Cost of Living in Chicago for Students & Family in 2024
The third-largest city in the US, Chicago, is a melting pot of cultures thanks to immigrant settlements and high-value industries. Not only is Chicago a great city for new opportunities, but also a great place for families, bachelors, and students. The cost of living in Chicago can be high; however, a little planning can help you settle comfortably in the city.
Read on to get in-depth knowledge of the city of Chicago and the cost of living there.
Table of Contents
What is the Average Cost of Living in Chicago?
The cost of living in Chicago is dependent on various aspects like lifestyle, residence, and personal expenses.
Check out the table below to know more about the average cost of living in Chicago for bachelors, students, and families.
Cost of Living in Chicago for Bachelors
The cost of living in Chicago for single folks typically includes rent, utilities, groceries, transportation, and personal expenses. This varies significantly on locality, lifestyle choices, and spending habits. The following table highlights some of the important costs:
Cost of Living in Chicago for Students
Chicago has many premier institutions for education. Expenses of students can range from $2,500 - $3,000 which covers rent, food, transportation, and personal expenses. The following table elaborates some of the important costs:
Cost of Living in Chicago for a Family
The city provides various accommodation options. You can opt to stay in an apartment or a stand-alone house. Family expenses also include educational costs and extracurricular activities for children, which increase the monthly budget.
Cost of Living in Chicago for Couples
The cost of living for couples in Chicago includes rent, utilities, monthly groceries, transportation, and personal expenses. Chicago is an expensive city, all these factors must be analysed to suit your budget. Refer to the table below for more details:
Factors That Determine the Cost of Living in Chicago
There are several factors on which the cost of living in Chicago depends. Some of the most important ones are:
1. Accommodation
Chicago is a lovely city to reside in. From grand houses to modern apartments, the city offers a plethora of residences to choose from. You should choose a place to stay based on your budget, the people in your household, and your preference of locality.
The table below highlights some localities in the city based on their affordability or cost. Keep reading to learn more.
2. Transportation
Chicago is one of the most expensive cities nationwide. Nonetheless, if you budget well, you can live here comfortably. Your monthly budget will vary significantly depending on the mode of transportation that is convenient for you.
3. Groceries
Chicago has plenty of grocery stores across many locations. Depending on your dietary requirements, eating habits, and taste palette, groceries will contribute significantly to your monthly budget. Below, you will find a table with the most common groceries and their prices:
4. Utilities
An apartment is not a one-off expense. You will need to pay a certain amount each month for additional utilities like water, heating, cooling, and electricity. Depending on your type of residence, you may need to pay anything between $165 - $250 each month for these facilities.
5. Entertainment
Due to the hectic work-life of individuals, Chicago has an enigmatic nightlife with restaurants, pubs, and bars for individuals to relax after a long day or week. Here are some ways to unwind and the cost of such activities.
6. Childcare
Chicago is an expensive city to live in and raise a family. If your family consists of a child, you must calculate educational expenses as part of your monthly budget.
Tips on Reducing the Cost of Living in Chicago
Following are some easy tips to help you reduce your cost of living in Chicago:
Buy a CTA pass. The Chicago Transport Association provides monthly passes for just $75, making daily rides cheap at $2.50. This would be a great way to save money if you plan to travel around the city multiple times a day.
The Chicago Tool Library is a gem for minor repairs or tasks around the house. Membership starts at merely $10. From kitchen appliances to handy tools, a membership would save you a ton of money, especially if you are new to the city.
Look out for free events. Museums and theatres often organise free events throughout the year for various programmes. Keeping an eye out for these events can be a great way to experience the art and culture of the city without burning a hole in your wallet.
Consider buying a bike. While Chicago has a fair amount of four-wheeler traffic, the city is bike-friendly. If your place of work is a short distance away from your apartment, consider purchasing a bike to save money on transport. It is also a great physical activity.
If you are an avid reader, look up public libraries in your area. Public libraries in Chicago have a vast selection of books and magazines, available both as physical copies and digital copies.
Cost of Living in Chicago vs Other Metro Cities
The cost of living in Chicago is, on average, higher than that of Dallas, Texas, whereas the cost of living in Chicago is lower than that of New York City. While transportation costs are lower than other metro cities, Chicago has a higher rent than most other cities in the nation. Los Angeles and New York City have a higher monthly estimate than Chicago for the cost of living index
Check out the table below for more details.
Important Things to Know Before Moving to Chicago
Here are a few vital points that will help you if you are planning to shift to Chicago.
Job Market and Economy
Finance and business make up a large chunk of the Chicago job market. The Information and Technology sector is also a significant contributor to the city’s economy. Corporate organisations have a decent pay scale, and their employees can live comfortably in the city.
Climate and Weather
Chicago has a near-perfect blend of all climates. From warm summers to chilly winters, the city faces extreme weather conditions annually. Alongside these, the city also experiences occasional showers of rain.
Accommodation Options
People in Chicago have a wide range of accommodation options. Each neighbourhood has its perks and features. Depending on your budget, you can opt for apartments, penthouses, condos, or houses.
Transportation Challenges
There is a large volume of cars on the street, especially in the Greater Chicago Region. On weekdays, traffic and congestion must be considered while travelling around the city.
Language and Communication
English is the most widely spoken language in Chicago. However, many people also speak Spanish, Mandarin, Polish, Urdu, Arabic, and Hindi.
