Chicago is one of the largest cities in the U.S. It offers a vibrant lifestyle, rich cultural history, and diverse career opportunities. However, living in this bustling city can be costly, especially for students. If you’re planning to move here, it’s essential to understand the cost of living in Chicago so you can budget accordingly. So, what does it actually cost to live in Chicago?
This guide offers an in-depth look at the cost of living in Chicago, along with helpful tips to manage your budget effectively. Let’s explore the main expenses associated with living in this vibrant city.
Table of contents
- What is the Cost of Living in Chicago?
- Costs of Accommodation in Chicago
- Cost of Transportation in Chicago
- Costs of Dining in Chicago
- Cost of Grocery in Chicago
- Cost of Utility in Chicago
- The Cost of Living in Chicago Compared to Other Cities
- Average Tuition Fees in Chicago
- How to Manage the Cost of Living in Chicago?
- FAQs
What is the Cost of Living in Chicago?
The average cost of living in Chicago is around USD 2667, including food and rent per month, placing it among the top 5% of the most expensive cities globally according to livingcost data. However, the living costs vary depending on factors such as location, lifestyle, and spending habits. Generally, expenses in Chicago are higher than the national average, with housing and transportation costs being the primary contributors.
Let’s take a closer look at a single person’s average cost of living in Chicago, covering key expenses such as rent, utilities, transportation, groceries, food, miscellaneous, and more. Here’s an overview of the living expenses in Chicago:
| Expense Category | Approx Cost |
| Rent & Utilities | USD 1579 |
| Food | USD 700 |
| Transportation | USD 205 |
| Miscellaneous | USD 300 |
| Total with rent | USD 2667 |
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Costs of Accommodation in Chicago
Accommodation costs are a significant portion of the cost of living in Chicago. The cost of student accommodation in Chicago varies widely based on the neighbourhood and type of accommodation. Many students opt for shared apartments or university housing to cut costs.
Here is an overview of the approx cost of accommodation in Chicago:
- University Dormitories: USD 800 – USD 1,200 per month
- Shared Apartment: USD 700 – USD 1,000 per month per person
- 1 Bedroom Apartment in City Center: USD 1974
- 1 Bedroom Apartment outside the city center: USD 1280
Students can choose popular student areas like Lincoln Park, Hyde Park, and Wicker Park, which offer student-friendly housing options with easy access to public transportation and amenities.
Cost of Transportation in Chicago
Chicago offers an extensive public transportation system, the Chicago Transit Authority (CTA), which makes commuting convenient and relatively affordable. Public transportation is often the best option for students due to affordability and coverage.
Consider purchasing a monthly CTA pass for unlimited rides across the city. Here is an overview of the approx cost of transportation in Chicago:
| Mode | Cost (USD) |
| Monthly Ticket for Local Transport | USD 76.50 |
| Gasoline (per litre) | USD 1.12 |
| Local Transport Ticket | USD 2.49 |
| Taxi Ride, 8 km | USD 16.6 |
| Bicycle Rental | USD 15 – USD 30 per day |
Costs of Dining in Chicago
Chicago has a renowned food scene, from local eateries to fine dining options. However, eating out frequently can add up, so students may prefer cooking at home.
- Average Lunch Meal at a Budget Restaurant: USD 21 per meal
- Dinner in a Budget Restaurant: USD 25 – USD 87.3 for 2 person
- Fast Food Combo Meal: USD 11.7
- Coffee: USD 5.4 per cup
To save on food, consider cooking at home or exploring student-friendly dining spots offering discounts. It will help you in managing the cost of living in Chicago.
Cost of Grocery in Chicago
Grocery costs can be manageable in Chicago if you shop smart and take advantage of local markets or budget-friendly stores. It is also a good idea to compare prices across different grocery stores and vendors, as grocery prices in Chicago can vary based on product quality, quantity, location, and availability. The table below summarizes the average grocery costs in Chicago:
| Grocery Item | Quantity | Price |
| Milk | 1 L | USD 1.02 |
| Bread | 0.5 | USD 3.92 |
| Rice | 1 kg | USD 5.00 |
| Eggs | 12 eggs | USD 3.69 |
| Cheese | 1 kg | USD 14.80 |
| Apples | 1 kg | USD 4.97 |
| Bananas | 1 kg | USD 1.91 |
| Oranges | 1 kg | USD 4.81 |
| Tomatoes | 1 kg | USD 4.56 |
| Potatoes | 1 kg | USD 2.34 |
| Onions | 1 kg | USD 3.08 |
| Water | 1 L | USD 1.93 |
Cost of Utility in Chicago
Utilities are typically additional costs to consider in the cost of living in Chicago, and they may include electricity, heating, cooling, and internet. The monthly utility cost depends on the size of the apartment and usage. Here is an overview of the approx cost of utility in Chicago:
- Electricity, Heating, Cooling, Water, etc., for one person: USD 102 per month
- Internet (50 Mbps+): USD 59.1 per month
Students can save on utilities by using energy-efficient appliances, turning off lights when not needed, and sharing internet expenses with roommates.
