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 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.
Is Illinois an expensive place to live?
Illinois – 98.9
Despite being one of the most expensive states in which to live, Illinois is still lower than the national average, says City Rating. All aspects of the cost of living in this state are slightly lower than the national average for the United States.
How much do you need to live comfortably in Chicago?
To live comfortably in Chicago–factoring in housing costs, transportation, utilities, and groceries–you’ll need to make around $94,917 as a renter or $84,765 as a homeowner. Unfortunately for many Chicagoans, the median income in the city is only $52,497, leaving a discrepancy of at least $32,000 on average.
Is it worth living in Illinois?
Illinois is a great state and Chicago is its gem. No one can deny that the living experience Illinois offers is exceptional and unique. And while comparing the pros and cons of living in Illinois, you also would have realized that the state also ranks high in outdoor entertainment, food scene, and natural beauty.
What is the cheapest state to live in?
Mississippi
Mississippi. Mississippi is the cheapest state to live in in the United States. Overall, costs in the state are 17% lower than the national average. Housing costs in Mississippi are the lowest in the nation.
Is it affordable to live in Illinois?
The cost of living in Illinois is slightly lower than in the rest of the nation. Best Places ranks affordability on a scale above and below 100. If a place has a rating above 100, then it is more expensive than the national average. This group gives Illinois a score of 93.4 for overall affordability.
Is Illinois cheaper than California?
California is 22.0% more expensive than Illinois.
How much does it cost to live alone in Illinois?
An amount below 100 means Illinois is cheaper than the US average. A cost of living index above 100 means Illinois, Illinois is more expensive.
Illinois cost of living is 93.4.
| COST OF LIVING | Illinois | United States |
|---|---|---|
| Housing | 79.5 | 100 |
| Median Home Cost | $234,000 | $291,700 |
| Utilities | 97.7 | 100 |
| Transportation | 106.2 | 100 |
What state has highest cost of living?
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 a good salary for a single person in Chicago?
The recommended household income for a one-bedroom in Chicago is about $51,360 a year, or $22.22 an hour. However, the “living wage” is defined as the minimum amount of money needed to live above the poverty threshold. For Chicago, the living wage is around $16.08 an hour for a full-time employed single individual.
Is Chicago more expensive than LA?
Good News! The cost of living in Chicago, IL is -18.5% lower than in Los Angeles, CA. You would have to earn a salary of $48,903 to maintain your current standard of living. Employers in Chicago, IL typically pay -6.2% less than employers in Los Angeles, CA.
How much money does a single person need 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.
Where should you not live in Illinois?
The 20 Worst Places to Live in Illinois
- Alton.
- Peoria.
- Springfield.
- Rockford.
- Carbondale.
- Metropolis.
- 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.
- Matteson. Matteson is a suburb of Chicago that is home to 19,336 people.
Is it cheaper to live in Florida or Illinois?
Florida is 1.9% more expensive than Illinois.
What is the cheapest city to live in in Illinois?
“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 cheapest and safest state to live in?
Settle down in Augusta, Georgia
Augusta, a small city near Georgia’s border with South Carolina, is one of the cheapest and safest places to live in the USA. It has a low crime rate and a low cost of living, making it perfect for those looking to live comfortably and save money.
How can I live for free?
14 Ways to Live Rent-Free
- Teach English Abroad.
- Volunteer with Peace Corps or AmeriCorps.
- Become an Au Pair.
- Trade Services for Free Rent.
- Become a House Sitter.
- Become a Resident Assistant at Your College.
- Find a Job That Provides Housing.
What state in the US has the cheapest rent?
Cheapest State for Rent in the US
The least expensive state for rent is West Virginia with an average rent price of $800.
What town has the cheapest rent in Illinois?
Average rent change in the past year: 1.73%
Rantoul is a smaller community of almost 13,000 residents. It’s also the cheapest city in Illinois to live in a one-bedroom apartment.
What is the best city to live in Illinois?
Chicago
Best Cities to Live in Illinois
| Rank | City |
|---|---|
| 1 | Chicago |
| 2 | Urbana |
| 3 | Wheaton |
| 4 | Schaumburg |
