As the cost of goods continues to increase in Chicago and across the United States, our budgets are becoming more and more limited.
So, what does it take to live in Chicago comfortably in 2024? According to a new report from financial technology company SmartAsset, here’s the answer.
According to the study, which looked at 99 U.S cities, people live on a “50 / 30 / 20” budget – that is, they spend 50% of their income on their living expenses (housing, food, transportation, etc), 30% on their hobbies and entertainment, and 20% on paying off debt, saving, and investing.
Cities were evaluated based on the minimum annual income a single adult would need to live on a budget of 50% of income, 30% of income, and 20% of income. Chicago came in at number 61.
For example, according to SmartAsset, a single adult earning $47.38 an hour in Chicago needs to earn $98,550 in order to live from paycheck to paycheck, while a couple with two children need to earn $241,280.
New York City is the most expensive city in the United States to live in for a single adult.
SmartAsset estimates that a single adult living in New York City would need to earn: $53,26 per hour $110,781 per year to live comfortably $276,557 per year for a family of two working adults $96,500 per year for a single adult raising two children $235,000 per family raising two children
