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: $310,000
- 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 Chicago is a financially viable option for your relocation.