finance

Chicago's Cost of Living Exceeds National Average by 14-18 Percent

Housing costs contribute the largest share to the difference.

By The Daily Chicago · Published July 24, 2026

How we reported this

This article was written by AI from the linked sources and was not reviewed by a journalist before publishing. The Daily Chicago is part of The Daily Network and follows our reasonable editorial care.

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Chicago's cost of living is 14 to 18 percent higher than the national average with housing 43 to 45 percent more expensive than the US average according to the reports indexed as item 7. The Consumer Price Index for Chicago Naperville Elgin rose 3.7 percent over the year ending May 2026.

A single person's estimated monthly cost excluding rent is $1200 to $1350. A family of four needs $4600 to $4900 excluding rent.

Median one bedroom rent is $1966 to $2008 per month with studio apartments averaging $1599 and two bedrooms at $2480 monthly. The median home price is approximately $370000 to $400000 as of 2026.

Sources: perplexity-sonar.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.

References Sourced but Not Limited to:

extraspace.com · Chicago il

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