How Much Does It Cost To Live In Chicago?

Regarded as the third-largest city in the U.S., Chicago is a brilliant place to live in. The city stretches over 234 square miles of land, making it a popular place for residents. Today, Chicago has thousands of residents 2,747,231, (2020), and several fun nicknames, such as:

• The Windy City
• The Second City
• City of Big Shoulders
• And a lot more

Understanding the Cost of Living in Chicago

Because of such varied potential in the city, Chicago property management companies have become popular. If you’re planning to move to Chicago or are interested in investment opportunities,—it’s a great move.

However, learning about the cost of living in Chicago is necessary before you make this move. With Chicago condo management behind your back, you can better manage the property and get a better experience.

Housing Cost of Living Chicago

One of the first and biggest expenses for living in Chicago is the cost of living. The real estate market is booming in Chicago, which is great for investors. However, that’s not the only concern. If you’re starting from scratch, it will be slightly more challenging.

The average property pricing ranges from $270k to $275k, depending on the property type. While the property prices are slightly more costly, they are much less than in several major cities. The best part is there’s a lot of buying potential in Chicago, helping keep property prices lower than the national average. Real estate professionals believe it’s the right time to invest in Chicago properties for better ROIs.

Tax Payments

The property taxes in Chicago increased by 6.5% in 2020. Therefore you should keep in mind that Chicago has some of the highest real estate property taxes, which accumulate to a large amount if you don’t plan properly. It’s much higher than other states like Hawaii, requiring substantially lesser property tax payments.

If you plan to settle in the state, we recommend planning your property costs accordingly. You can also reach out to a Chicago condominium management company to manage these costs and cut down on the property tax payments.

Utilities and Services

Utilities and services are another major concern if you’re planning to live in Chicago. As of now, the residents pay over $130 for utilities, including the following:

• Gas
• Electric
• Water
• Garbage pickup

If we look at the numbers, residents in Chicago are paying less for utilities as compared to the other U.S. states. You can make significant savings on these costs if you move to Chicago.

Moreover, if you’re living in Chicago, you may have to pay slightly lesser. You can also add streaming services like Netflix and Spotify to your payment plans. Chicago’s high mobile tax rate contributes to higher living costs. Cellular taxation is at a whopping 43%, which is the highest.

Bottom Line

Moving to Chicago or making a real estate investment can be a good idea if you do it smartly. The cost of living in the city has substantially increased due to the recent inflation. However, with the assistance of a Condo association management, you can cut down on living costs with an affordable residence. We recommend contacting Connected Management for more assistance.