What Is A Living Wage In Chicago?

Jan 24

Surviving And Thriving In Chicago’s High-Cost Economy

Can $15 An Hour Really Cover Life In Chicago?

A living wage is something more than the money needed to scrape by; it is the money needed to live decently within a specific city. Chicago, that great city famous for that rich culture and urban lifestyle, has had its part of economic hardships. Having the high rent, utilities, transport, etc., the cost, it is important to know the living salary of this place.

From this income, individuals would be able to secure basic needs such as rent, food, transport, doctor visits, as well as moderate leisure activities without experiencing financial hardships. Chicago living wage also differs based on whether one is living alone, raising dependents, or is a family.

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Housing expense significantly influences the living wage. Renting a significant amount of many citizens’ income. Trendy neighborhoods such as the Loop as well as Lincoln Park include high-cost apartments, although neighborhoods more distant from downtown include less costly choices.
It averages around $1,300 to $1,800 monthly to rent a small, one-bedroom unit as a single person. This quickly gets over $2,000 monthly, adding utilities and renters insurance. Housing is among the hardest costs to cover within the city because the families looking to rent larger spaces many times face even more astronomical rates.

Food and Groceries Also Owe a Contribution to Livability Expenses

There is a price to pay to eat well in Chicago. Depending on their eating style and shopping regimen, the monthly food budget of a single adult person would be between $250 to $400. This skyrockets to someone who is taking care of a family.

Even though there are numerous choices at smaller neighborhood markets such as Jewel-Osco or Mariano’s, the prices are often higher than those found in suburban or smaller towns. Even as appealing as the restaurants and take-out are, they can quickly bankrupt a budget. At a middle-range restaurant, a casual evening dinner for two could quickly run $50 or more.

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Another living cost that is used to calculate the living wage in Chicago is transport. There are those who are the residents who use their vehicles as a transport facility and there are those who use the CTA, which is the public transport.
Mass transit riders will require a $75 monthly CTA pass, while drivers pay their myriad incidental expenses that include gas, parking, insurance, and auto maintenance. It would not be uncommon to pay as much as $200 monthly in downtown parking-lot fees; the penalty to park would be alone survivable.
Since services such as Uber and Lyft are so prevalent, the expense does come very rapidly for the everyday traveler. An average person in Chicago, being reasonable, will be forced to compromise cost vs. convenience.

Healthcare Costs May Make or Break a Budgeting Plan

An important factor that influences the living wage in Chicago is the availability of access to healthcare. Even the best-laid plans need to be stressed by unintended medical bills, copays, and health insurance premiums.

While most receive their insurance as part of their employment, there are those who rely on market-driven coverage. Along with other expenses for emergencies, prescription drugs, and physician office visits, someone’s monthly premiums alone may be between $200 to $500. Since the expense of health care is escalated even more so for families, let alone those who have children, this is a significant component used to determine a living income.

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Childcare Expenses Affect the Household the Most

Childcare is one of the biggest financial shocks families with young children face. It could cost anything between $1,200 to $2,000 a month to pay for the childcare of a single child. Private nannies or babysitters are often even costly.

School-age children parents’ families also pay money for tutoring, school items, or extracurricular activities. These additional payments complicate the observance of the budget, so keeping up the living income is very significant among urban children parents.

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Although leisure activities are not required, most people daily spend money on leisure activities. While there are numerous free things that people do in Chicago, such as taking a stroll along the shoreline or visiting Millennium Park, some of the attractions within the city pay to be admitted.
It ranges as high as $100 a person to spend a sporting event or concert evening, and as high as $15 to see a movie. It leaves the person to be compelled to look for inexpensive options in exploring the city as the compromise between leisure and financial stability.Also Check Out Our: Open Now Cleaning Services Denver

The Importance of Budgeting and Financial Planning

To be able to survive nicely in Chicago on a survivable wage, a person has to plan and budget finances very carefully. To be able to track their spending and know that their income takes care of basics, people use spreadsheets or programs.

By opting to live in cheaper housing, searching for bargains, and eliminating frills, you’re able to offset your existence to some degree, here in Chicago. Naturally, any budget will be strained further still taking advantage of public services—such as food banks or discounts on public transport.

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There has been debate about the $15 minimum wage in Chicago for years. It still doesn’t come close to the amount most need to be able to live very nicely, even if it is a big victory for most workers. Working full-time as an adult, this amount comes to approximately $31,200 annually before taxes.
This income often leaves little time for savings or unexpected needs as living expenses are high in the metropolitan. Higher expense families and individuals face additional hardships.

Why Context Is Relevant When Calculating a Living Wage

There is no single, universal living wage. An individual’s household size, personal lifestyle choices, as well as the part of the metropolitan area that they reside, may influence the amount that they need to live happily.

A couple living as a family of four in an expandable house will need something different than a solo adult living off a studio unit. Adapting to the economic landscape of the city of Chicago requires compromise and recognition of personal interests.

Survival in the Windy City is possible through various means, such as budgeting, increasing income, as well as the recognition of local resources.

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