Chicago, IL is an exciting city known for its vibrant culture, world-class restaurants, and top-notch organizations. It is home to some of the country's largest companies such as McDonald's, Boeing, and United Airlines as well as a wide array of local businesses like chicagobusinesses.com that provide services such as tax preparation and accounting to Chicagoans. The city also has a thriving tourism industry with attractions like Navy Pier and the Willis Tower. Additionally, with a two bedroom rent of $1,480 compared to the US average of $1,430 and a grocery cost index of 97 versus 100 in the US Chicago remains a great place to live despite being one of America's most populous cities.
Chicago has an unemployment rate of 9.0%. The US average is 6.0%.
Chicago has seen the job market decrease by -0.2% over the last year. Future job growth over the next ten years is predicted to be 25.7%, which is lower than the US average of 33.5%.
Tax Rates for Chicago
- The Sales Tax Rate for Chicago is 10.3%. The US average is 7.3%.
- The Income Tax Rate for Chicago is 5.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Chicago
- The average income of a Chicago resident is $28,623 a year. The US average is $28,555 a year.
- The Median household income of a Chicago resident is $65,781 a year. The US average is $69,021 a year.