Cost of Living in Chicago: Budgeting for the Windy City

Chicago has higher standards of living as this city offers a luxurious and quality lifestyle. According to the U.S. Bureau of Labor Statistics, Chicago is listed among the most livable cities in the world. The monthly cost of living in Chicago can vary between $4400 to $4600 for a family of four.

The cost of living in the USA is comparatively higher when compared to any Asian city like New Delhi, Manila or Jakarta. If you are planning to move to a developed and modern city like Chicago, it can cost you millions of dollars, depending on factors such as the area you want to live in, the property you want to buy or rent, and other expenses. Let’s understand in detail what are the costs of living in Chicago. 

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Cost of Living in Chicago

There are various factors that come into play when talking about the cost of living in Chicago, such as housing costs, food and healthcare costs, and transportation and utility costs.

Talking about the basic necessities of living, such as food groceries, and clothing, Chicago is 6% more expensive than the national average of the USA. According to the Cost of Living Index released by the Council for Community and Economic Research (C2ER) in 2023, the monthly cost of living in Chicago for a single person is $1200 (excluding house rent). The table below highlights the division of cost of living in Chicago.

Categories	Monthly Cost	Comparison with National Average
Housing	$1200 to $1450	50% higher
Utilities	$150 to $175	5% lower
Food and Healthcare	$350 to $450	5% higher
Transportation	$75 to $110	22% higher

Housing Cost

Buying or renting a house in Chicago depends on factors like its location, features included, total space, etc. Some of the most expensive neighborhoods in Chicago like Lincoln Park, the North Side, Fulton Market, Logan Square, etc. where prices of a 2-bedroom apartment start from $120,000 to $135,000. 

Renting a 2-bedroom apartment in or around Chicago City Central starts from around $2250 to $2500 per month. If you are looking for an affordable apartment in Chicago, it’s better to choose a property far from the city centre, where prices are comparatively low.

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Food and Healthcare Cost

One of the major factors that make Chicago an expensive city is the food and healthcare cost, which is a necessity for everyday life. Food items in Chicago are 5% more expensive than the national average. Buying a gallon of milk in Chicago can cost around $3. The table below highlights the prices of food items in Chicago.

Food Items	Cost
Bread	$3.99
Milk (per/ gallon)	$3
Banana	$0.67
Sugar (per/ kg)	$3.73
Cooking Oil (per/ gallon)	$7.04

Visiting a doctor, dentist or any health professional can cost you a couple of hundred bucks in case you don’t have medical insurance. Getting medical insurance in Chicago can cost around $90 to $110.

Transportation Cost

With an advanced and fast transportation system in Chicago, a community on a daily basis and out of station has become more convenient. Chicago has high-speed rails, shared mobility services, smart transportation management system and is promoting green transportation initiatives.

Chicago Transit Authority’s (CTA) train system is known as ‘L’ and it consists of more than 140 stations covering almost the entire city and nearby suburbs. The table below shows the transportation cost in Chicago.

Transportation Facilities	Cost
30 days CTA pass	$75
Monthly bus pass	$20
Taxi charge per ride	$15

Utility Cost

Utility costs in Chicago can cost you between $150 to $175, which can vary depending on factors such as the size of your house, daily energy consumption, the specific utility provider in your area, etc. Utility packages include electricity, water, cooking gas, internet cable, etc. The table below shows the utility cost in Chicago.

Utility Items	Monthly Cost
Electricity Bill	$100 to $120
Internet and Cables	$40 to $60
Cooking Gas	$8 to $15
Water Bill	$30 to $40
Garbage and Recycling	$10 to $20

FAQs

This was all about the Cost of Living in Chicago, USA. If you have further queries or need assistance with your study abroad journey, don’t hesitate to reach out to our team of experts at Leverage Edu. We are here to ensure a smooth and hassle-free experience for you.