The Real Cost of Moving to Chicago
Chicago is the third largest city in the U.S., but it doesn’t even crack the top 10 on most lists of the priciest cities to live in the country. A great urban vibe without the hefty price tag that comes with living in New York or San Francisco—what’s not to love?
Of course, Chicago is still a major city, and the cost of living reflects that. The median salary in the city is $47,371, according to NerdWallet, but how will that salary be spent? Let’s break down some of the major costs you can expect when moving to the Windy City.
Buying a Home
A recent SmartAsset analysis found that a salary of $48,384, (slightly above NerdWallet’s estimation of the city’s median salary) means you can comfortably afford a down payment on a home and the subsequent mortgage payments. The same SmartAsset analysis put the median home price in Chicago at $243,900.
That’s a good benchmark to start at, but you’ll find wildly fluctuating prices depending on what type of home you’re looking at (detached single-family versus condo) and where you’re looking. For example, if you want to buy a home in Lincoln Park, one of the priciest neighborhoods in the city, you can expect a median home sale price of $557,500. If you check out prices in say Bronzeville, you’ll find a median home sale price of $209,000.
Property Taxes
Illinois’s property taxes drive up the cost of living in Chicago significantly. The property tax rate in the state is 2.22 percent, making Illinois second to only New Jersey.
Utilities
A basic utilities package in Chicago costs $115.38 per month, while the average internet package will run $62.45 per month, according to crowdsourced database Numbeo. Of course, this number will change depending on the size of your home, but you can expect to crank up the heat during winter and blast the air conditioning during the summer.
Driving in the City
If you want to own a car in Chicago, you’ll have to think about parking and gas prices. The city does have some free street parking in its more residential areas, but you can expect to pay for parking a good amount of the time. Chicago parking meter prices vary. Expect $6.50 an hour in the Loop, $4 an hour in the Central Business District—including sections of the Loop, South Loop, River North, and North Center—and $2 an hour outside those areas. You’ll also need to buy a Chicago City Vehicle Sticker (prices range from $87.82 to $464.92 depending on the size of your car) each year. The sticker price might be steep, but it’s better to have one and avoid the pricey tickets you could get otherwise.
Public Transit
You don’t necessarily need a car to live in Chicago. The city’s ‘L’ lines and bus routes make a great public transportation system that’ll get you pretty much anywhere you need to go. If you are going to rely on public transit as your main way of getting around, a 30-day unlimited Chicago Transit Authority (CTA)/Pace Pass will cost $105. You can have your Ventra card (the thing you’ll swipe every time you get on the bus or train) automatically reload the unlimited pass every month.
Eating Out
Chicago has delicious food and chances are you’re going to want to experience it on at least a semi-regular basis. A meal for two at a mid-range restaurant will cost you approximately $60, while eating out at an inexpensive spot will average $14.00, according to Numbeo. Keep in mind meals ordered downtown come with a 1.25 percent meal tax, while food ordered outside of that area have a 0.25 percent meal tax, according to SmartAsset.
Winter Clothes
Maybe you’re a veteran of the Midwest’s brutal and interminable winters, in which case your moving truck will be stuffed with the requisite coats, boots, gloves, and layers. But, if you’re coming from somewhere with a milder winter, you’re going to have to invest in some heavy duty winter clothes. You don’t necessarily need to drop $1,000 on a Canada Goose coat, although you’ll see a lot of Chicagoans bundled up in those, but you’ll want to spend a good amount on a trusty, durable winter coat that’ll see you through the months of bitter wind, snow, and sleet.