CHICAGO (CBS) — Chicago might be the most affordable major city in the U.S. for minimum wage workers, but even with city’s minimum wage now at $13 per hour, a new study shows low-wage earners still have a hard time paying rent.
| Rank | 34 |
|---|---|
| City | Chicago |
| Minimum Wage | $13.00 |
| Rent as Percentage of Take-Home Pay | 69% |
Is Chicago the cheapest big city?
Chicago may not be the cheapest metro area, but it’s definitely more affordable than most. It’s the 3rd largest city in the United States, but it isn’t in the top 10 most expensive! If the cost of living in Chicago is a concern, you’ll find plenty of affordable neighborhoods to put on your list.
What is the most affordable big city?
Most Affordable Major Cities in the U.S.
- Salt Lake City, Utah. Cost of living: 6% below U.S. average Median home price: $320,281.
- South Bend, Indiana. Cost of living: 8% below U.S. average Median home price: $314,035.
- Richmond, Virginia.
- Boise, Idaho.
- Birmingham, Alabama.
- Lawton, Oklahoma.
- Montgomery, Alabama.
- Des Moines, Iowa.
Is Chicago an affordable city?
Compared to the national average, the Chicago cost of living is higher. In fact, the city is ranked as the 11th most expensive city in the nation, putting Chicago on par with cities like Seattle, Boston, and San Diego.
Is Chicago a costly city?
Compared to major cities across the globe, Chicago was named among the top most expensive places to live, according to a newly released ranking. In a list from Budget Direct, Chicago took No. 23 out of 30 cities worldwide when taking the cost of living from the average salary, ranking just one spot below New York City.
Is 75k a good salary in Chicago?
A good salary in Chicago, IL is anything over $50,000. That’s because the median income in Chicago is $50,000, which means if you earn more than that you’re earning more than 50% of the people living in Chicago.
Is Chicago cheaper than New York?
The cost of living in Chicago, IL is -36.3% lower than in New York, NY. You would have to earn a salary of $38,235 to maintain your current standard of living. Employers in Chicago, IL typically pay -11.8% less than employers in New York, NY.
What US city has lowest cost of living?
Wichita Falls, Texas
Wichita Falls, Texas, was named the city with the lowest cost of living. Visit Business Insider’s homepage for more stories.
Which is the cheapest city in USA?
The 10 most affordable cities in the US
- El Paso, Texas. City population: 679,813.
- Wichita, Kansas. City population: 389,877.
- Lexington, Kentucky. City population: 323,152.
- Little Rock, Arkansas. City population: 197,958.
- Tulsa, Oklahoma. City population: 402,324.
- Memphis, Tennessee.
- Knoxville, Tennessee.
- Austin, Texas.
What is the cheapest city to live in USA?
It’s Charlotte, North Carolina, the cheapest place to live in America with[+] Coming in at the top of the list: Charlotte, North Carolina, which ranks high thanks to affordable housing, a moderate cost of living, high-paying jobs, a vibrant community and year-round mild weather.
What is a livable wage in Chicago?
Living Wage Calculation for Cook County, Illinois
| 1 ADULT | 2 ADULTS (BOTH WORKING) | |
|---|---|---|
| 0 Children | 2 Children | |
| Living Wage | $19.29 | $25.37 |
| Poverty Wage | $6.19 | $6.37 |
| Minimum Wage | $12.00 | $12.00 |
Is Chicago expensive to rent?
As of June 2019, Chicago ranks 11th in terms of average rental prices in large American cities. This means Chicagoans pay relatively low rents for a major city (especially compared to San Francisco, where the average rent is a staggering $3,700).
Is Chicago cheaper than Denver?
The cost of living in Chicago, IL is 2.2% higher than in Denver, CO.
Is it cheaper to live in Chicago or Los Angeles?
The cost of living in Los Angeles, CA is 22.7% higher than in Chicago, IL. You would have to earn a salary of $73,615 to maintain your current standard of living. Employers in Los Angeles, CA typically pay 6.6% more than employeers in Chicago, IL.
Is Chicago more expensive than Atlanta?
The cost of living in Chicago, IL is 14.7% higher than in Atlanta, GA. You would have to earn a salary of $68,795 to maintain your current standard of living. Employers in Chicago, IL typically pay 7.2% more than employeers in Atlanta, GA.
What is the minimum wage in Chicago?
The state minimum wage in Illinois is $12; the federal minimum wage sits at $7.25. It has not increased since 2009. During the pandemic, some employers, particularly those in the restaurant, retail and travel industries, have upped starting wages to $15 or higher.
What is a high salary in Chicago?
Jobs are ranked by average annual salary with information up to date as of May 2021. In Chicago, the annual mean wage is $61,860 or 6.2% higher than national mean of $58,260, while the highest-paying occupation makes $348,500.
How much taxes do you pay in Chicago?
10.25%
The minimum combined 2022 sales tax rate for Chicago, Illinois is 10.25%. This is the total of state, county and city sales tax rates. The Illinois sales tax rate is currently 6.25%. The County sales tax rate is 1.75%.
How much will my paycheck be if I make 75000 a year?
$55,286 per year
If you make $75,000 a year living in the region of California, USA, you will be taxed $19,714. That means that your net pay will be $55,286 per year, or $4,607 per month. Your average tax rate is 26.3% and your marginal tax rate is 41.0%.
Is it worth moving to Chicago?
According to Payscale, the cost of living in Chicago is 23% higher than the national average. Housing is 56% higher than the national average. Depending on your salary, the lifestyle Chicago offers may be worth the trade-off.
Is Seattle or Chicago more expensive?
Chicago is 38.0% less expensive than Seattle. Chicago housing costs are 67.9% less expensive than Seattle housing costs. Health related expenses are 6.3% more in Chicago.