Chicago is the third-most cost-effective city — in the world

by Emily Mack

As home affordability remains an issue nationwide — less than a quarter of U.S. listings were within the middle-income price range in April — homebuyers are looking to less expensive areas. And Chicago is high on the list.

According to a new report from Compare the Market, the Windy City ranks No. 3 among the most cost-effective cities in the world.

The Australian consumer comparison service looked at a variety of metrics to determine each city’s cost effectiveness, including inflation levels, income and taxes, as well as the average costs for utilities and groceries. Taking all that into account, Chicago came in third. trailing only Houston and Bucharest, Romania.

Chicago’s income tax rate of 37% and an inflation rate of 5% is offset by the average monthly income of $5,727.36 — also the third-highest income in the study.

The full list of the top 10 most cost-effective cities in the U.S. include:

1. Houston
2. Bucharest, Romania
3. Chicago
4. Phoenix
5. Dallas
6. Philadelphia
7. Los Angeles
8. Madrid, Spain
9. Naples, Italy
10. Barcelona, Spain

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