Chicago Market Data

Explore compensation benchmarks, tax liabilities, and cost of living adjustments for professionals in Chicago.

About Chicago

The Midwest’s trading and private equity hub with comparatively moderate housing costs.

Chicago represents a primary financial and business hubin United States, attracting professionals from around the world. The city's strategic location, business-friendly environment, and quality of life make it an attractive destination for career growth and wealth accumulation.

Key Market Indicators

Cost of Living

Index score (100 = global average)

Rent Index

Housing cost indicator

Median Income

$78,500

Estimated professional median

Tax System in United States

The United States employs a progressive federal tax system, with additional state and local taxes varying significantly by jurisdiction. Social Security and Medicare taxes are mandatory deductions.

Example Calculation

For a professional earning $78,500 annually in Chicago:

Gross Income

$78,500

Net Income

$62,964

Tax Rate

19.8%

Monthly Take-Home

$5,247

Popular Salary Benchmarks

Explore compensation data for key roles in Chicago

View All

AI Engineer

$180,000

Estimated base salary

Executive

$250,000

Estimated base salary

Compare with Similar Markets

New York

The global financial capital, characterized by high compensation but significant cost of living and local tax burdens.

San Francisco

The epicenter of global technology, offering the highest base salaries adjusted for a fiercely competitive housing market.

Los Angeles

A media-tech nexus where entertainment, gaming, and aerospace intersect, commanding premium pay with California tax drag.

Boston

Deep biotech and hedge fund density supported by elite universities and a high cost of living.

Washington D.C.

Policy, defense contracting, and consulting anchor premium salaries with steady federal demand.

Austin

A rapidly expanding tech hub benefiting from Texas’s zero state income tax policy.

Frequently Asked Questions

What is the cost of living in Chicago?↓

Chicago has a cost of living index of 56 and a rent index of 84, making it a moderately priced city. Housing costs are particularly high, with prime districts commanding premium rents.

How does the tax system work in United States?↓

The United States employs a progressive federal tax system, with additional state and local taxes varying significantly by jurisdiction. Social Security and Medicare taxes are mandatory deductions.

What is a good salary in Chicago?↓

For professionals in Chicago, we estimate the median income at approximately $78,500. A salary above this level provides comfortable living standards, while salaries significantly below may require careful budgeting, especially for housing in prime districts.

What industries are strongest in Chicago?↓

Chicago is a major business hub with strong presence across multiple sectors. The city's status as a financial and technology center attracts professionals from various industries, with particularly strong opportunities in finance, technology, and professional services.