I’m Mark Buckner of the Mark Buckner Group, and I’m breaking down all the costs associated with moving to Chicagoland,

If you’re thinking about moving to Chicago, but you’re not sure if you can afford it, this post is for you. In 2021 alone, the Mark Buckner Group has helped over 40 different people find their place in the city of Chicago, and we want you to be the next.

Housing Costs

Before you look for a home, consider where you want to be, and what’s going to fit your lifestyle.

Pricing in Chicago varies a lot depending on which neighborhood you’re looking at, and whether you’re looking to rent or buy. Before you look for a home, consider where you want to be, and what’s going to fit your lifestyle. Are you a hipster that’s okay with a vintage and unfinished vibe, or are you looking for high end luxury finishes?

Looking at purchasing a three bedroom, two bathroom, the price can range around 500,000 to 550,000 depending on if it’s a detached house or a condo, and again the location.

The majority of variation is seen in renting. Depending on the neighborhood, a two bedroom apartment, two bathroom can range between $1500 and $2500 a month.

Taxes

The second biggest expense when moving to the city is going to be the taxes. If you’re spending 500,000 on a home, you’ll want to budget 2% more for the up front tax on the purchase.

Illinois income tax rate is 4.95% and sales tax is 10.25% in city limits, which is on the higher end, but funds important development in the city.

Utilities

The average Chicagoans are paying between $100 to $150 per month for utilities. That figure includes gas, electricity, water, and heat.

Groceries

The cost of food really depends on how big your appetite is and where you shop. There are people who Shop at Whole Foods and don’t pay attention to the cost per item, and people who clip coupons and shop at discount grocery stores like Aldi. The average is roughly $500 per individual or $1,500 for a family of four. This is slightly higher than the national average, but that’s to be expected when you’re moving to the third most populated city in the United States.

Transportation and Parking

Parking is a big cost in the city of Chicago

Having a car in the city is considered a luxury. You’ll save quite a bit of money taking public transportation, but may spend more on housing costs, depending on your proximity to L stations. Anything within about a mile of an L stop is going to increase the asking price of a rental or home for sale.

The L, for instance is $2.50 per ride, with discounts if you purchase weekly or monthly passes. With that $2.50 ride you do get the option of up to two transfers at $0.25 each. The bus system is going to be similarly priced at $2.25 per ride.

Parking is a big cost in the city of Chicago and can range from free neighborhood street parking to $200 per month in a covered garage. I’ve listed some rates for parking in different parts of the city.

• Shopping District ~$2.50 per hour
• Business District ~$4.50 per hour
• The Loop (downtown) ~$7 per hour
• Downtown Garage Parking ~$35 per day.

Entertainment Costs

Chicago has amazing live theatre, sporting events, and concert options that vary in cost

When you’re looking to have a night on the town, the cost varies depending on your goals. Movie tickets are about $15 per person at a typical theatre, but of course there are different quality options for outings like that. Chicago has amazing live theatre, sporting events, and concert options that vary in cost depending on the popularity of the event and the location of your seats.

Eating out can range from $50 for a couple if you’re going somewhere more modest, but if you’re looking for something more upscale with alcoholic beverages, I would budget $150.

These are just some highlights associated with the cost of living in Chicago. If you have any questions, more specific to neighborhoods you’re interested in maybe, give me a call 312-957-7745. My team and I are here and eager to help.

Getting people to Chicago is our favorite thing, we love this city, and we love this job. I myself am a Chicago native, so I have a lifetime of experience and knowledge to share.

Thank you for taking the time to read this, we can't wait to hear from you. Go socks!

-Mark Buckner