How Much Minimum Salary Is Enough In Chicago To Live Comfortably?

Understanding The Minimum Salary You Need To Live In Chicago

Chicago is a beautiful city with tall skyscrapers, deep-dish pizza, and fun places to explore. But have you ever wondered how much money you need to live in Chicago? If you are planning to move there or are just curious, this blog will help you understand the cost of living in the "Windy City."

How Much Does Rent In Chicago Cost?

For most people, housing is the largest expense. The size of your home and the neighborhood you live in determines how much rent in Chicago is. An approximate rent would be $1,500 a month for a studio apartment, $1,800 for a one-bedroom apartment, and $2,400 for a two-bedroom flat.

Rent can be significantly higher if you wish to reside in a posh neighborhood like downtown Chicago. However, rent may be lower if you live further out of the city.

Food And Grocery Prices In Chicago 

One of the things that you should always consider when planning your budget is food because everyone has to eat! As for food, a man or a woman in Chicago will have to spend from $300 to $500 a month on food. However, if you frequently take your meals at restaurants, you can spend a lot more on food.

For instance, a meal at an eatery for lunch goes for $15.20, while the same at a steakhouse at night is not less than $50. That means cooking at home is often the cheapest way to get food!

Utilities And Additional Monthly Expenses

Your energy usage determines how much your power bills will cost. This is a general list: 

• Heating and electricity costs between $100 and $150 each month. 

• $50 per month for garbage collection and water 

• Internet is between $60 and $80 each month. 

• Monthly cost of a cell phone: $50 to $100 

Health Care And Insurance 

Your budget is heavily impacted by healthcare. The monthly cost of the health insurance itself may differ based on the coverage plan, ranging from $200 to $500. It covers prescription medication and doctor's visits in addition to health insurance costs.

What's The Minimum Salary Required To Live Comfortably In Chicago?

Having taken a look at the different expenses, let's do the addition now. With a modest lifestyle in mind, the estimated monthly budget would be:

• $1,800 is the rent for the one-bedroom apartment.

• $400 for groceries and food 

• $100 for public transit 

• $250 for Internet and utility costs 

• $300 for healthcare 

• $200 for extras and entertainment 

The entire monthly expense comes to about $3,050.

Without a job that pays at least $3,050 after taxes each month, a person cannot afford these expenses. In other words, your annual income before taxes should be between $50,000 and $60,000. 

You will most likely require more money if you want to live in a nicer neighborhood or have a better home. The ideal strategy is to aim for an annual salary between $65,000 and $70,000 so that you may live comfortably in Chicago without breaking the bank.

Breaking Down The Minimum Living Salary In Chicago

Chicago is a fabulous city with many things to experience, but first, one needs to know the living cost. Therefore, if one plans his or her budget very well and comes up with methods to save some money, then surely he or she can enjoy Chicago without much pressure on the wallet. Whether one is moving here for work, school, or a fresh start, knowing how much money it will take as a minimum will help one decide the best move for his or her future.