Chicago, IL cost of living
IL · BLS RPP 108.4
Overall RPP
108.4
US = 100
Housing RPP
120.6
Housing component
Goods RPP
103.2
Goods component
2-BR Rent (HUD)
$1,650/mo
FY2024 FMR
What salary do you need in Chicago, IL?
Equivalent salary to maintain the same purchasing power as in a US-average city (RPP 100).
| In US-average city | You need in Chicago, IL | Formula |
|---|---|---|
| $50,000 | $54,200 | $50,000 x (108.4/100) |
| $75,000 | $81,300 | $75,000 x (108.4/100) |
| $100,000 | $108,400 | $100,000 x (108.4/100) |
| $125,000 | $135,500 | $125,000 x (108.4/100) |
| $150,000 | $162,600 | $150,000 x (108.4/100) |
| $200,000 | $216,800 | $200,000 x (108.4/100) |
This tool provides estimates only. Equivalent-salary figures are derived from BLS Regional Price Parities (RPP) and HUD Fair Market Rents — they are averages, not guarantees. Actual cost of living varies by neighborhood, lifestyle, and individual circumstances. Not financial advice.
State income tax note
Illinois flat income tax 4.95%. Chicago city tax adds ~2.25% effective burden.
Frequently asked questions
- What is the cost of living in Chicago, IL?
- Chicago, IL has a BLS Regional Price Parity of 108.4 (US average = 100). It is 8.4% more expensive than the national average.
- What salary do I need to live in Chicago, IL?
- If you earn $100,000 in a US-average city (RPP 100), you would need approximately $108,400 in Chicago, IL to maintain the same purchasing power.
- What is the average rent in Chicago, IL?
- The HUD Fair Market Rent for a 2-bedroom in Chicago, IL is approximately $1,650 per month as of FY2024.
Compare with other cities
Buying a home in Chicago, IL? See closing costs at TallyClose.