Working in Chicago can be an amazing experience. The gorgeous views of Lake Michigan, amazing food, and some beach fun are some of the best things about the city. It offers the perks of city life while maintaining a homely feel. It is ranked as one of the best cities to live in the world. Chicago has lots of business opportunities in all sectors. Even though it went through a recession recently, Chicago is currently experiencing high growth rates. If you plan on moving to the city you may have questions about the average salary in Chicago for software engineer, project managers, and other common job titles.
What is the average salary in Chicago? Is $101,000 and the cost of living is about 23% above the national average. Some of the most popular job titles in the city include operations manager, project manager, and software engineer. The salaries for these jobs range from $41,000 to $128,000.
Whether you plan on moving to Chicago or you are just curious, you may have questions about the average salary, the cost of living, and whether it is the right fit for you. One of the most significant questions is What is a good salary in Chicago?’ Keep reading to find out more about jobs in the city.
THE AVERAGE SALARY IN CHICAGO
The average salary in Chicago is $101,000. The salaries typically range from $13,700 to $449,000. The average salary includes the costs of transport, housing, and other benefits. Variations in salary depend on your career type, experience, and job title.
The median salary is $109,000. This means half of the population earns more than $109,000 and the other half earns less. If you are wondering ‘ what is a good salary in Chicago?’ $109,000 allows you to be on the top half of the population.
25% of the population in Chicago earns below $55,400 and 75% earns more than $55,400. 25% of the population earns over $301,000 and 75% earns less than $301,000.
In Chicago, the experience is the biggest determiner of your average salary. The more experience you have, the higher your wage. With two to five years’ experience, you are likely to earn 32% more than juniors in the same industry. You can earn up to 36% more than juniors or those with minimal experience if you have over five years’ experience. When you have more than ten years’ experience, your salary may increase by up to 21%. After 15 years, it increases by 14% more. However, some companies may offer better pay than others. Even though gender should not determine your salary in Chicago, the reality is that it does. Male employees earn more than female ones.
The minimal salary in Chicago is $13.00 per hour. In Illinois, it is $9.25. However, minors may earn $7.75 per hour.
Some of the best-paying professionals in Chicago are surgeons, chief executives, podiatrists, anesthesiologists, obstetricians/gynecologists, and general practitioners. The average salary for surgeons is $255,580. Obstetricians and gynecologists earn an average of $211,500, and chief executives earn about $188,500.
Some of the most popular professions are software engineers, operations managers, and marketing managers. The average salary in Chicago for software engineer is $83,000. Operations managers earn about $67,000, account managers earn an average of $56,000, and executive assistants earn about $59,000.
Some of the biggest employers in Chicago include the University of Chicago, United Airlines Inc., The Northern Company, and Accenture. The average salary at the University of Chicago is $48,000 to $108,000. United Airlines employees earn an average of $52,000 to $121,000.
Some of the most common jobs in Chicago and their salaries include:
- Software engineer $83,000Operations manager $67,000
- Project manager $76,000
- Podiatrist $177,480
- Account manager $56,000
- Psychiatrist $152,080
- Physicians $173,810
- Financial analyst $61,000
- Marketing manager $70,000
- Executive assistant $59,000
- Anesthesiologist $148,460
- Financial manager $132,010
- Management analyst $84,230
- Advertising managers $109,260
- Statisticians $85,450
- Data scientist $163, 500
- Nurse educator $70,000
- Network security engineer $85,000
- Web developers $73,830
- Personal care aides $23,060
AVERAGE HOUSEHOLD INCOME CHICAGO SUBURBS?
In Chicago, your neighbourhood may determine the salary you receive. Employers in certain neighbourhoods may pay more than others.
Bridgeport is one of the best neighbourhoods. It is a walkable suburban community with all the right amenities. Walking around, you will come across lots of beautiful cottages and brick flats. It is a great suburb for both renting and buying. The median property value is $62,500. It is well-connected and close to plenty of entertainment options. The average household income in Bridgeport is $60,422. The neighbourhood employs over 770 people and some of the top industries include manufacturing, retail trade, finance & insurance, construction, and health care & social assistance.
