1. The difference between the cost of living in Chicago and the national average

2. Difference of living in the city center vs the suburbs

3. Why you should consider investing in Chicago suburbs

Is it expensive to live in Chicago?

Yes! 

The cost of living in Chicago is 20% higher than the national average, according to Payscale.com. 

Chicago is a major metropolitan area with a lot to offer residents. 

But you'll need to earn a higher salary to maintain your standard of living in Chicago than you would in a smaller city or town.

However, it is still significantly less expensive than other major cities like New York or San Francisco.

According to RentCafe, the cost of living in Chicago, IL is 31% higher than the state average. 

Housing here is 52% more expensive than the U.S average, while utilities are about 3% less pricey. 

When it comes to basic necessities such as food and clothing, groceries are around 7% more in Chicago than in the rest of the country, while clothing costs around 7% more .

Healthcare services such as doctor check-ups and dentistry cost 13% more here compared to the U.S. average. 

At the same time, non-necessary expenses such as entertainment and grooming services are 7% pricier.

According to Realtor.com, Downtown Chicago median rent is $2,650 and the median home list price is $535,000.

Now let’s proceed to the cost of living differences between the city center and the suburbs.

City center vs the suburbs: The Price Gap

Living in downtown Chicago or the suburbs could give you a different experience, often literally in the monetary sense. 

The cost of living in downtown Chicago is significantly higher than in the suburbs. This is especially true for housing, which is about twice as expensive in the city center. Transportation costs are also higher in downtown Chicago, as you'll likely need to pay for parking or public transportation. Food and entertainment costs are also slightly higher in the city center, but not as much as housing and transportation.

Here are the differences of cost of living in the city center and the suburbs of Chicago:

Housing

Rent is much higher in the city center than in the suburbs. 

As we’ve mentioned before, rent downtown is $2,650. 

But according to Apartment List, the median rent in Chicago suburbs is $1,360. 

Suburb home prices are also lower - the median home price in the Chicago suburbs is $320,000, compared to downtown’s median home price of $535,000.

Transportation

Transportation costs in downtown Chicago are generally higher than in the suburbs. 

If you live in downtown Chicago, you'll likely need to pay for parking or public transportation.

Parking can be expensive, especially if you work in the Loop. 

Public transportation is more affordable than driving your own car, but it can be slow and crowded during rush hour. 

The cost of a monthly pass for public transportation is $105 in the city center, while it is only $75 in the suburbs. 

If you live in the suburbs, you're more likely to be able to walk, bike, or take public transportation to work.

Food

Food costs are also higher in the city center, as there are more restaurants and shops that cater to tourists and business travelers.

You'll find that restaurants are more expensive in the city center, and you'll also pay more for groceries. 

However, there are also a lot of great food options in downtown Chicago, so you're sure to find something to your taste.

Entertainment

The cost of entertainment is higher in the city center. 

There are more theaters, museums, and other cultural attractions downtown.

You'll find that tickets to sporting events, concerts, and theater shows are more expensive in the city center. 

However, there are also a lot more entertainment options in downtown Chicago, so you're sure to find something to do.

Why You Should Consider Investing in the Suburbs

Living in Chicago is expensive, but it is relatively affordable compared to other big cities. If you want to invest in the Chicago experience without the high price tag, then you should consider the suburbs. Chicago suburbs are among the best places to live in and invest in Illinois.

The cost of living in the suburbs is significantly lower than in downtown Chicago, and you'll still have access to all the great things that Chicago has to offer. You'll also find that the suburbs are a great place to raise a family.

Here are some of the reasons why you should consider investing in the suburbs of Chicago:

• Lower cost of living: As mentioned earlier, the cost of living in the suburbs is significantly lower than in downtown Chicago. This means that you'll be able to stretch your dollar further and save more money.
  
• Better schools: The suburbs of Chicago are home to some of the best public schools in the state. This is a great option for families with children.
• More space: The suburbs offer more space than downtown Chicago. This means that you'll have more room to spread out and enjoy your home.
• Safer neighborhoods: The suburbs of Chicago are generally safer than downtown Chicago. This is a great option for families who are looking for a safe place to raise their children.

Now, do you want to invest in Chicago suburbs? Book a free consultation with us below.