When looking for a new apartment in Chicago, you must consider not only the monthly rent but also the cost of utilities.
Apartment tenants should budget $100-$150 per month for utilities, according to U.S. News, but these figures might vary based on the building and what they cover.
Electricity, gas, and internet/cable costs are normally your responsibility in most apartments, as the building typically covers water, sewer, and garbage.
Here’s how to figure out how much your utilities will cost in Chicago:
Power: In Chicago, the average monthly cost of electricity is $105.49. This will most certainly be the most expensive of the utilities, especially during the summer when the air conditioner is continually on. Some businesses offer even billing to cope with pricing fluctuations throughout the year. Even billing is calculated by taking the average of your energy usage over the course of the year and calculating an even monthly base charge.
Petrol: The average monthly cost of gas in Chicago is $96.99. Your gas payment will be the inverse to assist offset the costs incurred during the warmer months when electricity spikes. Your gas bill will climb when the temperature drops, and vice versa.
Internet: In Chicago, the average cost of internet (60Mbps) is $61.15. This fee may vary depending on the internet speed you require. You can save a little money here if you don’t mind a slower connection.
Cable: The average cost of cable in the United States is $100. As cable alternatives gain hold, you may be able to save money by opting for a less expensive package that just includes a handful of your favorite channels. Sling TV, which costs $35 per month, Hulu with Live TV, which costs $64.99 per month, and YouTube TV, which costs $64.99 per month, are just a handful of the cable alternatives available.
Water: The average cost of water in the United States is $40, but you won’t have to worry about this in your apartment.
Sewer/Garbage: The city of Chicago levies each unit a $9.50 monthly garbage fee, although your apartment building will most likely manage this.
It’s time to start looking for an apartment now that you’ve added utility expenditures to your monthly budget.
Working with an expert Luxury Living broker can assist you in estimating a suitable monthly range for utility bills in your new apartment and provide advice on how to properly budget for city life.
How much do Chicago utility bills cost?
Services and Utilities The average cost of utilities in Chicago is $132, which includes gas, electricity, water, and rubbish collection. Chicago’s utilities are around 7% less expensive than the rest of the country. In Chicago, home internet service adds around $68 to your monthly budget.
How much does it cost to heat a home in Chicago?
According to a Crain’s study based on data from Peoples Gas and gas-price futures, the average Chicago household’s five-month heating bill will be roughly $938, or $188 per month on average, assuming regular winter weather. According to a representative for Peoples, the prediction matches what they expect.
That would be a 35 percent rise over last year’s average household gas bill of $693, or $139 per month, during the entire five-month heating season.
In the suburbs, the growth is projected to be larger. Nicor Gas estimates a five-month heating expense of $674, or $135 a month, for the average household in its vast suburban zone. This is up from $455 last season by 48 percent.
Residents may be surprised by these fees, but this issue has been years in the making, with plenty of warnings. Peoples, which services the city of Chicago, and Nicor are both charging significantly more for supplying fuel to homes and businesses than they used to. This is due to massive infrastructure spending, which they are recouping from ratepayers and profiting from. The financial impact on ratepayers has been mitigated by historically low gas prices over the last many years. Utilities do not profit on commodity purchases and pass them on to ratepayers at cost.
However, rock-bottom commodity prices do not last indefinitely. Companies and authorities must now prepare for a housing affordability issue, especially in the city.
“As it is, so many individuals in the city are having difficulty paying their bills,” says David Kolata, executive director of the Citizens Utility Board, a consumer advocacy group.
This is a moment of truth that had been waiting to happen for a long time. The out-of-control infrastructure investments have been partially covered.
How much does a typical Chicago energy bill cost?
Electricity is the most expensive of all the different utilities. In Chicago, the average cost of electricity is 14.8 cents per kWh. To give you an idea, a 750 square foot apartment uses 750 kWh a month on average.
Given this, the average monthly cost of power in Chicago is $105 per month. However, the price varies depending on the service provider.
Of course, the cost of your appliance, the amount of heat or air conditioning you require, and your consumption habits all play a role.
How much should I set aside each month for gas?
The average American spends between $150 and $200 each month on gas, to give you a ballpark estimate for your budget. However, your actual gasoline prices will be determined by a number of factors, including where you live, how frequently you drive, and the fuel grade you use in your vehicle.
Why is Illinois’ gas bill so high?
“Increased demand resulting from individuals spending more time and consuming more natural gas at home, falling temperatures, and economic inflation have caused natural gas prices to climb around the world, including right here in Illinois,” Nicor Gas stated in a statement to FOX 32 Chicago.
In Chicago, how often do you pay your water bill?
How frequently should I expect to receive a water bill? There are two billing cycles for us. Account numbers beginning with 100 are generated at the end of odd months, whereas account numbers beginning with 300 are generated at the conclusion of even months. Each bill is due on the 15th of the following month.
In Illinois, how much do utilities cost each month?
Utilities are one area where you can save money if you live in Illinois. The average cost of power and internet in the city and state is ten percent lower. You should expect a monthly electricity cost of $151.23 and a monthly phone bill of $161.21.
If you want to rent in Illinois, your landlord may be willing to cover your water and garbage collection charges. Utilities might account for anywhere from 10% to 20% of a renter’s overall expenditure.
In Chicago, what is a livable wage?
Are you unsure how much money you’ll need to live comfortably in Chicago? In Chicago, the recommended household income for a one-bedroom apartment is $51,360 per year, or $22.22 per hour.
The “living wage,” on the other hand, is defined as the minimum amount of money required to live above the poverty line. For a full-time working single individual in Chicago, the living wage is roughly $16.08 per hour. Restaurant, entertainment, and vacation costs are not included. It also excludes the possibility of saving.
If you’re not sure how much money you’ll need to live comfortably in Chicago, compare your salary to typical rent costs to find a property that matches your budget. If your one-bedroom Chicago condo costs $1,917 per month, your monthly wages should be at least $6,390 per month, or $76,860 per year.
The annual rent of $76,860 adheres to the rule that you should not spend more than 30% of your monthly income on rent. Chicago is a cultural and entertainment hotspot. So, if you want to enjoy such attractions, you’ll need a pay raise or a side hustle that allows you to earn more money while paying less rent.
In Chicago, roommates are also common as a way to cut costs and build a financial cushion for a more reasonable lifestyle.
Why are Chicago’s gas costs so high?
Increased demand and rising oil prices are pushing up fuel prices, as concerns about less Russian oil entering the global market grow. Oil prices are projected to soar further more if China’s COVID restrictions are lifted.