The great thing about the Windy City are the endless options you have for saving money (or splurging!) as a resident. From choosing a more cost-effective Chicago neighborhood to opting for public transportation, there are plenty of opportunities to stick to your budget.

Read on for six living expenses to consider while living in the city – as well as budgeting tips for each.

1. Living Expense in Chicago: Transportation

Boasting the second-largest public transportation system in the country according to Choose Chicago, Chicago is an incredibly commutable city. Whether you choose to save by opting for transit (or Divvy, our bike-share system) or splurge by owning a car, there are plenty of options – even water taxis!

Save: Thanks to a new price cut, a monthly CTA pass costs $75, and includes unlimited bus and ‘L’ train rides. Depending on your neighborhood, this could be an efficient and budget-friendly way to get around town. Pro tip: most employers subsidize or cover this cost through pre-tax benefits, too!

Splurge: When owning a car in the city, you’ll need to consider the cost of your lease, parking spot, insurance, maintenance and more. If you live in an area less-served by the CTA or commute long distances for work, a car could be a great option – but it’s a more expensive one. If you don’t own a car, rideshare services and taxis are an easy choice for getting from A to B – but those quick rides can add up over time as well.

2. Living Expense in Chicago: Food

Depending on your affinity for eating out, food is a variable cost here in Chicago. With a wide variety of grocery stores ranging from discount to luxury, there’s something for every price point. 

Save: As much as we adore our favorite restaurants, the best way to save on food costs is by eating in. If you must ditch your kitchen for a meal, opting for a small, local haunt like Big & Little’s is the best way to get the satisfaction of eating out without breaking the bank.

Splurge: One of the best parts of living in a big city is the convenience; the world (and all of our wonderful restaurants) are at your fingertips! That said, food delivery services like DoorDash accumulate an expense quickly – as do jazzier nights out at high-end restaurants like Aba.

3. Living Expense in Chicago: Activities

No matter what you’re passionate about, Chicago has a community for you: there are sporting events, concerts, festivals, classes and more happening each and every day. As you navigate what activities you want to seek out, note that some carry a higher price tag than others.

Save: Chicago consistently has free events and festivals, especially in the summer. For example, the Symphony Orchestra plays a few nights in Millennium Park free of charge – and there are movies in the park throughout the city May – October. Keeping an eye out for these events is a great way to have fun without going over budget.

Splurge: From Lollapalooza to Pitchfork to headlining concerts on most weekends, the easiest way to rack up spending on activities is through music and sporting tickets. If you ask us, these expenses are often well worth it!

4. Living Expense in Chicago: Utilities

Estimating utility costs is important because they’re baked into the ‘living expenses’ category of your budget. For property owners, these usually include water, gas, electric and internet/cable – though these vary. In Chicago, the average cost of these expenses is as follows:

• Water: Depending on your usage and based on our estimates, you can expect to pay around $40 per month for water bills if this is something you’re responsible for.
• Gas: The average gas bill in Chicago is $40, though this varies with seasonality.
• Electric: Similarly to gas, electricity bills depend on the time of year (you can expect to see increased costs during the warm summer months as you crank up the A/C) – but on average, electricity bills are $105.49 per month.
• Internet/cable: With regular speeds, you can expect internet and cable to cost you about $60 per month.

5. Living Expense in Chicago: Condo & HOA Fees

At Luxury Living, we like to consider ourselves experts on living expenses in Chicago. As a condo owner in the city, there are a few one-time and recurring fees to think about as you calculate overall living costs:

One-time fees generally include a move-in fee, which varies by building but ranges from $100-400.

In addition to your mortgage, property tax and homeowners association (HOA) fees will hit your monthly bill. While property taxes vary drastically by location and neighborhood, HOA fees are a bit easier to pinpoint: they range from $160 to $330 and over, depending on the size of the building and amenities offered. These fees go towards things like landscaping, maintenance and upkeep of any amenities, such as pools, so they’re well-worth investigating ahead of time.

6. Living Expense in Chicago: Childcare

If you’re moving to the city with family and plan to enroll your children in childcare, it’s an important expense to think about. According to Numbeo, the average monthly cost for full-day care hovers around $1,600, but can change depending on what type of care you pursue. 

As the pandemic has shifted working behaviors, some employers are opting to help their employees with this expense; for that reason, it’s worth talking to your HR team to see if this is an option available to you.

No matter your budget and financial priorities, the LLCR team is here to find a living situation that meets the needs of you and your family. From advising on neighborhood-specific costs to pairing you with a home that’s right for you, we’re here to help through every step of the purchase process. Reach out today!