Discretionary Income in Chicago, IL in 2024
Discretionary income is the money that’s left over after taxes and cost of living expenses, and you can have more of it – if you know where to live and work. Discretionary Income = Gross Salary – Taxes – Cost of Living
Chicago, IL is ranked 288th out of the top 333 most populated cities in the U.S. for having the highest discretionary income. Therefore, it is considered as one of the cities, where on average per month, you will have the least amount of money left in your pocket compared to other cities.
Monthly Discretionary Income for Renters in Chicago, IL
Gross Salary
$8,333
Taxes
$1,601
Cost of Living
$4,842
Discretionary Income
$1,890
With a gross annual salary of $100,000 in Chicago, IL, you would need to deduct approximately $1,601 per month for taxes. Given that the average cost of living in Chicago is $4,842, you would have around $1,890 remaining in your pocket each month after expenses.
The following table calculates the expected Discretionary Income for each salary bracket in Chicago, IL, regardless of household composition or number of income earners.
Salary and Discretionary Income Per Gross Salary Level in Chicago, IL in 2024
| Gross Annual Salary | Estimated Monthly Discretionary Income in Chicago, IL |
|---|---|
| $30,000 | -$2,609 |
| $40,000 | -$1,917 |
| $50,000 | -$1,225 |
| $60,000 | -$545 |
| $70,000 | $64 |
| $80,000 | $673 |
| $90,000 | $1,282 |
| $100,000 | $1,890 |
| $110,000 | $2,498 |
| $120,000 | $3,090 |
| $130,000 | $3,682 |
| $140,000 | $4,274 |
| $150,000 | $4,866 |
| $175,000 | $6,346 |
| $200,000 | $7,800 |
| $250,000 | $10,414 |
| $300,000 | $12,917 |
| $350,000 | $15,419 |
| $400,000 | $17,921 |
| $450,000 | $20,423 |
| $500,000 | $22,925 |
Discretionary Income in Chicago, IL in 2024
Discretionary income is the money that’s left over after taxes and cost of living expenses, and you can have more of it – if you know where to live and work. Discretionary Income = Gross Salary – Taxes – Cost of Living
Chicago, IL is ranked 284th out of the top 333 most populated cities in the U.S. for having the highest discretionary income for singles. Therefore, it is considered as one of the cities, where on average per month, you will have the least amount of money left in your pocket compared to other cities.
Monthly Discretionary Income for Renters in Chicago, IL
Gross Salary
$8,333
Taxes
$1,601
Cost of Living
$3,195
Discretionary Income
$3,538
With a gross annual salary of $100,000 in Chicago, IL, a single person would need to deduct approximately $1,601 per month for taxes. Considering the average cost of living in Chicago is $3,195, singles would have around $3,538 remaining in their pocket each month after expenses.
The following table calculates the expected Discretionary Income for each salary bracket in Chicago, IL, assuming that the gross salary is earned by a single person.
Salary and Discretionary Income Per Gross Salary Level in Chicago, IL in 2024
| Gross Annual Salary | Estimated Monthly Discretionary Income in Chicago, IL |
|---|---|
| $30,000 | -$962 |
| $40,000 | -$270 |
| $50,000 | $423 |
| $60,000 | $1,103 |
| $70,000 | $1,712 |
| $80,000 | $2,320 |
| $90,000 | $2,929 |
| $100,000 | $3,538 |
| $110,000 | $4,145 |
| $120,000 | $4,737 |
| $130,000 | $5,329 |
| $140,000 | $5,921 |
| $150,000 | $6,514 |
| $175,000 | $7,994 |
| $200,000 | $9,447 |
| $250,000 | $12,062 |
| $300,000 | $14,564 |
| $350,000 | $17,066 |
| $400,000 | $19,568 |
| $450,000 | $22,070 |
| $500,000 | $24,572 |
Discretionary Income in Chicago, IL in 2024
Discretionary income is the money that’s left over after taxes and cost of living expenses, and you can have more of it – if you know where to live and work. Discretionary Income = Gross Salary – Taxes – Cost of Living
Chicago, IL is ranked 288th out of the top 333 most populated cities in the U.S. for having the highest discretionary income for couples. Therefore, it is considered as one of the cities, where on average per month, you will have the least amount of money left in your pocket compared to other cities.
Monthly Discretionary Income for Renters in Chicago, IL
Gross Salary
$8,333
Taxes
$1,601
Cost of Living
$4,821
Discretionary Income
$1,911
With a gross annual salary of $100,000 in Chicago, IL, a couple would need to deduct approximately $1,601 per month for taxes. Considering the average cost of living in Chicago is $4,821, couples would have around $1,911 remaining in their pocket each month after expenses.
The following table calculates the expected Discretionary Income for each salary bracket in Chicago, IL, assuming that the gross salary is earned by a couple.
