Salary & Cost of Living in Chicago, IL
Chicago, IL: $72,500 median salary, cost of living index 107, $15.00/hr minimum wage. Calculate your take-home pay with our free paycheck calculator.
Median Salary
$72,500
$35/hr
Cost of Living
107
US avg = 100
Minimum Wage
$15.00
per hour
Unemployment
4.2%
rate
Chicago, IL Overview
Population
2,696,555
Median Salary
$72,500
Average Salary
$82,000
Avg Commute
35 min
Median Home Price
$320,000
Median Rent
$1,750/mo
Job Growth
+1.5%
Sales Tax
10.25%
Chicago is located in Illinois with a population of 2,696,555. The median household salary is $72,500 per year ($35/hour), which is $13,116 above the national median of $59,384. The average commute time is 35 minutes, and the city has a job growth rate of +1.5%.
Chicago Paycheck Calculator
Enter your annual salary to see your estimated take-home pay in Chicago, IL, after federal, state, and local taxes.
Estimated Annual Take-Home Pay
$55,801
$4,650.08/month · $2,146.19/biweekly · Effective Rate: 23.0%
Gross Pay
$72,500
Federal Tax
-$7,564
State Tax
-$3,589
Local Tax
$0
FICA
-$5,546
Net Pay
$55,801
Pay Breakdown
| Item | Monthly | Annual |
|---|---|---|
| Gross Salary | $6,041.67 | $72,500.00 |
| Federal Income Tax | -$630.33 | -$7,564.00 |
| Illinois State Tax (4.95%) | -$299.06 | -$3,588.75 |
| Social Security (6.2%) | -$374.58 | -$4,495.00 |
| Medicare (1.45%) | -$87.60 | -$1,051.25 |
| Net Take-Home Pay | $4,650.08 | $55,801.00 |
Salary Comparison: Chicago vs Other Cities
See how Chicago's median salary and cost of living compare to the national average and similar cities.
| City | Median Salary | COL Index | Adj. Salary |
|---|---|---|---|
| Chicago, IL | $72,500 | 107 | $67,757 |
| National Average | $59,384 | 100 | $59,384 |
| Bentonville, AR | $72,500 | 98 | $73,980 |
| Anchorage, AK | $72,800 | 127 | $57,323 |
| Chula Vista, CA | $72,000 | 140 | $51,429 |
| Elk Grove, CA | $72,000 | 115 | $62,609 |
Adjusted salary reflects purchasing power when cost of living is factored in. A higher adjusted salary means your money goes further.
Cost of Living in Chicago
Chicago's cost of living index is 107 (national average = 100). Living in Chicago is 7% more expensive than the national average.
Median Home Price
$320,000
Median Monthly Rent
$1,750
Annual Rent Cost
$21,000
Your Salary's Purchasing Power
Your $55,801 annual take-home pay in Chicago has the purchasing power of approximately $52,150 in an average-cost US area. You would need to earn $77,575 in Chicago to match a $72,500 salary in an average-cost city.
Top Industries in Chicago
Chicago's economy is driven by these key industries. Workers in top industries often earn significantly above the median salary of $72,500.
Salary Tips for Chicago Workers
- Research top industries. Chicago's top industries include Finance, Technology, Healthcare. Targeting roles in these sectors can help you earn above the $72,500 median salary.
- Review your W-4 withholding. If you regularly receive large tax refunds, adjust your W-4 to increase your per-paycheck take-home pay instead of giving the government an interest-free loan.
Explore Salaries Across the US
Compare salary data and cost of living for hundreds of US cities. Find out where your paycheck goes the furthest.
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Frequently Asked Questions
What is the median salary in Chicago, IL?
The median salary in Chicago, IL is $72,500 per year, or $35 per hour. The average salary is $82,000. This is $13,116 above the national median of $59,384.
What is the cost of living in Chicago, IL?
Chicago's cost of living index is 107 (national average = 100), meaning it is 7% more expensive compared to the national average. The median home price is $320,000 and the median monthly rent is $1,750.
What are the best industries in Chicago?
The top industries in Chicago, IL include Finance, Technology, Healthcare. The city has a job growth rate of 1.5% and an unemployment rate of 4.2%. Workers in these industries often earn above the city's median salary of $72,500.
How does Chicago's salary compare to other cities?
Chicago's median salary of $72,500 is 22.1% above the national median of $59,384. However, when adjusted for cost of living (index: 107), the real purchasing power is approximately $67,757.
What is the minimum wage in Chicago, IL?
The minimum wage in Chicago, IL is $15.00 per hour. This equals approximately $31,200 per year for a full-time worker (40 hours/week). This is $7.75 above the federal minimum wage of $7.25/hour.