Chicago is one of the most popular cities in the United States for international students and professionals alike. It not only offers some of the country’s best-ranked institutions for higher education but also has a flourishing economic and business sector that ensures ample job opportunities for aspirants. However, knowing about the cost of living in Chicago is essential if you are planning to pursue your studies in this beautiful city. Here is a basic guide to your average living expenses in Chicago.
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Average Cost of Living in Chicago
The average cost of living in Chicago is 20% more than the national average. At the same time, its housing costs are also 52% higher than the national average. Yet, utility costs are 3% lower as compared to the national average. The costs of transportation are also around 25% more than the national average for Chicago.
Cost of Living in Chicago against Number of Family Members
Here is the approximate cost to live in Chicago based on the number of family members.
Number of People |
Estimated Living Costs |
1 |
$22,317 per year |
2 |
$44,634 per year |
4 |
$89,268 per year |
List of Necessary Items with Their Cost
Here are some of the necessary items and their costs, which add up to the overall living expenses in Chicago.
- Bread Loaf- $4.09
- Milk Gallon- $2.56
- Egg Carton- $2.37
- Bunch of Bananas- $3.54
- Hamburger- $5.41
Average Rent in Chicago
Rentals are a major contributor to the cost of living in Chicago for Indian and international students. The median rent in the city is around $2,080 per month. Here is a unit-wise estimate:
- 1 bedroom apartment in city center- $1800-3500
- 1 bedroom apartment outside city center- $1000-2600
- 3 bedroom apartment in city center- $3200-5550
- 3 bedroom apartment outside city center- $2200-4500
Study Cost and University Tuition Fee
Study costs also add up to the average living cost in Chicago for students. They may vary, as per the institution in question. On average, taking the University of Chicago as an example, tuition costs hover around $63,801 per year, while books and course materials necessitate $1,800 per year. This is at the undergraduate level. At the graduate level, the institution charges $12,942 for three GSAL courses or one quarter.
Transportation Costs in Chicago
The transportation costs in Chicago are the following:
- L train fares- $2.50 for one-way and $10 for one day. $28 for seven days and $20 for three days.
- Ventra card- $5, and it is valid for both buses and trains.
- Buses- $2.50 per person (one-way) if paid in cash and $2.25 if paid via the Ventra card. Day passes come for $10-$28.
- Metro rail- $4-11 (one-way) and $10 for unlimited travel on Saturdays and Sundays with weekend plans.
- Taxi fare- $3.25 starting with $2.25 for every mile.
- Bike-share rentals- $15 for day passes with $3.30 for single rides.
Cost of Utilities and Bills in Chicago
The average energy bill costs around $171.69 per month in Chicago. Phone bills come to around $184.70 per month.
Affordable Places to Live in Chicago
Here are some of the affordable places to live in Chicago:
- Irving Park- Median rentals are around $1,213 per month here, and it is an affordable and family-friendly locality.
- Pilsen- A hip neighborhood, it comes with average rentals of $1,184 per month.
- Rogers Park- It offers rental values of $1,318 per month and is near Lake Michigan.
- Uptown Chicago- With average rentals of $1,370, it is one of the most affordable places to stay in Chicago.
- Jefferson Park- Median rentals here are around $1,476 per month, and the area is one of the city’s safest neighborhoods.
- Mount Greenwood- It is another affordable locality on the far southwest side and offers average rentals of $1,529 each month.
To sign off, it can be said that Chicago is costlier than many cities in the US, although there are options to minimize living costs with proper planning. You should get an idea of the approximate cost of living in Chicago in order to work out the suitable budgetary allocation for the same.
Frequently Asked Questions Related to Cost of Living in Chicago
What is the average living cost in Chicago?
The average living cost in Chicago is around $22,317 per year, excluding study costs and books/supplies.
Is Chicago more expensive than India?
Reports indicate that approximately $7,222.9 will be needed in Chicago (INR 6.01 lakh) to maintain the same lifestyle as having INR 180,000 in Mumbai each month.
What is the highest-paid job in Chicago?
There are several high-paying jobs in Chicago, including information system manager ($142,113 annually), certified registered nurse anesthetist ($174,403 annually), dentist ($205,645 annually), anesthesiologist ($246,163 annually) and psychiatrist ($278,532 annually) among others.
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