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The Cost of Living in Chicago Compared to Other Cities
To help you understand how the average living costs compare to cities like New York, Dallas, Houston, Atlanta, Los Angeles, Seattle, Austin, Boston, and Denver, we’ve provided a breakdown of citywide costs, including rent. Take a look below:
| City | Approx. Cost of Living | Comparison in cost of living among cities |
| Cost of Living in New York | USD 3294 | Higher than Chicago |
| Cost of Living in Dallas | USD 2550 | Lower than Chicago |
| Cost of Living in Houston | USD 2248 | Lower than Chicago |
| Cost of Living in Atlanta | USD 2540 | Lower than Chicago |
| Cost of Living in California | USD 2918 | Higher than Chicago |
| Cost of Living in Los Angeles | USD 3187 | Higher than Chicago |
| Cost of Living in Seattle | USD 2908 | Higher than Chicago |
| Cost of Living in Austin | USD 2473 | Lower than Chicago |
| Cost of Living in Boston | USD 3467 | Higher than Chicago |
| Cost of Living in Denver | USD 2699 | Approximately similar to the Chicago |
| Cost of Living in San Francisco | USD 3781 | Higher than Chicago |
Average Tuition Fees in Chicago
The cost of tuition is an essential factor for students considering studying in Chicago. As one of the major educational hubs in the United States, the city is home to various universities offering diverse programs. Tuition fees in Chicago can vary significantly depending on the institution, program, and whether you’re an in-state or out-of-state student.
Below, we have given the average tuition fees in Chicago for undergraduate and graduate students, helping you better plan your educational expenses.
- The University of Chicago: USD 22,760 – USD 111,000 per year
- The University of Illinois at Chicago: USD 16,490 – USD 59,130 per year
- Illinois Institute of Technology: USD 26,630 – USD 61,140 per year
Tip: Students should explore and apply for scholarships, grants, and student loans to help ease the financial burden of tuition fees.
How to Manage the Cost of Living in Chicago?
Living in Chicago on a student budget is achievable with careful planning. Here are some tips to manage the cost of living in Chicago:
- Choose Shared Accommodation: Sharing an apartment with other students can significantly reduce rent.
- Use Public Transportation: Public transport is cheaper than renting a car or bike.
- Shop at Local Markets: Buying groceries at local markets or budget stores can save money and help you effectively manage your costs of living in Chicago.
- Leverage Student Discounts: Many stores, museums, and restaurants offer student discounts and try to make the most of them.
- Cook at Home: Preparing your own meals is usually cheaper than dining out.
- Find Part-Time Work: On-campus or nearby jobs can help cover living costs.
Chicago is an exciting city with many opportunities, and while the cost of living is relatively high, students can navigate expenses with intelligent budgeting and lifestyle adjustments. Balancing your finances effectively will help you thoroughly enjoy the experience of studying in this vibrant city. For booking the best student accommodation abroad to start your study abroad experience you can contact Fly Homes at 1800572118.
FAQs
Yes, the cost of living in Chicago is above the national average of around USD 2667 per month. However, students can manage costs with shared housing, public transportation, and budgeting.
The monthly cost of living in Chicago for a person is around USD 2667, including food and rent. However, it can vary depending on lifestyle choices and accommodation.
The average rent in Chicago varies depending on the location. The average rent for a one-bedroom apartment in the city centre is approximately USD 1,974 per month. On the other hand, if you live outside the city centre, the rent for a one-bedroom apartment drops to an average of USD 1,280 per month. These prices fluctuate based on the neighbourhood, amenities, and the specific building.
A single person’s monthly cost for local transportation is around USD 76.50. However, a local transport ticket costs USD 2.49, and a taxi ride (8 km or 5 mi) costs USD 16.60.
Yes, Chicago is cheaper than New York. The average cost of living in Chicago for a single person is around USD 2,667, while in New York, it is approximately USD 3,294, making New York significantly more expensive than Chicago.
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