Cost of Living in Chicago, Illinois
Chicago has a population of about 2,711,226. The median household income is $77,902, median gross rent is $1,440/month, and the median home value is $334,100. Below is how Chicago compares to the US.
Is Chicago expensive to live in?
Compared with the national median, rent in Chicago is 13% below the national median and home values are 11% below the national median. Household income here is 7% below the national median. Monthly rent represents roughly 22% of the median annual household income, a rough affordability signal for renters.
Frequently asked questions
What is the average rent in Chicago?
The median gross rent in Chicago, Illinois is $1,440 per month (US Census ACS).
What is the median home price in Chicago?
The median home value in Chicago is $334,100.
How much do people earn in Chicago?
The median household income in Chicago is $77,902 per year.
Data source: U.S. Census Bureau, 2024 American Community Survey (ACS) 5-Year Estimates. Last updated 2026-07-11.