places of parking which are inexpensive.

A survey report says that transportation cost for one adult is $5,200 per year, and for three-headed families, it will be $11,853 in increased rate per year.

Transportation costs will be hiked by $3 approx due to gas price per gallon, so it will be an excellent suggestion to ditch private cars and access the public transit system.

A single one-way trip is expected $115 per month, or you can avail of the train at a total fare of $5.

Depending on your daily travel route, the metro rail cost will be between $116 and $239.

Food Costs

Food prices are higher than in other Midwestern cities. Here a dozen eggs cost $2.31, a packet of bread costs $2.60, and milk costs per gallon are $3.30.

Chicago is famous for its award-winning restaurants, so if you want to enjoy the city’s best incredible food in your dining, then you have to expense $16 for one and 4 75 for the two. 

Job Market

Here opportunities for jobs are ample, and people can find out different zones for career growth. Industries are flourishing rapidly. Major companies’ headquarters are here, so young people are attracted to these golden chances for building up their careers. The city is also a hub of manufacturing, IT, health services, and transportations.

Salary Fixture

Living wages that are a minimum amount of money needed to survive is the threshold of $46,467 per year, which you have to earn for a comfortable living. A full-time employee needs $16 on average for one hour, though the amenities costs are excluded. So the fact is that the employee should not spend more than 30% of his salary as the monthly expense is almost near about $3,900.

Chicago is an ancient city full of entertainment and culture. So if you want to enjoy those, you have to cut down your rental price or earn a bump.

Healthcare Costs

Your health is your wealth. So you need to fix a budget for your medical attention to stay healthy and happy. The Bureau of Labor Statistics and the Agency for Healthcare Research and Quality introduced typical healthcare expenditure statistics for the citizens. The medical care for anybody will be $2,862 per year.

Utilities

You can figure out the basic utility bill, including electricity, heating, cooling, water, and garbage for an apartment is more or less $235.02 per month. On the other note, the internet package for an apartment is standard, i.e. approximately$295.50 per month.

Final Thoughts

Chicago offers everything for a child to an aged person. Something is very special you can find out here in Chicago. If you are planning to pack up and move to this windy city, then this article will help you to estimate your budget for living a comfortable and standard life.

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