Cost of Living in Chicago, IL

Chicago-Naperville-Elgin, IL-IN — prices, rents and what jobs really pay here after taxes.

Price level
103.6
U.S. average = 100 · #41 of 387
Median wage
$54,720
all jobs · $3,632/mo take-home
1-bedroom rent
$1,534
HUD fair market rent

Salary comparison calculator

What would you need to earn in Chicago, IL to keep the same lifestyle — after taxes — as in another city?

Cost of living calculator

Uses BEA price levels plus 2026 federal and state taxes in each city's state.

Salary needed to keep your lifestyle
—

    Prices in Chicago, IL vs. the U.S. average

    CategoryIndex (U.S. = 100)Difference
    All items103.6+3.6%
    Housing112.0+12.0%
    Goods107.3+7.3%
    Utilities83.6−16.4%
    Other services100.5+0.5%

    Source: BEA Regional Price Parities, 2024.

    Rent in Chicago, IL

    UnitMonthly rentIncome needed (30% rule)
    Studio$1,431$57,240/yr
    1 bedroom$1,534$61,360/yr
    2 bedrooms$1,743$69,720/yr
    3 bedrooms$2,242$89,680/yr
    4 bedrooms$2,579$103,160/yr

    HUD Fair Market Rents, FY2026, population-weighted across the metro's counties.

    Take-home pay in Chicago, IL

    Paycheck in Chicago, IL
    Deductions, kids & local tax

    2026 tax year. Federal brackets from IRS Rev. Proc. 2025-32.

    Your take-home pay
    $43,584
    per year · effective tax rate 20.4%
    $3,632Monthly
    $1,816Twice a month
    $1,676Every 2 weeks
    $20.95Hourly
    • Federal income tax$4,386
    • Social Security (6.2%)$3,393
    • Medicare (1.45%)$793
    • Illinois income tax$2,564
    • Take-home pay$43,584

    Marginal rate: 12% federal + 4.95% state

    Highest-paying jobs in Chicago, IL

    JobMedian salaryTake-homeReal value*
    Chief Executive$239,200+$226,413$218,556
    Airline Pilots, Copilots, and Flight Engineers$239,200+$196,715$189,889
    Ophthalmologists, Except Pediatric$239,200+$191,603$184,954
    Nurse Anesthetist$239,200+$180,591$174,324
    Psychiatrist$239,200+$176,263$170,146
    Emergency Medicine Physician$239,200+$164,396$158,691
    General Internal Medicine Physician$226,060$156,420$150,992
    Family Medicine Physician$225,080$155,825$150,418
    Obstetrician and Gynecologist$208,000$144,668$139,647
    Air Traffic Controller$189,780$132,059$127,476
    Pediatricians, General$188,340$131,056$126,508
    Computer and Information Systems Manager$173,760$121,575$117,356
    Financial Manager$168,810$118,436$114,326
    Natural Sciences Manager$167,040$117,314$113,243
    Lawyer$165,660$116,439$112,399
    Marketing Manager$165,340$116,236$112,203
    Architectural and Engineering Manager$163,430$115,025$111,034
    Sales Manager$158,690$112,020$108,133
    Commercial Pilot$157,420$111,215$107,356
    Human Resources Manager$156,770$110,803$106,958

    *In U.S.-average dollars after adjusting for local prices.

    Frequently asked questions

    Is Chicago, IL expensive to live in?

    According to the Bureau of Economic Analysis, overall prices in the Chicago-Naperville-Elgin, IL-IN metro area are 103.6% of the U.S. average, with housing at 112.0%. It is the #41 most expensive of 387 metro areas we track.

    What salary do you need to live in Chicago, IL?

    To match the buying power of a $60,000 salary in an average-priced U.S. city you would need about $62,157 in Chicago, IL (before tax differences). The median wage across all jobs here is $54,720.

    How much is rent in Chicago, IL?

    HUD’s FY2026 fair market rents for Chicago, IL are $1,431 for a studio, $1,534 for one bedroom, $1,743 for two bedrooms and $2,242 for three bedrooms, including utilities.

    All salaries in Chicago, IL

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