How Much Money Do You Need To Live In Illinois?

Average Cost of Living in Illinois: $43,981 per year The Bureau of Economic Analysis estimates personal expenditures by state, and on average, an Illinois resident spends $43,981 per year, as per the bureau’s 2020 data.

How much money do I need to live comfortably in Illinois?

Residents can also expect to pay $1,691 per month on average to rent an apartment or townhome. According to the team at GOBankingRates, homeowners need to earn $84,765 per year to live comfortably in Chicago. Renters need to earn $94,917 per year.

How much does it cost to live in Illinois per month?

The typical renter in Illinois spends $984 a month on housing, $39 less than the $1,023 national median monthly rent. Monthly rent for a one-bedroom in the state is $851, while the typical rent for a unit with five or more bedrooms is $1,454.

How much does it cost to live alone in Illinois?

Illinois cost of living is 93.4

Is Illinois cheap to live?

Illinois state average rent prices
While the average rent is $1,712 for a one-bedroom in Illinois, which is down 4.39 percent compared to last year, it’s possible to find places for less than $1,000 a month throughout the state.

What state has the lowest cost of living?

Mississippi
Mississippi. Mississippi has the lowest cost of living in the United States. With a cost of living index of 83.3, expenses are nearly 17% less than the national average. Mississippi’s housing costs are the lowest in the nation.

Is it worth living in Illinois?

Illinois is the 18th-best state to live in the country, according to WalletHub’s 2021 Best States to Live In list. WalletHub compared all 50 states across five metrics covering affordability, economy, education and wealth, quality of life and safety.

How much money do you need a month to live comfortably?

It helps to use what’s called the 50-30-20 rule. In general, you’ll want your monthly necessities (housing, transportation, etc) to be around 50% of your monthly net income. This means it should be under $2,000 based on a $60,000 income. That is where the 50 in the 50-20-30 rule comes from.

What is a livable salary in Chicago?

The median income for Chicagoans is $58,247. And to live comfortably in Chicago in a one-bedroom apartment you would need around $43,200 a year, which translates to $21.60 per hour.

Is it cheaper to live in Texas or Illinois?

Illinois is 6.0% more expensive than Texas.

What is the cheapest city to live in Illinois?

1 affordable city: “The absolute cheapest place to live in Illinois for 2021 is Litchfield, a small city located between St. Louis and Springfield. Litchfield takes the gold medal for affordability thanks to being an equally great place to buy or rent.

What is the safest place to live in Illinois?

The Top 10 Safest Cities in Illinois

• Manhattan.
• Hawthorn Woods.
• Gilberts.
• Huntley.
• Hinsdale.
• Justice.
• La Grange Park.
• Naperville.

Where is the cheapest place to live?

Here are the top 10 most affordable cities to live in the U.S., according to the Council for Community and Economic Research’s Cost of Living report.

• Cedar Park, Texas.
• Midland, Texas.
• Ogden, Utah.
• Raleigh, North Carolina.
• Provo, Utah.
• Des Moines, Iowa.
• Austin, Texas.
• Minneapolis, Minnesota.

What is the best state to live in financially?

The five best states for your personal finances in 2022 are (No. 1 being best): Tennessee.

• New Jersey.
• Hawaii.
• Connecticut.
• Alaska.
• Illinois.

What state is most expensive to live in?

Hawaii
Hawaii. Hawaii is the most expensive state to live in the United States. With a cost of living index of 193.3, the cost of living in Hawaii is nearly twice the national average. Hawaii has the highest costs across all indexes, except healthcare.

What is the most expensive state to live in 2022?

The Most Expensive States to Live in 2022

• Hawaii.
• California.
• Massachusetts.
• New Jersey.
• Connecticut.

What is the poorest city in Illinois?

East St. Louis
(The Center Square) – East St. Louis was ranked the poorest city in Illinois in a 24/7 Wall St. analysis examining U.S. municipalities where households earn less than the nation’s median annual household income of $65,712. With a population of 26,543, East St.

Where should you not live in Illinois?

The 20 Worst Places to Live in Illinois

• Matteson. Matteson is a suburb of Chicago that is home to 19,336 people.
• Chicago. For those who live in Chicago, it may not surprise them to learn that the city is one of the worst locations to live in the state.
• Metropolis.
• Carbondale.
• Rockford.
• Springfield.
• Peoria.
• Alton.

What are the cons of living in Illinois?

What are the Pros and Cons of Living in Illinois?

• The crime rate is higher in Illinois.
• There’s high competition for jobs.
• Taxes are frightening in Illinois.
• Traffic is scary in Illinois.
• The climate is unpredictable and winters are extremely harsh.
• Illinois is prone to natural disasters.

What is a good salary at 30?

From ages 25-34, the median wage is $60,000 and will increase to a median wage of $90,000 by ages 45-59. Compare that with a major in the health field, which has a median wage of $53,000 at ages 25-34 and grows to a median wage of $72,000 by ages 45-59.

How can I live off with no money?

How To Live Comfortably Without Money And Survive

1. Seek Shelter in a Community Sharing Similar Values.
2. Offer to Work for Free Lodging.
3. Head Out Into the Wild.
4. Build an Earthship or Go Couchsurfing.
5. Barter for Everything.
6. Traveling for Free.
7. Repair Things for Free.
8. Go Freegan.