What is poverty salary in Chicago? (2024)

What is poverty salary in Chicago?

The poverty level in Illinois is based on the federal level. Illinois uses the federal poverty limit as its base for determining poverty in the state, which means the poverty line for a family of four is $26,200 annually and $2,183 monthly.

Residents can also expect to pay $1,691 per month on average to rent an apartment or townhome. According to the team at GOBankingRates, homeowners need to earn $84,765 per year to live comfortably in Chicago.

Lower-income households had incomes less than $45,200, and upper-income households had incomes greater than $135,600. Pew also released an interactive calculator that helps people determine which category they fall into.

Fuller Park had the city's highest unemployment rate (40 percent), the second-highest percentage of households below the poverty line (55.5 percent), and the second-lowest per-capita income ($9,016). It was one of only two Chicago community areas with a per-capita income below $10,000.

Poverty, as defined by the government, takes into account income and the number of people in the household. At around $20,000, families of three or larger are considered impoverished. (The poverty level is $11,880 for one person and $16,020 for two people.)

What is a comfortable wage in Chicago?

The Chicago cost of living index is 120.

That makes it 20% more expensive than the national average. Groceries and healthcare are right at the national average and transportation is about 26% higher than average. This includes gas, car insurance, car purchase, and maintenance.

The recommended household income for a one-bedroom in Chicago is about $51,360 a year, or $22.22 an hour. However, the "living wage" is defined as the minimum amount of money needed to live above the poverty threshold. For Chicago, the living wage is around $16.08 an hour for a full-time employed single individual.

So households earning more than two-thirds of the state's median income and less than double the state's median income — between $43,000 and $130,000 — are considered middle class.

According to the report, here is how much does it take to be considered "rich" in Chicago: Lowest Income to be Considered "Rich" (Top 20%): $129,772. Average Income of the Top 20%: $253,077. Average Income of the Top 5%: $482,166.

According to recent census data, 1 in 10 Chicago residents are living in extreme poverty, meaning their income is 50 percent below the federal poverty line. 1 in 4 kids in our city are living in poverty.

What are the median and average incomes in Chicago? The average annual household income in Chicago is $94,733, while the median household income sits at $62,097 per year. Residents aged 25 to 44 earn $76,444, while those between 45 and 64 years old have a median wage of $66,118.

Households in Chicago, IL have a median annual income of $61,811, which is less than the median annual income of $65,712 across the entire United States.