What does a $100,000 salary get you in Chicago these days? Not much, according to new research from GOBankingRates.
Looking at basic expenses, rental costs and other statistics from the country’s 50 largest cities, Chicago ranked as the 13th-most expensive.
In Chicago, those earning $100,000 annually take home $73,259 after income taxes. According to another study by GOBankingRates, Illinois is one of the least tax-friendly states with a flat state income tax of 4.95%, plus the total tax burden for state and federal taxes, which is 26.86%.
From there, GOBankingRates analyzed data from the U.S. Census, Bureau of Labor Statistics and Zillow to determine other average payments:
Annual rent: $24,538
Annual grocery bill: $5,543
Annual healthcare: $5,148
Annual utilities: $4,221
Annual transportation costs: $9,722
Annual miscellaneous costs: $1,067
Total expenses: $50,239
In the end, the total income leftover after those various expenses was just $23,020. Compared to the rest of the country, rent and transportation is especially expensive in Chicago. However, the city does boast lower-than-average utility expenses.