Housing costs in Chicago?
A typical home costs
$248,300, which is 26.6% less expensive than the national average of
$338,100 and 2.7% more expensive than the average Illinois home, at
$241,700. Renting a two-bedroom unit in Chicago costs
$2,180 per month, which is 73.0% more than the national average of
$1,260 and 35.8% more than the state average of
$1,400.
Can I afford Chicago?
To live comfortably in Chicago (zip 60602), Illinois, a minimum annual income of
$47,520 for a family, and
$76,000 for a single person is recommended.
What does A.I. say about Chicago?
The cost of living in 60602 Chicago, IL is quite high. According to BestPlaces's Cost of Living Index, the overall index of Chicago is 124.6 which is significantly higher than the US average of 100. Prices for goods and services are significantly higher compared to many other parts of the country, especially housing or rentals. The median rent for a one bedroom apartment can range from $1,400-$1,700 per month, while a three bedroom apartment can range from $2,500-$3,000 per month. Groceries are also more expensive in this area with food items costing an average of 17% more than the US average. Additionally, transportation costs are also relatively high since there is no public transportation system within the city itself.