Chicago Among Top Most Expensive Places Across the World, Ranking Just Below New York City: List

NBCUniversal Media, LLC

Editor's Note: In a previous version of this story, Chicago was listed as "above New York City" at No. 8 on the list. After further analysis, the text was adjusted to reflect accurate comparisons.

Compared to major cities across the globe, Chicago was named among the top most expensive places to live, according to a newly released ranking.

In a list from Budget Direct, Chicago took No. 23 out of 30 cities worldwide when taking the cost of living from the average salary, ranking just one spot below New York City.

Chicago's overall cost of living minus the average salary was equal to $3,379.48, which is what residents are left to spend, the company found. The average monthly salary was $5,489.23, while the average rent for a one-bedroom apartment was $1,837.27 and utilities were $167.71.

In Chicago, Budget Direct found that it typically cost $104.77 each month for transportation. Overall, the cost of living was calculated to be $2,109.75.

Here's where other cities ranked:

  1. Tel Aviv, Israel
  2. Riyadh, Saudi Arabia
  3. Cardiff, Wales
  4. London, United Kingdom
  5. Seoul, Korea
  6. Helsinki, Finland
  7. Manchester, England
  8. Edinburgh, Scotland
  9. Reykjavik, Iceland
  10. Stockholm, Sweden
  11. Tokyo, Japan
  12. Singapore, Singapore
  13. Vancouver, Canada
  14. Munich, Germany
  15. Berlin, Germany
  16. Gothenburg, Sweden
  17. Amsterdam, Netherlands
  18. Copenhagen, Denmark
  19. Oslo, Norway
  20. Sydney, Australia
  21. Melbourne, Australia
  22. New York City, New York
  23. Chicago, Illinois
  24. Canberra, Australia
  25. Toronto, Canada
  26. Los Angeles, California
  27. Houston, Texas
  28. Geneva, Switzerland
  29. San Francisco, California
  30. Seattle, Washington

In order to get the final listing, Budget Direct looked at basic costs such as transport, utilities and rent and measured them against average salaries, the company said in a release.

Chicago also ranked among the most expensive places for fitness and leisure, where the company compared the cost of fuel, a dinner for two and a fitness pass to the average cost of living.

Last month, several Chicago-area suburbs earned spots among the best places to buy a house in Illinois in a new ranking, with three placed in the top 10.

Based on public schools, crime and safety, housing, nightlife, diversity and how good for raising a family, the newly released ranking from Niche gave scores to suburbs across the state.

Suburban Long Grove ranked as the second best place to purchase a home in Illinois, while Kildeer earned a No. 5 spot and Fox River Grove was ranked No. 6.

Long Grove also ranked as the best place to raise a family in Illinois and the fourth best location nationwide, according to the list. The suburb scored an overall A+ score, with an A+ in public schools, A in housing, A+ in "good for families," B in nightlife and B- in diversity.

According to Niche, Long Grove has a population of nearly 8,000 residents with a median home value of $648,700.

Chicago-area's Kildeer, which has a population around 4,000, also earned an A+ overall grade, with an A+ in public schools, A in housing, A+ in "good for families" B+ for crime and safety, B- in nightlife and C+ in diversity, the list showed.

With a median home value of $631,500, Kildeer was also graded an A- in jobs based on employment rates, jobs, business growth and cost of living. The median household income is $211,063, Niche calculated.

Fox River Grove was graded an A+, as well, overall, with an A+ in public schools, A in housing, A+ in "good for families," A- in crime and safety, B+ in nightlife and B in diversity, the list showed.

With a population of 4,676, Niche found that Fox River Grove's median home value is $248,600. The suburb received an A- in jobs with a median household income of $112,917.

After the top 10, here's where some other suburbs ranked:

  • No. 11: Forest Lake
  • No. 13: Indian Head Park
  • No. 15: Riverwoods
  • No. 16: Inverness
  • No. 17: Buffalo Grove
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