Cost of Living in Chicago, IL (2026)
Planning to live in Chicago, IL? Our personalized calculator shows YOUR actual cost of living - not generic averages. Chicago, IL has a moderate cost of living with a COL index of 100 (at the national average). Average 1BR rent: ~$1,400/mo. Total monthly expenses: ~$3,500 for a balanced lifestyle. Recommended salary: $80,000/year.
Chicago costs 0% less than the US national average
Rent consumes 52% of your total expenses — very housing-heavy budget.
💡 Consider a roommate, smaller apartment, or more affordable neighborhood.
71% of your budget is fixed — leaves little room for emergencies.
💡 Reduce fixed expenses to create more financial flexibility.
42% potential savings rate — great for building wealth!
Risk assessment based on financial planning best practices. Consult a financial advisor for personalized advice.
💬 Use These in Negotiations
“Based on the cost of living in Chicago, I would need a minimum of $80,000 to maintain my current standard of living.”
“Moving to Chicago requires a salary adjustment of 0% compared to the national average to maintain equivalent purchasing power.”
📊 Salary Tiers for Chicago
📋 For HR/Recruiters: These figures are based on actual cost-of-living data for Chicago. Use the Recommended Salary ($80,000) as a benchmark for competitive compensation packages.
Methodology: Chicago's COL Index (100) is calculated using a weighted average approach similar to C2ER COLI, where 100 = national average. Data updated quarterly. See Sources for more.