Is $100k a Good Salary in Chicago? Exploring the Cost of Living and Lifestyle
Determining whether a salary of $100,000 is considered good in Chicago requires an understanding of the city’s cost of living, average income, and the lifestyle that can be achieved with this income.
In this blog, we’ll do a deeper dive into these factors to help you evaluate the financial prospects and lifestyle possibilities associated with an $100k salary in Chicago.
Chicago is known for its diverse neighborhoods, cultural attractions, and bustling city life. However, like any major city, it comes with its own cost of living considerations.
While it may not be as expensive as cities like New York or San Francisco, Chicago still has a moderate cost of living.
Average Income in Chicago
Understanding the average income in Chicago provides context for evaluating a $100,000 salary.
According to the U.S. Census Bureau, the median household income in Chicago is $65,000. With a salary of $100,000, you would be earning significantly above the city’s average income.
For a deeper dive into the question of “What Is the Salary Needed to Live in Chicago?”, check out our blog here.
Chicago Apartments within a $100k Budget
With an $100k salary, you can comfortably afford a range of apartments in Chicago.
The specific neighborhoods and apartment types that fit within this budget will depend on various factors, such as personal preferences, desired amenities, and proximity to downtown.
Following the 33% rule when budgeting for apartment, an individual making $100k should aim to spend around $2,800 per month on rent. Currently, $2,800 will get you nearly any Studio or Jr 1-bed, select 1-bedrooms, and a handful of 1-bed + den apartments.
Using our apartment search tool, you can easily filter apartments within your price range. If you’re looking to stick at or below the $2,800 mark, continue to filter your preferences until you land on a curated list of luxury apartments to choose from.
Lifestyle with a $100k Salary
An $100,000 salary in Chicago can provide a comfortable lifestyle. You will have the means to cover essential expenses, enjoy dining out at restaurants, explore the city’s cultural offerings, and partake in entertainment activities.
However, it’s important to budget wisely and prioritize expenses based on personal financial goals and lifestyle choices. Living within your means and maintaining a balanced budget will allow you to make the most of your income and enjoy the offerings of the city.
Earning a salary of $100,000 in Chicago places you above the city’s average income and opens up opportunities for a comfortable lifestyle. Responsible budgeting and prioritizing expenses will enable you to make the most of your income and enjoy the vibrant lifestyle that Chicago has to offer.
Individual circumstances and personal financial goals will impact how far a $100k salary stretches. It’s important to consider factors such as savings, debt obligations, and other financial commitments when evaluating your financial well-being in Chicago. By making informed decisions and maintaining a balanced approach to your finances, you can thrive in the Windy City with an $100k salary. For more budgeting tips and insight, head over to our blog and filter by “budgeting”.
Ready to start your apartment search? Peruse Chicago apartments for rent below!
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