Housing costs in Chicago?
A typical home costs
$336,700, which is 0.4% less expensive than the national average of
$338,100 and 39.3% more expensive than the average Illinois home, at
$241,700. Renting a two-bedroom unit in Chicago costs
$1,460 per month, which is 15.9% more than the national average of
$1,260 and 4.1% more than the state average of
$1,400.
Can I afford Chicago?
To live comfortably in Chicago (zip 60616), Illinois, a minimum annual income of
$64,440 for a family, and
$50,800 for a single person is recommended.
What does A.I. say about Chicago?
The cost of living in 60616 Chicago, IL is quite high. According to BestPlaces's Cost of Living Index, the city has an overall index score of 92.5 which is 8% higher than the national average. When looking at individual costs, housing is the highest expense for Chicago residents; renting a one bedroom apartment in 60616 costs an average of $1,400 per month while buying a home averages around $440,000. Utilities are also expensive with a monthly cost averaging over $200 while groceries and other daily expenses can add up quickly as well. Despite the high cost of living, many people choose to live in Chicago due to its rich culture and vibrant energy.