How Much Money You Need to Live Comfortably in Chicago, Study Finds
A New Study Ranks What Salaries You Need to Make to Live Comfortably in Select U.S. Cities
A new study that claims to analyze several metrics has determined how much money a person needs to make to live comfortably in Chicago.
The Study
Created by GOBankingRates, the study is said to analyze data from the U.S. Census, Zillow, BestPlaces, and the Bureau of Labor Statistics (BLI) to determine the salary you’ll need to live comfortably in America’s largest cities.
Chicago Ranked #48 on the List
The study determined that in Chicago, a person needs an annual salary of $93,999 – good for a “livability score” of 78.
Total Cost of Living in Chicago
The study also determined a person’s total cost of living in the Windy City to be $46,999 annually.
How it’s Determined
For the study, GOBankingRates analyzed the 50 largest U.S. cities by population using the 2022 U.S. Census survey.
GoBankingRates then surveyed 2022 household median income, 2021 total population, and 2021 household median income, while also sourcing single-family home values from the Zillow Home Value Index.
To determine “living comfortably,” the study applied the “50/30/20 rule” which states that a person’s budget should break down to 50% going to needs, 30% for wants, and 20% for savings.
The Source
Information for this story was provided by the GOBankingRates.
Conclusion
The study highlights the importance of considering the cost of living when determining a salary. For those living in Chicago, an annual salary of $93,999 may be necessary to live comfortably. It is essential to consider the total cost of living, including housing, food, transportation, and other expenses, when determining a salary.
FAQs
Q: What is the total cost of living in Chicago?
A: According to the study, the total cost of living in Chicago is $46,999 annually.
Q: What is the annual salary needed to live comfortably in Chicago?
A: According to the study, an annual salary of $93,999 is needed to live comfortably in Chicago.
Q: How did the study determine the salary needed to live comfortably?
A: The study applied the “50/30/20 rule” which states that a person’s budget should break down to 50% going to needs, 30% for wants, and 20% for savings.
