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Chicago: Cost of Living – Salary Guide

Many people are choosing to move to Chicago, due to a relocation or promotion, to pursue a new career opportunity, to be closer to extended family, or simply because they wish to live in an area with great cultural amenities and an active nightlife. If you are considering a move to Chicago, or any city, make sure that you include cost of living and a salary guide in your research.

Cost of Living

The cost of living varies from region to region, state to state, and city to city. In order to keep their figures current, the U.S. Department of Labor is continually doing cost of living surveys and publishing them both in hard copy (found at your local library) and on their website (www.dol.gov). A small sampling of cost of living statistics of various cities for 2005 (year to date) is listed below. If your city is not listed here, check the Department of Labor’s website to get your city’s current statistics.

City 2005  Year to Date Cost of Living*
San Diego 218.3
Boston 213.9
San Francisco 201.5
Seattle 199.2
Honolulu 195.0
2005 U.S. Average 193.2
Minneapolis-St. Paul 192.4
Chicago 192.0
Miami 191.8
Detroit 188.7
Pittsburgh 187.8
St. Louis 185.0
Milwaukee 183.1
Dallas 182.0
Phoenix 107.3

Chicago Salary Guide by Occupation

The Bureau of Labor Statistics offers a salary guide for various occupations in the major metropolitan areas. The most current statistics for the Chicago metro area can be found online at http://www.bls.gov/ncs/ocs/sp/ncbl0719.txt. This is currently a 63 page document covering an unbelievable number of sub-groups and jobs within each occupation. All salaries are listed as hourly rates, enabling an easy comparison for those who are contemplating a career change.

Salary Calculator

A salary calculator is a useful tool that will calculate the salary you would need to receive in your new place of residence in order to keep your current standard of living. For those contemplating a move due to a relocation or transfer, this offers an easy tool to determine whether the move is a good financial decision. A move to be closer to one’s extended family would use the same tools; however, the benefit of being closer to family is one that would have to be looked at in addition to the statistics.

Those considering a move to Chicago in order to enjoy the city’s cultural amenities would be in a similar position as those moving to be near relatives. You can’t put a dollar figure on the benefit of Chicago’s cultural amenities; you must decide for yourself what that is worth to you.

Finally, for those contemplating a career change along with the move to Chicago, the salary calculator can be used in conjunction with the pay figures from the Bureau of Labor Statistics to determine whether a career change is a good decision and, if so, which of the careers you are contemplating would be the best for you financially.

Are You Ready to Make the Move?

Once you have done your research on Chicago, its cost of living, and its salary guide, it’s time to make the decision based on the information and data you have found. If you are ready to relocate, no matter the reason, contact a Chicago Realtor now – before interest rates go up. Your Realtor offers many services that can assist you by doing the preliminary housing research for you so that you will be able to spend your time wisely when searching for your new home.