The cost of living index in Chicago is higher than the national average, making it essential for students to plan their finances wisely. The cost of living in Chicago, IL can be high, especially for students and newcomers. However, the city offers a vibrant lifestyle, rich cultural history, and plenty of career opportunities. As one of the biggest cities in the U.S. , Chicago has much to offer, considering everything from its prestigious universities to its thriving job market.
So, what does it actually cost to live in Chicago? This guide offers an in-depth look at the cost of living in Chicago IL, along with helpful tips to manage your budget while living in Chicago effectively. Let’s explore the primary living expenses associated with the Chicago 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
- Cost of Living in Chicago Compared to Other Cities
- Average Tuition Fees in Chicago
- Comparison of the Cost of Living in Chicago vs Other US Cities
- Factors Affecting The Cost of Living in Chicago
- Tips to Manage the Cost of Living in Chicago?
- FAQs on Cost of Living in Chicago
What is the Cost of Living in Chicago?
For a student or an individual, the average cost of living in Chicago is around USD 2667, including food and rent per month. This living cost placing Chicago among the top 5% of the most expensive cities globally according to LivingCost data. However, the living costs in Chicago vary depending on factors such as location, lifestyle, and spending habits. Rent in Chicago varies depending on the city or town you choose, with downtown areas being significantly more expensive.
Generally, as it is one of the biggest cities in the U.S. expenses in Chicago are higher than the national average. Health insurance is an essential expense for students and professionals living in Chicago, IL, with various plans available for different budgets. Let’s take an overview of the monthly average cost of living in Chicago for a single person, covering key expenses such as rent, utilities, transportation, groceries, food, and miscellaneous costs. Here’s a breakdown of living expenses in Chicago:
| Expense Category | Approx Cost |
| Rent & Utilities | USD 1579 |
| Food | USD 700 |
| Transportation | USD 205 |
| Miscellaneous | USD 300 |
| Total Cost of living in Chicago with rent | USD 2667 |
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Costs of Accommodation in Chicago
For students accommodation costs covers a significant portion of the cost of living in Chicago. According to economic research C2ER, Chicago ranks among the pricier cities in the U.S. due to high housing costs in Chicago and everyday expenses. To manage accommodation costs in Chicago, many students opt for shared apartments or university dormitories, as these options tend to be more affordable compared to renting a private apartment.
The cost of student accommodation in Chicago varies widely based on the neighbourhood and type of accommodation. Here is an overview of the approx cost of accommodation in Chicago IL:
- 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
When considering the cost of living in Chicago, one of the key factors to keep in mind is transportation cost. Chicago offers an extensive public transportation system, the Chicago Transit Authority (CTA), which makes commuting convenient and relatively affordable. Students must account for entertainment costs when budgeting, as Chicago offers diverse attractions, from concerts to museums.
Public transportation in Chicago, including the ‘L’ train system, helps reduce transportation costs for students and residents. Public transportation is often the best option for students due to affordability and coverage. While living in Chicago, IL, students can save money by using public transit and seeking discounts on goods and services. 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 | Approx Cost |
| 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, dining out frequently can significantly increase the cost of living in Chicago, so many students may prefer cooking at home to save money. Below are the typical costs of dining out in Chicago:
- 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. Goods and services in Chicago, such as groceries, dining, and utilities, contribute significantly to overall monthly costs. 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 |
By being strategic, students can reduce their cost of living in Chicago while still buying groceries and maintaining a healthy, balanced diet.
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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Cost of Living in Chicago Compared to Other Cities
To help you understand how the average costs of living in Chicago IL 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
Now that you know the cost of living in Chicago, it’s important to consider tuition fees if you’re planning to study there. As a major educational hub in the U.S., Chicago has many universities offering a wide range of programs. Tuition costs can vary greatly based on the institution, program, and whether you are 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 and manage the cost of living in Chicago.
Comparison of the Cost of Living in Chicago vs Other US Cities
When comparing the cost of living across major cities in the United States, there are significant variations in expenses such as housing, food, transportation, and healthcare. Understanding these differences can help individuals make informed decisions about where to live based on their budget and lifestyle preferences.
Below is a comparison of the cost of living between Chicago and several other cities, highlighting how each city fares in terms of overall expenses.
| City | Cost of Living (USD) | Comparison with Chicago |
| Boston | 3,467 | Higher than Chicago |
| Los Angeles | 3,187 | Higher than Chicago |
| Philadelphia | 2,541 | Slightly Lower than Chicago |
| Seattle | 2,908 | Higher than Chicago |
| Atlanta | 2,540 | Lower than Chicago |
| Austin | 2,473 | Lower than Chicago |
| Washington DC | 3,139 | Higher than Chicago |
Factors Affecting The Cost of Living in Chicago
The cost of living in Chicago depends on many factors, including housing, transportation, food, healthcare, and taxes. The community and economic research sector regularly evaluates Chicago’s financial landscape, helping residents understand local price trends. Understanding these costs can help you plan your budget and decide if Chicago is the right place for you. Here are the main factors that affect the cost of living in the city.
- Housing Costs – Rent and property prices vary by neighborhood, with downtown areas being more expensive.
- Utilities & Bills – Electricity, water, gas, and internet costs add to monthly expenses.
- Groceries & Food – Prices of everyday essentials, dining out, and grocery store options impact costs.
- Transportation – Public transit (CTA), gas prices, car maintenance, and parking fees contribute to expenses.
- Healthcare – Medical insurance, doctor visits, and medication costs affect overall living expenses.
- Education & Childcare – Tuition fees for schools, colleges, and daycare centers play a role.
- Entertainment & Leisure – Costs of dining, movies, concerts, gym memberships, and other activities.
- Taxes – Chicago has higher property, sales, and income taxes compared to other cities.
- Employment & Salary – The job market and average salaries influence affordability.
- Insurance & Miscellaneous Expenses – Car insurance, renter’s insurance, and other personal expenses.
Tips to Manage the Cost of Living in Chicago?
Managing the cost of living in Chicago can be challenging, but with a little planning and smart budgeting, it’s possible to live comfortably in this vibrant city. From housing to transportation and food, there are several ways to reduce expenses and make the most of your budget. Students should use a cost of living calculator to estimate their monthly costs based on their lifestyle and housing preferences. 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: While studying, students can explore part-time jobs. On-campus or nearby employment opportunities can help cover living costs in Chicago.
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 on Cost of Living in Chicago
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.
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.
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.
Chicago is generally considered to be an expensive place to live in the U.S region because the average cost of living in Chicago for a single person is around USD 2,667 per month (including rent), which is 5% higher than the national average.
The cost of groceries in Chicago varies depending on your dietary preferences. For example, milk costs about USD 1.02 per litre, bread costs USD 3.92 for 0.5 kg, and fruits cost around USD 2 to USD 5 per kilogram.
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.
A one-bedroom apartment in the city center averages USD 1,974 per month, while outside the city center, it drops to USD 1,280. Prices fluctuate based on the neighborhood, amenities, and building. However, the average rent in Chicago varies by location.
To live comfortably in Chicago, a student or an individual would need about USD 2,667 per month, including rent and food. This figure represents the general cost of living in Chicago for an individual in the region.
Yes, Chicago’s cost of living is slightly higher than the national average, especially in terms of housing, transportation, and taxes.
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