Cost of Living in Chicago, IL
A comprehensive look at housing costs in Chicago for 2025.
Moderate
Affordability Score
Home Price
🏠$330K
Monthly Rent
🔑$1,500
Monthly Mortgage
🏦$1,756
7% rate, 20% down
Median Income
💰$68K
Housing Costs Overview
The median home price in Chicago is $330K, which is 20% lower than the national median of $410K. The median rent is $1,500/month, 0% below the national median.
Monthly Mortgage Breakdown
Based on 30-year fixed at 7% with 20% down payment ($66K). Total cost over 30 years: $632K.
Rent vs. National Average
At $1,500/month, renting in Chicago means spending about $18K per year on housing. The rent-to-income ratio is 30.0%, which is within the recommended 30% threshold.
Compared to Illinois
Home Price
$330K
vs $263K state
Rent
$1,500
vs $1,238 state
Income
$68K
vs $80K state
Is Chicago Getting More Expensive?
Over the past year, home prices in Chicago changed by 3.5% and rents by 2.8%. Price growth is moderate.