A new analysis from GOBankingRates shows that earning $100,000 a year is no longer enough to comfortably afford the “American Dream” in any of the 50 largest U.S. cities, including Chicago.
The study found that a household in Chicago needs an income of about $131,868 to maintain a comfortable lifestyle.
Researchers determined this number by analyzing key expenses such as mortgage payments, groceries, childcare, healthcare, transportation, and other costs.
The total annual cost of living in Chicago was calculated at $65,934, meaning a household would need to earn about twice that amount to afford a comfortable lifestyle.
The following information was taken directly from GOBankingRates.com regarding Chicago’s data:
- Household income for the American dream: $131,868
- Total annual cost of living: $65,934
- Grocery costs per year: $8,807
- Average monthly mortgage cost: $1,813
- Child care cost per year: $27,054
Chicago ranks 23rd among the 50 most populated cities in terms of income needed to achieve the “American Dream.”
The costliest cities include Washington, D.C. ($189,306), Boston ($175,628), and New York City ($173,006), where residents need significantly higher salaries to maintain a comfortable standard of living.
With the rising costs of housing, childcare, and daily expenses, many middle-class families are finding it harder to afford what was traditionally considered a comfortable lifestyle.
To read the full report, click HERE.