Salary and Discretionary Income Per Gross Salary Level in Chicago, IL in 2024
| Gross Annual Salary | Estimated Monthly Discretionary Income in Chicago, IL |
|---|---|
| $30,000 | -$2,588 |
| $40,000 | -$1,896 |
| $50,000 | -$1,204 |
| $60,000 | -$524 |
| $70,000 | $85 |
| $80,000 | $694 |
| $90,000 | $1,302 |
| $100,000 | $1,911 |
| $110,000 | $2,518 |
| $120,000 | $3,111 |
| $130,000 | $3,703 |
| $140,000 | $4,295 |
| $150,000 | $4,887 |
| $175,000 | $6,367 |
| $200,000 | $7,820 |
| $250,000 | $10,435 |
| $300,000 | $12,937 |
| $350,000 | $15,439 |
| $400,000 | $17,876 |
| $450,000 | $20,295 |
| $500,000 | $22,713 |
Discretionary Income in Chicago, IL in 2024
Discretionary income is the money that’s left over after taxes and cost of living expenses, and you can have more of it – if you know where to live and work. Discretionary Income = Gross Salary – Taxes – Cost of Living
Chicago, IL is ranked 284th out of the top 333 most populated cities in the U.S. for having the highest discretionary income for single parents. Therefore, it is considered as one of the cities, where on average per month, you will have the least amount of money left in your pocket compared to other cities.
Monthly Discretionary Income for Renters in Chicago, IL
Gross Salary
$8,333
Taxes
$1,340
Cost of Living
$4,669
Discretionary Income
$2,325
With a gross annual salary of $100,000 in Chicago, IL, a single parent would need to deduct approximately $1,340 per month for taxes. Considering the average cost of living in Chicago is $4,669, single parents would have around $2,325 remaining in their pocket each month after expenses.
The following table calculates the expected Discretionary Income for each salary bracket in Chicago, IL, assuming that the gross salary is earned by a single parent.
Salary and Discretionary Income Per Gross Salary Level in Chicago, IL in 2024
| Gross Annual Salary | Estimated Monthly Discretionary Income in Chicago, IL |
|---|---|
| $30,000 | -$2,370 |
| $40,000 | -$1,667 |
| $50,000 | -$975 |
| $60,000 | -$282 |
| $70,000 | $410 |
| $80,000 | $1,102 |
| $90,000 | $1,716 |
| $100,000 | $2,325 |
| $110,000 | $2,933 |
| $120,000 | $3,536 |
| $130,000 | $4,128 |
| $140,000 | $4,720 |
| $150,000 | $5,312 |
| $175,000 | $6,792 |
| $200,000 | $8,272 |
| $250,000 | $10,919 |
| $300,000 | $13,426 |
| $350,000 | $15,928 |
| $400,000 | $18,430 |
| $450,000 | $20,932 |
| $500,000 | $23,434 |
Discretionary Income in Chicago, IL in 2024
Discretionary income is the money that’s left over after taxes and cost of living expenses, and you can have more of it – if you know where to live and work. Discretionary Income = Gross Salary – Taxes – Cost of Living
Chicago, IL is ranked 300th out of the top 333 most populated cities in the U.S. for having the highest discretionary income for families. Therefore, it is considered as one of the cities, where on average per month, you will have the least amount of money left in your pocket compared to other cities.
Monthly Discretionary Income for Renters in Chicago, IL
Gross Salary
$8,333
Taxes
$1,099
Cost of Living
$6,683
Discretionary Income
$552
With a gross annual salary of $100,000 in Chicago, IL, a family would need to deduct approximately $1,099 per month for taxes. Considering the average cost of living in Chicago is $6,683, families would have around $552 remaining in their pocket each month after expenses.
The following table calculates the expected Discretionary Income for each salary bracket in Chicago, IL, assuming that the gross salary is earned by the family head(s).
Salary and Discretionary Income Per Gross Salary Level in Chicago, IL in 2024
| Gross Annual Salary | Estimated Monthly Discretionary Income in Chicago, IL |
|---|---|
| $30,000 | -$4,326 |
| $40,000 | -$3,617 |
| $50,000 | -$2,909 |
| $60,000 | -$2,217 |
| $70,000 | -$1,525 |
| $80,000 | -$833 |
| $90,000 | -$141 |
| $100,000 | $552 |
| $110,000 | $1,244 |
| $120,000 | $1,912 |
| $130,000 | $2,521 |
| $140,000 | $3,129 |
| $150,000 | $3,738 |
| $175,000 | $5,260 |
| $200,000 | $6,782 |
| $250,000 | $9,773 |
| $300,000 | $12,734 |
| $350,000 | $15,694 |
| $400,000 | $18,600 |
| $450,000 | $21,227 |
| $500,000 | $23,830 |