Quality of Life in Chicago, IL on a $117,555 Salary

Overview of Income and Cost of Living

• Income Level: Earning $117,555 annually places an individual or household comfortably above the median household income in Chicago.
• Cost of Living:
  • Chicago's cost of living is approximately 20% higher than the national average.
  • Key expenses such as housing, transportation, and groceries are notably higher.

Housing Market

• Home Prices:
  • The median home price in Chicago is around $340,000 as of 2023, slightly above the national median.
  • Housing expenses, including rent and mortgage payments, take a significant portion of income.
• Affordability:
  • A significant salary portion may go to housing, but with this income, a reasonable standard of housing is achievable.

Quality of Life

• Lifestyle:
  • Chicago offers an urban lifestyle with a plethora of cultural, dining, and recreational activities.
  • The city has a vibrant arts scene, diverse neighborhoods, and numerous public parks and lakefront activities.
• Commuting:
  • Public transportation is extensive, though traffic congestion can be an issue for those driving.

Access to Healthcare

• Healthcare Quality:
  • Chicago has some renowned healthcare institutions, enhancing accessibility and quality of care.
• Insurance Benefits:
  • A higher income facilitates better health insurance coverage options, contributing to more comprehensive care access.

Quality of K-12 Schools

• Public Schools:
  • Chicago Public Schools vary in performance, with some highly rated and others requiring improvement.
• Private & Charter Schools:
  • There are robust options for private and charter schools, though these entail additional costs.

Summary

Living in Chicago with a $117,555 salary affords a high quality of life in an urban setting, though it's tempered by a higher cost of living. While housing costs are significant, the income allows for a comfortable standard of living relative to national averages. Access to quality healthcare and diverse school options further enhance the living experience, though these may require additional financial allocation. Overall, this income enables a lifestyle that balances the vibrant opportunities and higher expenses of residing in a major city like Chicago.