Quality of Life in Chicago, IL for a $119,170 Annual Salary
Income and Cost of Living
- Average Salary: An annual salary of $119,170 is above the median household income in Chicago, providing a solid financial footing.
- Cost of Living Index: Chicago's cost of living index is slightly above the national average, with a ranking around 106, meaning it is 6% higher than the U.S. average.
- Essentials: Groceries, utilities, and transportation costs are relatively reasonable, but tend to be slightly higher than national averages.
Housing Market
- Home Prices: The median home price in Chicago is competitive compared to coastal cities but higher than the U.S. average, sitting around $325,000.
- Rent: Rental prices are moderate yet can be a significant portion of monthly expenses, especially in popular neighborhoods.
- Affordability: On this salary, purchasing a home is feasible, particularly if one looks outside the downtown core or in emerging neighborhoods.
Quality of Life
- Cultural Opportunities: Chicago is rich in arts, culture, and entertainment with its museums, theaters, and vibrant food scene, enhancing quality of life.
- Recreation and Green Space: The city offers numerous parks and access to Lake Michigan, providing plenty of outdoor activities.
Access to Healthcare
- Healthcare Systems: Chicago boasts some of the nation’s best hospitals and medical facilities, ensuring high-quality healthcare.
- Insurance Options: With an above-average income, accessing a range of insurance options is more manageable, contributing to overall wellbeing.
Quality of K-12 Schools
- Public Education: The city’s public school system is varied, with some high-performing schools but also disparities in quality across different neighborhoods.
- Private and Charter Options: Numerous private and charter schools provide alternatives, benefiting those who can afford them.
- Investment in Education: The city invests in enhancing educational facilities, although challenges remain in equalizing quality across districts.
Summary
Living in Chicago with an annual income of $119,170 offers a comfortable lifestyle with access to diverse culture, quality healthcare, and reasonable housing options. The cost of living is manageable with prudent budgetary planning, allowing for a balanced life that encompasses leisure, education, and healthcare. While certain living costs are higher than the national average, the cultural and recreational benefits, alongside strong healthcare
