Cost of Living in Chicago

The cost of living in Chicago, IL depends heavily on housing, taxes, and everyday expenses. Rent and home prices usually matter the most.

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Cost of living snapshot

Average rent
$2,200
Median home price
$350,000
Property tax rate
2.07%

Chicago sits in the middle range for cost of living, so affordability depends a lot on your income and housing choice.

What affects affordability in Chicago?

Housing is usually the largest monthly expense, so rent and home prices shape how affordable a city feels more than almost anything else.

Property taxes matter more if you plan to buy, while rent tends to matter most for renters. The right city for you depends on whether you rent, buy, and how much of your income you want going toward housing.

Use this page with your other tools

Start with cost of living to understand the housing picture. Then check the salary needed page to estimate income requirements, and use the FIRE calculator to see how the city could affect your timeline to financial independence.

Salary Needed in ChicagoFIRE in Chicago

Related cities

Birmingham
AL • Rent $1,400
Anchorage
AK • Rent $1,800
Phoenix
AZ • Rent $1,900
Little Rock
AR • Rent $1,300
Los Angeles
CA • Rent $2,800
Denver
CO • Rent $2,100

FAQ

Is Chicago expensive?
It depends mostly on housing. Rent and home prices are usually the biggest drivers of cost of living in any city.
What salary do I need in Chicago?
A common rule of thumb is to keep housing around 30% of gross income for a more comfortable budget.
Does cost of living affect FIRE?
Yes. Lower recurring expenses generally lower your FIRE number and can shorten your path to financial independence.