Planning an accurate transportation budget is essential for residents in Chicago. With its vast array of transportation options, including CTA trains and buses, ride-sharing services like Uber, and the various costs of owning a car, it’s crucial to have a clear understanding of the expenses involved.

Additionally, choosing a neighborhood that offers convenient accessibility for various modes of transportation can further optimize your budget.

In this blog post, we will explore key factors to consider when building an accurate transportation budget in Chicago.

What to Factor in When Building Your Chicago Transportation Budget

1. How much does the train cost in Chicago?

Chicago’s public transportation system, operated by the Chicago Transit Authority (CTA), provides an extensive network of trains and buses. The train system, known as the “L,” is an affordable and efficient way to navigate the city.

The cost of a single ride on the train is currently $2.50, with options for discounted fares for students, seniors, and frequent riders. Passes, such as the unlimited 1-day pass for $5 or the 7-day pass for $20, offer convenient options for frequent travelers.

2. How much does Uber cost in Chicago?

Uber and Lyft are popular rideshare services in Chicago, providing convenient transportation options for those looking to not deal with the hassle of owning a car in the city.

The cost of an Uber ride varies based on factors such as distance, time of day, and demand. On average, a short ride within the city may cost around $10-$15, while longer trips to suburbs or airports can range from $25-$40 or more.

3. How much is gas in Chicago?

Gas prices can significantly impact your transportation budget. In Chicago, the cost of gas tends to be slightly higher than the national average due to factors such as taxes and regional supply.

Right now, gas prices are averaging $4.20 per gallon. Stay up to date with the latest gas prices in Chicago using trackers like GasBuddy or AAA.

4. How much is street parking in Chicago?

Chicago offers both street parking and various parking lots and garages. Street parking rates differ depending on the neighborhood and demand, ranging from approximately $2-$6 per hour. However, parking regulations and rates can vary significantly, so it’s crucial to check specific signs and meters in each location.

5. How much does parking cost in Chicago?

Parking costs in garages or lots can range from $15-$35 for a few hours, depending on the area. If you’re looking for monthly parking options in your apartment, expect to pay upwards of $200-$300/month.

6. How much is car insurance in Chicago per month?

Car insurance rates in Chicago can vary based on factors such as driving record, age, type of vehicle, and coverage levels. On average, monthly car insurance premiums in Chicago can range from $100 to $300 or more. It’s essential to compare quotes from different insurance providers to find the best coverage at a competitive price.

7. The best Chicago neighborhoods for train, car, and walking accessibility

When choosing a neighborhood in Chicago, it’s important to consider its accessibility for various modes of transportation. Some neighborhoods that excel in this regard include:

• The Loop: Located in the heart of downtown, the Loop offers excellent accessibility to trains, buses, and bike lanes, making it an ideal choice for commuters.
• Lakeview: Situated on the North Side, Lakeview provides convenient access to both trains and buses, along with a walkable environment of the lakefront and bike-friendly infrastructure.
• Lincoln Park: Known for its vibrant community, Lincoln Park offers proximity to train stations, bus routes, and scenic bike paths, ensuring easy mobility options.
• Wicker Park: This eclectic neighborhood boasts accessibility to both trains and buses, as well as ample bike lanes, making it a great choice for commuters and pedestrians.

Building an accurate transportation budget in Chicago requires careful consideration of factors such as gas prices, Uber costs, parking expenses, train fares, car insurance rates, and more. By assessing these aspects, you can effectively manage your transportation expenses.

Searching for more budgeting tips in the city? View our popular cost-related blogs such as estimating utility costs and our guide to the cost of living in Chicago.

For more tips, tricks, and insider knowledge from Chicago experts (that’s us!), follow the link below:

When renting an apartment, there are several bills that you will be responsible for paying. These bills can vary depending on the type of apartment you rent and the location, but here are some of the most common bills that renters are responsible for.

What Bills Do You Pay When Renting an Apartment?

1. Rent. The most obvious bill that renters have to pay is their monthly rent. This is the amount you pay to your landlord or property management company to occupy the apartment. Rent can vary widely depending on the location, size, and amenities of the apartment.

2. Utilities. Utilities are services like electricity, gas, water, and sewer that are necessary for living in an apartment. Depending on your lease agreement, you may be responsible for paying for all or some of these services. Some apartments may include certain utilities in the rent, while others may require you to set up your own accounts with utility companies.

3. Internet and cable. If you want to have internet and cable services in your apartment, you will be responsible for paying for them. You can set up accounts with providers such as Comcast, AT&T, or Spectrum to have these services installed in your apartment.

4. Renters insurance. Renters insurance is an insurance policy that covers your personal property in case of theft, fire, or other covered events. It’s important to have renters insurance to protect your belongings, but it’s typically not required by law. The cost of renters insurance can vary depending on the coverage you choose and the value of your personal property.

5. Parking. If you have a car and need to park it near your apartment, you may be responsible for paying for a parking space. Some apartments come with assigned parking spaces, while others may require you to rent a space from a nearby parking garage.

6. Move-in fees. When you move into an apartment, you may be required to pay certain fees such as a security deposit, application fee, or move-in fee. These fees can vary depending on the landlord or property management company, but they are typically due at the time of move-in.

In conclusion, renting an apartment comes with several bills that you will be responsible for paying. These bills can include rent, utilities, internet and cable, renters insurance, parking, and move-in fees. Make sure to review your lease agreement and understand what bills you will be responsible for before signing on the dotted line.

For more information on the costs associated with living in Chicago, click the button below.

Moving into an apartment for the first time – whether after school, after spending time living with family or due to other life circumstances – is a huge life milestone. There’s a lot of independence that comes with this step, but there’s also a lot of responsibility – especially where finances are concerned.

While expert advice varies on how much a cushion is recommended before renting for the first time, one thing is for sure: having extra savings is never a bad thing. 

How much do I need to move into an apartment?

The amount you should stow away before moving out varies greatly by situation: for example, if you’re moving to seek a job opportunity, you might feel emboldened to have less in the bank before moving out. That said, according to Capital One, a good rule of thumb is that rent should generally be three times your monthly income – which could be a guide for how much to save.

Most advisors also recommend having a few months’ expenses in savings as a cushion. Expenses, of course, include more than just rent – which is why when it comes to saving for living in an apartment, it’s worth considering your other one-time and living expenses as well.

Other expenses in an apartment to consider

Before taking the plunge, you also need to think about one-time expenses associated with moving, such as actual movers and the first and/or last month’s rent that’s usually required by landlords. As you navigate your apartment search, be sure to ask about any other up-front expenses, such as security deposits, as well.

Beyond your first month (and as you navigate saving your emergency fund), other living expenses to consider include groceries, utilities (including home internet, renter’s insurance and cell phone costs), transit (bus or car), and clothing, according to Rent.com.

As you save to move into an apartment, our Luxury Living team is here to ensure that you find a new home that meets your financial needs. For more information on the cost of living in Chicago, follow the link below!