Beverley is another great neighbourhood. The homes in this neighbourhood have plenty of space. There is a variety of architectural designs. 76% of the homes in this neighbourhood are owed. It is a family-friendly neighbourhood with lots of amenities such as schools, healthcare centres, and shopping facilities. Over 70% of the residents are families. The average household income is $106,700.
Oak Park is a suburban community that allows you to enjoy the perks of city life. It is well-connected and the homes are striking. It has the biggest concentration of Prairie School architecture in the United States. There are lots of landmarks, family-friendly entertainment options, and job opportunities.
The average household income in the community is $127,789. The median rental cost is $1,147 per month, and the median home value is $374,500.
The average household income Chicago suburbs vary depending on the suburb where you live.
DOES THE COST OF LIVING MATCH THE AVERAGE SALARY IN CHICAGO?
The average cost of living in Chicago is 106.9 with the cost of housing being the most significant. The architectural splendour of the city is unmatched. However, the cost of rent is a lot better than in most similar towns. However, the cost of buying a home can be very high. It is mostly due to the 2008 fall of real estate market prices. However, things have been picking up over the past years. The median price for single-family homes is $243,300.
The costs of utilities, groceries, and healthcare are lower than the natural average. However, the costs of transportation and higher may be higher. On average, the cost of basic utilities such as water, heating, and electricity bills is $130.97. With the internet, it can go up to $215.
Even though public transportation in Chicago is reliable, it can be costly. The cost of an unlimited monthly pass from the Chicago Transit Authority is $105. If you need your car to get around the city, you need to pay for a vehicle sticker. The sticker for a mid-sized van or SUV is $139.48 the sticker for a regular passenger car costs $87.82.
To afford a comfortable life in Chicago, you need a salary of about $84,765 if you are a homeowner and $94,917 as a renter. With these salaries, you can comfortably afford the costs of transportation, utilities, groceries, and housing. However, many Chicagoans do not earn enough.
However, the area, where you live, determines how much you need. There are significant differences in the costs of childcare, groceries, gasoline, and utilities depending on your neighborhood.
THE AVERAGE SALARY IN CHICAGO AND OTHER REASONS TO WORK IN THE CITY
The cost of living in Chicago is fair but it isn’t the only reason to work in the city. The quality of life, cost of living, and salaries are all great. Startups in Chicago have a lot to enjoy. The wide market, strong connection, and fair cost of operations are just some of them. There is plenty of support for entrepreneurs and small business owners.
Chicago is a melting pot of cultures so you can fit it regardless of your ethnic or cultural background. The foods and cultures are diverse.
Even though the cost of buying a property in Chicago is high, rent is affordable in most parts. The cost of living and renting in Chicago matches the average salary. The cost of housing in Chicago is unlikely to put a dent in your pockets.
Even though Chicago is a big city, commuting is surprisingly easy. The streets are wide and you don’t need to worry about tight traffic. On average, the commute time to work may be 30-40 minutes. You can access airports easily and Chicago is close to Colorado and New York. A trip to the airport could take less than 30 minutes.
Chicago offers all the perks of city life without feeling too closed-off. There are lots of beautiful beaches and green spaces. You can take advantage of the numerous job opportunities without feeling like you are in a concrete jungle.
Chicago is a great place for sports lovers. Lots of sports teams compete in the city. The city has more than 15 sports teams. It has lots of other entertainment options as well. With this information, you need to know as an expat if Chicago is a great place to move to. Therefore, as a professional, you can make the right decisions.
About the author: Marta Kovachek is the author of this article. She graduated from the University of Chicago with a master’s degree in Economics. Marta enjoys writing about the current economic situation and loves helping our readers to find their next "destination". From places to live to complex social and economic topics, we always enjoy Marta's work. Please contact us in case of any questions.