What Salary Do You Need To Raise A Family In Chicago?

Budgeting A Salary For A Family In Chicago Made Easy

Chicago is one of the biggest cities in the United States, and with it comes a living that is highly different in value compared to most other places. It's not as bad as New York or San Francisco, but still, you would need a decent income to live here comfortably, especially if you have a family. Everything put together, from housing and groceries to transportation and healthcare, thee costs add up pretty fast. So, what is a good salary for a family in Chicago? Let's break it down.

Grocery And Food Costs In Chicago

Groceries are costly and anyone who has tried raising a family in Chicago knows that all too well. The cost of food in the city is between 10-15% higher than the national average cost of food. A family of four may spend anything between $800 and $1,200 on food per month depending on their diets. That figure will rise even higher if you eat out often. Due to the fact that Chicago is a city with great and diverse culinary, it is very easy to spend more on dining out.

How Expensive Is The Transportation?

It also costs to move around the city of Chicago. If you depend on CTA, then a monthly pass will be around $75 for each individual. In fact, a lot of people still have a car in their possession, and this implies that they have to spend a lot of money on gas, insurance, parking, and maintenance, which is between three hundred to four hundred dollars monthly. In fact, if you live in the suburbs and work in the city, your transportation costs could be even higher.

Healthcare And Insurance Costs In Chicago

Another important item in the family’s expenditure is healthcare. Health insurance premiums, visiting a physician, drugs, and accidents may set a family back thousands of dollars annually. It is widely known that a lot of people get insurance at their workplaces and although insurance can cover a lot, people still have to pay a certain sum of money. A proper wage should be able to cater to all these expenses without exerting a lot of pressure on the budget.

What About Savings And Extra Expenses

A good salary is not only enough to pay for the needs; it should be enough to save some amount for future use. At least 10-15% of their income should be saved for an emergency fund, college, or retirement by the families. Other expenses like entertainment, holidays, and home rent could also form part of what one should be paid.

Manage Your Salary For Your Family

What is a decent wage for a family in Chicago? A salary of between $100,000 and $120,000 a year is quite a reasonable goal that should allow the family to meet most significant expenditures. It all depends on factors that include the number of dependents that one has, the lifestyle that he or she wants to lead, and future financial plans. Chicago is one of the greatest cities in the world; it provides so much to do, but it is also possible to live there quite justly and make wise financial choices.