Cost of Living in Chicago, IL

Housing

The housing market plays a significant role in determining the cost of living in Chicago, IL.

• Housing Index: 110.0 / 100
• Median Home Price is: $310000
• Average Rent (2 BR Apartment): $2200 per month
• Average Rent (2 BR House): $2250 per month

When considering a move to Chicago, IL, the housing index of 110.0 suggests a moderately competitive market. With a median home price of 310000, purchasing a home may be a substantial investment, reflective of the area's desirability and amenities. Alternatively, renters should prepare for average rent prices at 2200 for a 2-bedroom apartment and 2250 for a house, indicative of a tight rental market. Prospective residents will want to evaluate these costs against their income to make an informed decision regarding their housing options in Chicago.

Utilities

The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Chicago, IL.

• Electricity Price: 16.15 USD (median by state)
• Natural Gas Price: $16.59 USD per Thousand Cubic Feet (median by state)
• Other Utilities (water, garbage, etc.): $250 per month

Living in Chicago, IL could entail higher utility costs. Electricity costs sit at 16.15, while natural gas is priced at 16.59 per Thousand Cubic Feet—both aligning with state medians. Expect to budget about 250 monthly for other services like water and garbage. These utility expenses are vital considerations as they directly influence monthly living costs. Comparing these rates to other cities may help ascertain if Bethlehem is a financially viable option for your relocation.

Cost of Living Index

The cost of living index is a widely used metric to determine the relative affordability of cities and towns.

• Index score: 102.5

Median Income

The median income is an important factor to consider when evaluating the affordability of a city or town.

• Median Income: $71673

Educational and Social Amenities

Access to quality education, healthcare, and social services can significantly impact the overall quality of life in a city or town.

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Summary

When considering a move to Chicago, IL, consider the following factors:

• Taxes: State income, property, and local income taxes can significantly impact your take-home pay.
• Job opportunities: The availability of jobs in your field can affect your quality of life.
• Cost of living: Housing costs, utilities, transportation, and other expenses should be considered when evaluating the affordability of a city or town.