When looking for a new apartment in Chicago, you must consider not only the monthly rent but also the cost of utilities.
According to the United States Department of State, According to the news, apartment renters should set aside $100-$150 each month for utilities, though 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.
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 the average 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.
What is the source of my exorbitant Chicago gas bill?
Natural gas prices are expected to nearly triple this winter, reaching a 13-year high and adding hundreds of dollars to heating bills for Chicago-area households due to supply chain delays and higher demand.
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.
Is it more expensive to use gas than electricity?
Which is less expensive: gas or electricity? On a regular basis, gas energy is far less expensive to run than electricity, but the overall costs of installation, maintenance, and running expenses favor electricity, and the average lifetime of items also outlasts gas.
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.
Why is my water bill in Chicago so high?
- Water loss: Due to leaking pipes, Chicagoland towns lost 25 billion gallons of water last year, totaling $9 million. One community lost 38.7% of its water supply.
- Upgrades: Replacing deteriorated pipes, pumps, hydrants, and meters is costly. According to the Chicago Tribune, a fifth of the pipes pumping water from Lake Michigan are over 60 years old, quoting the Illinois Department of Natural Resources.
- Other municipalities: The farther you reside from Lake Michigan, the higher your cost will be because communities nearby to you will charge you for that water. Water from Lake Michigan is sent to certain cities after it goes through numerous others, with each transaction producing a markup.
- How is your water usage assessed: Are you metered for your water usage? Some governments may simply charge you a flat cost for water service, which means you won’t be paid for how much water you really use. As a result, many clients may end up paying more than they should. It also removes the motivation to be efficient. If you can’t save money, why save water? The MeterSave program in Chicago allows residents to have a meter put in their home to conserve water and money. (For more information on the MeterSave initiative, see our fact sheet.)
- Billing frequency: Some communities may only bill you every few months, resulting in higher but fewer invoices.
- Inefficiency at home: According to the EPA, the average family can waste 180 gallons of water per week, or 9,400 gallons per year, due to leaks in the home. More than 300 loads of clothes could be washed with that amount of water.
- Private water companies are motivated by profitin a dispute before state regulators, Illinois American recently achieved an exorbitant profit rate for stockholders of about 10%. Rate increases also cover the costs of private utilities purchasing another town’s public water infrastructure.
Is rent in Chicago expensive?
One of the key reasons why Chicago home prices are lower than the national average is the city’s surplus of housing supply, which has pushed down home prices. Chicago real estate hasn’t appreciated as much as the rest of the country, with a 2.20 percent appreciation rate. If you’re seeking to relocate, now could be an excellent time to buy and save money.
Should I Buy or Rent in Chicago?
Renting in Chicago is prohibitively pricey. In 2021, the average rent for an apartment in Chicago will be $1,826. This represents a 1.15 percent gain over the previous year. Rent in Chicago is more than the national average of $1,588 for a one-bedroom apartment.
When compared to other large cities such as San Francisco, where the average rent is $3,500 per month, or New York, where the average rent is $3,000 per month, Chicago is an excellent value.
Some Chicago areas have costs that are comparable to those in San Francisco or New York. Rent in River North will set you back $2,600 per month, while Streeterville would set you back $2,566 per month. Both Austin and The Island areas offer more modest rent alternatives, starting at $562 per month.
Buying a home instead of renting may make more sense now that property prices are substantially below the national average. Chicago, on the other hand, has one of the highest property taxes in the country, at 2.27 percent, second only to New Jersey. So, on a $217,500 home, you’ll spend $4,942, compared to around $600 in Hawaii for the same property.