Average Rental Prices, Salaries, and Job Market in Chicago in July 2023

Chicago, the third-largest city in the United States with a population of around 2.7 million people, is one of the most popular places to live and work. In July 2023, the average rental prices in Chicago are as follows:

Average Rental Prices in Chicago in July 2023

Type of Accommodation	Average Price (per month)
Studio	$1,575
One Bedroom	$1,930
Two Bedrooms	$2,400
Three Bedrooms	$3,000
Four Bedrooms	$3,600

Most Expensive and Affordable Neighborhoods for Renting in Chicago

If you are looking for affordable housing in Chicago, you may be interested in knowing about the cheapest neighborhoods in the city. Here are a few of them:

Table 2: Most Affordable Neighborhoods in Chicago for Renting One-Bedroom Apartments

Neighborhood	Average Price
Chatham	$825/mo
Auburn Gresham	$890/mo
Austin	$950/mo

On the other hand, if you are looking for luxury housing and are willing to pay more, here are a few of the most expensive neighborhoods in Chicago:

Table 3: Most Expensive Neighborhoods in Chicago for Renting One-Bedroom Apartments

Neighborhood	Average Price
Near West Side	$2,910/mo
Near North Side	$2,710/mo
Loop	$2,550/mo

Job Market, Major Employers, and Average Salaries in Chicago in July 2023

Chicago is a major employment hub and offers numerous job opportunities. Here are some of the largest employers in Chicago:

Table 4: Major Employers in Chicago

Employer	Number of Employees
Chicago Public Schools	24,000+
Walgreens	11,000+
Abbvie	9,000+
McDonald’s	9,000+
University Of Illinois At Chicago	9,000+
Abbott	8,000+

Additionally, Chicago offers diverse industries for employment. Here are some of the key employment sectors in the city:

Table 5: Key Employment Sectors in Chicago

Rank	Industry	Number of Employees
1	Healthcare and Medical	214,000+
2	Information Technology	137,000+
3	Higher Education	129,000+
4	Financial Services	125,000+
5	Real Estate	106,000+

In July 2023, the average net salary (after tax) in Chicago is $6,330.

Pros and Cons of Living in Chicago

Pros of Living in Chicago:

Cultural and Entertainment Variety: Chicago is a cultural and entertainment hub, offering a rich selection of museums, theaters, concert halls, restaurants, and shops. The city is known for its world-class festivals, such as the Chicago Hot Air Balloon Festival and the Chicago Wave.

Beautiful Architecture: Chicago is renowned for its magnificent skyscrapers and architectural masterpieces. The city is known for its iconic buildings such as the Willis Tower, John Hancock Center, and Millennium Park.

Attractive Job Market: Chicago offers plenty of opportunities for employment in various industries such as healthcare, information technology, higher education, and financial services. Major employers such as Chicago Public Schools, Walgreens, and McDonald’s provide stable jobs and opportunities for career growth.

Public Transportation: Chicago has an extensive public transportation system including trains, buses, and the subway. This makes getting around the city easier, especially for those without a car.

Cons of Living in Chicago:

Weather: Chicago is known for its cold winters and hot summers. The climate can be unpredictable, with sudden temperature changes and frequent precipitation.

Crime: Some areas of Chicago have high crime rates. Certain neighborhoods can be dangerous, and residents need to be cautious and take precautions.

Expensive Real Estate: While there are affordable neighborhoods for renting housing in Chicago, some areas, especially downtown, can be very expensive. High rental and property prices can be a challenge for some residents.

Traffic Congestion: Chicago has heavy traffic, particularly during rush hours. Traffic jams and delays can be a common occurrence, making commuting within the city difficult.

Overall, living in Chicago has its pros and cons. The city offers a variety of cultural and entertainment opportunities, has beautiful architecture, and an attractive job market. Public transportation facilitates getting around. However, the negatives include unpredictable weather, high crime rates in some areas, expensive real estate, and traffic congestion. Personal preferences and priorities will play an important role in deciding how well living in Chicago suits an individual.

Conclusion

Chicago offers diverse opportunities for housing rentals and employment. Average rental prices in July 2023 vary depending on the type of accommodation. Additionally, the city offers both affordable and luxurious neighborhoods for living. Chicago’s job market is also diverse, with major employers in various industries. The average salary in the city is also attractive for many. Overall, Chicago is an attractive place to live and work.