Is $75,000 Enough To Live In Chicago?
Is $75,000 Enough To Live Comfortably In Chicago
What Life Looks Like In Chicago With A $75,000 Budget
Chicago is a big, exciting city full of life, great food, and amazing sights. But with all its perks, one big question remains: Can you actually afford to live there on a $75,000 salary?
If you are planning to move to Windy City or live there and question whether your paycheck is enough, this guide will break everything down for you. From rent to groceries, transportation to fun activities, let's see if $75,000 is truly enough to live comfortably in Chicago!
Housing Is The Biggest Expense
The first thing most people worry about when moving to a city is rent. Chicago’s housing market can be pricey, depending on where you live.
To rent in the city, if you want to live in downtown Chicago, expect a one-bedroom apartment to cost anywhere from $2,500 to $3,500.
Otherwise, one-bedroom apartments might still cost anywhere between $1,500 and $2,000 in cheaper pockets like Logan Square, Albany Park, or Avondale.
If you don’t mind having roommates, a two-bedroom apartment split between two people could cost around $1,000 to $1,500 per person.
So, if you’re making $75,000 a year, after taxes, you’re likely bringing home around $4,800 per month. If you stick to the 30% rule (spending no more than 30% of your income on rent), that means you should aim for housing that costs around $1,500 per month.
The good news? You can definitely find a nice place in a good neighborhood within that budget!
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How Much Are The Groceries, Utilities, And Daily Expenses?
While it isn’t as costly as New York City or San Francisco, Chicago isn’t exactly a budget-friendly city either.
Groceries: If you cook at your home, then you may have to spend from $300 to $500 on food in a month.
Utilities: Electricity, Heating, And Internet: It should cost you anywhere between $150 and $250 per month.
Phone Bill: A normal phone bill costs between $50 and $100 a month.
Cleaning Services: As for deep cleaning, if you ever require a Deep Cleaning Chicago for your apartment, it will be useful to set $150–$300 per cleaning session.
When you sum all of this up, your basic monthly expenses excluding rent could be between $800 and $1,200. Still, that will free some of your budget for other things, but you will have to watch for spending more than necessary.
Should You Drive Or Use A Public Transit?
One great thing about Chicago is that you don’t need a car if you live near public transportation. The CTA (Chicago Transit Authority) has trains and buses that can take you almost anywhere.
Monthly CTA Pass: $75 per month (unlimited rides)
Gas & Insurance (If You Drive): $300 to $500 per month
Parking Costs: Some apartments charge an extra $100 to $250 per month for a parking spot.
If you can rely on public transit, you’ll save hundreds of dollars every month! Many people who live in the city ditch their cars altogether and use buses, trains, bikes, or rideshare services instead.
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Events, Dining Out, And City Exploration
No one wants to live with expenses to pay and, oh, no more time for fun activities. Thankfully, Chicago also has a ton of free or inexpensive entertainment options in addition to excellent restaurants with a wide range of prices.
Restaurants: The average cost of a meal at a mid-range restaurant is between $20 and $40 per person.
Bars & Drinks: At a bar, a beer or cocktail costs between $7 to $15.
Events & Concerts: Although ticket costs vary, plan on spending at least $50 to $100 per event.
Free Days At Attractions: A lot of places, like the Art Institute of Chicago, have free days.
Beaches And Parks: Free! Lake Michigan beaches and Chicago parks are great places to have fun outside without breaking the bank.
You may go out a few times a week and still have money left over for savings if your budget is in order.
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Can You Still Save And Have An Emergency Fund?
Living in Chicago on a $75,000 salary is possible, but it depends on how you manage your money. After rent, utilities, food, and transportation, you should still have some money left over. Ideally, you should:
Save at least 10-20% of your income, that is, $500 to $1,000 per month.
Build an emergency fund to cover at least 3 to 6 months of expenses.
Contribute to a retirement fund (such as a 401(k) or IRA).
If you’re smart with your spending, you can live comfortably while still saving for the future.
Living In Chicago On A $75,000 Budget
Is $75,000 enough? Well, yes, but you have to know what you are doing! That’s why it depends on how you will spend it but for a single person, it is quite a decent amount for Chicago. It means if you are well equipped with the best-ever strategies in financial management, then you will be in a position to access all that is in the city and you will not have to spend a penny.
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