Cost of Living in Chicago, IL
Population 2,711,226 · Census ACS 2020–2024 5-year estimates
The median rent in Chicago, IL is $1,440/month, 13% higher than the Illinois median and about the same as the U.S. median. The median home value is $334,100, about the same as the national median. Households earn a median of $77,902 a year, 7% lower than the state median.
Affordability
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Chicago vs. Illinois vs. U.S.
| Chicago | Illinois | U.S. | |
|---|---|---|---|
| Median rent | $1,440 | $1,274 | $1,413 |
| Median home value | $334,100 | $263,300 | $332,700 |
| Median household income | $77,902 | $83,390 | $80,734 |
| Homeownership rate | 46.0% | 67.1% | 65.2% |
| Bachelor's degree or higher | 44.3% | 37.8% | 35.7% |
| Poverty rate | 16.8% | 11.8% | 12.5% |
| Unemployment rate | 8.0% | 5.8% | 5.2% |
| Work from home | 21.0% | 15.9% | 15.1% |
| Median age | 35.8 | 39.0 | 38.9 |
FAQ
What is the average rent in Chicago, IL?
The median gross rent in Chicago, IL is $1,440 per month (ACS 2020–2024 5-year estimate).
How much do I need to earn to live in Chicago, IL?
Using the common 30% rule, renting a median-priced home takes about $57,600 a year in gross income.
Is Chicago, IL expensive to live in?
Rent there is about the same as the U.S. median, and the median home costs about 4.3 times the median household income.
Other cities in Illinois
Cities with a similar cost of living
Source: U.S. Census Bureau, American Community Survey 5-year estimates. Estimates have margins of error, especially for smaller places. This product uses the Census Bureau Data API but is not endorsed or certified by the Census Bureau.
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