Costs of Living in Chicago for a Single Person with Rent
If you’re considering relocating or moving to the Windy City solo, Luxury Living wants to help you prepare financially. In this post, we’ll dive into the costs of living in Chicago for a single person with rent, the average rent increase in Chicago in 2023, other living costs, and how top neighborhoods compare.
Average Rent Prices in Chicago
The cost of living in Chicago for a single person with rent can vary drastically based on various factors, including location, year of construction, and the general market. However, let’s explore the average Chicago rent prices you may be paying today.
If you would rather forfeit some space and save some cash, you can expect to pay around $1,375 for a Chicago studio apartment and $33 per square foot. Those seeking a true one-bedroom will likely pay around $2,000 and $30 per square foot. Renters looking for an extra room for an office or guest room may opt for a 2-bedroom apartment running around $2,500 at $27 per square foot.
Average Rent Increase in Chicago
The reality any renter will face is monthly payments are climbing, and the average rent increase per year can feel steep.
Currently, the median rent for a one-bedroom in Chicago is up almost 24% compared to last year and 10% higher than the national median.
Regarding Chicago neighborhoods experiencing the most significant rent hikes in the past year, Lincoln Park witnessed the steepest increase, surging by 10.6%. This elevated the average rent from $2,176 per month to $2,406. Similarly, the Wrigleyville and Buena Park areas saw substantial growth, with a 10.3% rise in rent rates, increasing from an average of $1,708 monthly to $1,883.
Factoring Other Living Costs
When you’re a single person living independently, there are several crucial costs to factor in beyond rent.
Make sure to budget for utility bills, including electricity, heating, cooling, water, and internet. Keep in mind that these costs can add up more quickly without a roommate to share the financial burden. Additionally, remember to account for groceries, transportation, insurance, and personal expenses.
The Cost of Living in Popular Chicago Neighborhoods
Understanding the cost of living in different Chicago neighborhoods is crucial for single individuals planning to move to the city. While the overall rent prices continue to show an upward trend, each community offers unique advantages, catering to different preferences and financial capabilities.
Let’s look at a few popular spots to call home and their respective rent prices:
- Lincoln Park: Located on Chicago’s North Side, Lincoln Park is known for its beautiful parks, historic architecture, and vibrant community atmosphere. The average rent for a one-bedroom apartment in Lincoln Park typically hovers around $2,395 per month.
- Lakeview: Just north of Lincoln Park sits Lakeview, a vibrant and eclectic spot to live. You can find a mix of trendy restaurants, boutiques, and lakefront parks here. Rent for a one-bedroom apartment runs around $1,800 a month.
- The Loop: Considered the heart of downtown, this area is renowned for its iconic architecture and vibrant urban experience. $2,365 is the median cost of a one-bedroom in this central spot.
With insight into the cost of living in Chicago for a single person with rent, don’t feel overwhelmed by inevitable expenses or the average rent increase in Chicago. Instead, let our experienced team help you navigate the market, understand how much rent you can afford, and ultimately secure your dream apartment!
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