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AGOBankingRates surveycalculated thecost of livingin the 50 largest U.S. states and ranked Chicago at No.
28, with an average annual cost of $40,179.
Heres why living in Chicagocosts around $40,000 a year.
According to Payscale, Chicagos grocery prices are 5% higher than the national average.
Thankfully, groceries are one of the budget categories where there are numerous ways to save.
But higher grocery prices arent the only food costs that may eat up your budget in Chicago.
The citys 7,300 restaurants can make it easy to overspend on dining out and ordering in as well.
Additionally, Illinois received a Health Care Affordability ranking of No.
31 from U.S. News & World Report.
Themedian monthly mortgage paymentfor homeowners is $2,105.
However, Payscale data shows that Chicagoans pay only 3% less than the national average across all utilities.
So higher water and other utility costs may offset the citys lower electricity costs.
Aone-month parking passfor a ParkChicago lot or garage costs $43.60 to $119.
Of course, parking costs are in addition to the other expenses associated with car ownership.
Payscale says gas prices in Chicago are 27% higher than the national average.
If you really want to save, ride a bike.
Entertainment options are numerous, and some are costly.
However, depending on your households size and other circumstances, your expenses could be considerably higher.
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