Budgeting for a 2 Bedroom Chicago Apartment

The vibrant and bustling city of Chicago, known for its diverse neighborhoods and rich culture, offers a wide range of housing options. If you’re considering renting a 2 bedroom apartment in the Windy City, it’s essential to create a budget that takes into account various factors, including rent, utilities, and the cost of living.

In this blog, we will explore the average utility bills for a 2 bedroom apartment, the average rent for such apartments in Chicago, and the general cost of living in downtown Chicago to help you plan your budget effectively.

Average Rent for a 2 Bedroom Apartment in Chicago

Before diving into budgeting specifics, let’s address the average rent for a 2 bedroom apartment in Chicago.

Rental prices can vary depending on the neighborhood, amenities, and proximity to downtown. On average, you can expect to pay around $3,500 to $5,000 per month for a 2 bedroom apartment in the city. Naturally, popular neighborhoods like River North, Streeterville, and Old Town tend to have higher rental prices compared to areas further from downtown:

• River North: $4,936
• West Loop: $4,437
• The Loop: $4,339
• Streeterville: $4,871
• South Loop: $3,758
• Lincoln Park: $4,588
• Old Town: $4,774

Average Utility Bills for a 2 Bedroom Apartment

When planning your budget, it’s crucial to consider the average utility bills associated with a 2 bedroom apartment in Chicago. These expenses typically include electricity, gas, water, heating, and internet. Keep in mind that usage and rates may vary based on personal habits, apartment size, and seasonality.

On average, residents in a 2 bedroom apartment in Chicago can expect to pay:

1. Electricity: The average monthly electricity bill can range from $50 to $100, depending on your usage and the efficiency of your appliances.
2. Gas: Gas bills for heating and cooking generally amount to around $30 to $70 per month, although costs may be higher during colder winter months.
3. Water: Water bills in Chicago typically range from $30 to $70 per month, but you most likely won’t have to worry about this cost in your apartment.
4. Internet: High-speed internet services in Chicago cost approximately $50 to $80 per month, depending on the provider and plan you choose.

General Cost of Living in Downtown Chicago

Apart from rent and utilities, it’s important to consider the overall cost of living in downtown Chicago. The cost of groceries, dining out, transportation, entertainment, and healthcare can impact your monthly budget.

1. Groceries: On average, a couple can expect to spend around $400 to $600 per month on groceries in downtown Chicago. Prices may vary depending on dietary preferences and shopping habits.
2. Dining Out: Chicago is renowned for its culinary scene, offering a plethora of dining options. Eating out at restaurants can range from $15 to $75 per person, depending on the establishment and meal choice.
3. Transportation: Chicago has an excellent public transportation system, including buses and trains (CTA). A monthly unlimited pass for public transportation costs around $105. If you own a car, you should budget for parking fees, gas, and potential tolls.
4. Entertainment: Chicago offers a wide range of entertainment options, from museums and theaters to concerts and sports events. Depending on your preferences, budgeting around $100 to $200 per month for entertainment is a reasonable estimate.
5. Healthcare: Healthcare costs can vary depending on insurance coverage. It is advisable to budget for health insurance premiums, co-pays, and any out-of-pocket expenses.

When budgeting for a 2 bedroom apartment in downtown Chicago, it’s important to consider the average rent, utility bills, and general cost of living. By carefully planning and monitoring your expenses, you can allocate your financial resources effectively while enjoying the vibrant city.

With proper budgeting, you can find a comfortable 2 bedroom apartment in Chicago that fits within your financial goals. Explore available 2-bedroom apartments for rent in Chicago below!