2022 Chicago Inflation And What This Means For You
If you pay attention to prices at all, you’ve likely noticed some increases over the past year. 2022 Chicago inflation is real and has affected various bills and budgets.
2022 Chicago Inflation
Recently, it was announced that Chicago’s inflation rate hit a 40-year high. At 9.1, the Windy City hadn’t seen inflation increase that much since 1981. With this being the case, let’s examine how this may impact your regular expenses and budget.
While the cost of living has risen everywhere, this overall expense varies drastically from person to person.
Let’s start with looking at how much a Chicagoan might expect to spend on rent.
Currently, the average rental cost in Chicago is $1,820. That is a 26 percent increase over the last year, which is a significant jump.
Let’s also look at the average cost of rent depending on the bedroom count:
- Studio: $1,352
- One-bedroom: $1,870
- Two-bedroom: $2,337
- Three-bedroom: $2,825
Besides monthly rent, groceries are likely one of your highest living costs. So, it’s important to note that as inflation rises, so will your grocery bill.
In fact, food costs are up more than 10 percent. Illinoisians can expect to spend around an extra $522 on groceries this year. Prices on food for home consumption have risen by 12.2% from June 2021 to June 2022.
However, not all food groups have increased in price at the same pace. Right now, fruits and vegetables and beef and pork have especially skyrocketed. Click here for a full breakdown of the inflation tax by food group.
It’s important to remember that while grocery prices in Chicago may be comparable to other Illinois cities, they incur an additional 2.25 percent tax.
If you have a vehicle in the city, you have certainly felt the weight of inflation on your driving expenses.
Inflation has especially taken a hit on gas prices in Chicago and all over the country. In mid-June, the gas prices hit a record high, averaging $5.01 per gallon. Some stations were selling gas for as high as $6.50 per gallon.
While no one wants to see this number at the pump, the good news is that these prices seem to be dropping. Currently, you can expect to pay around $5.48 a gallon filling up for gas in the city of Chicago.
Auto insurance has increased following inflation. Some Chicagoans are paying up to 30 percent more to cover this cost.
In addition to fuel and insurance, folks in Chicago still have to account for city stickers and parking expenses.
Utility costs are not immune to the effect of inflation either. In the past year, energy prices have risen more than 40%.
For most renters, the basic utilities include electricity, heating, cooling, water, and garbage. For a 915-square-foot apartment, all of these utilities combined cost approximately $156 monthly.
If you’re budgeting for the Internet this year, you can also expect to spend around $60 a month on this service.
Trying to save some costs given inflation? Consider these neighborhoods and apartment buildings for a more affordable cost of living:
Despite the rising cost of everything from rent to groceries and utilities, the Luxury Living Chicago team is here to help you navigate the current inflation or even find a new apartment within your budget. Connect with us today to get started!
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