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Cost of Living in Loop

Is it better to rent or buy in Loop? Explore median costs, utility estimates, and run the numbers on your own budget to see how far your income goes.

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Rent vs. Buy Affordability Calculator

Adjust the sliders to match your scenario. We recommend keeping total housing costs under 40% of your gross income.

$121,091
$2,419/mo

Median in area: $2,419

$470,583

Median in area: $470,583

$94,117

If you Rent

🔑
$2,521 /mo
Base Rent$2,419
Est. Utilities$102
% of Income25.0%
Pre-tax Residual$7,570

If you Buy

🏠
$3,323 /mo
P&I (6.884%)$2,475
Taxes & Ins$746
Est. Utilities$102
% of Income32.9%
Pre-tax Residual$6,768

Compare Nearby Areas

See how Loop stacks up against neighboring areas.

ccaLincoln Park, Chicago, IL
$2,287/mo
ccaNear North Side, Chicago, IL
$2,323/mo
ccaWest Town, Chicago, IL
$2,027/mo
ccaWest Town, Chicago, IL
$488/mo
ccaNear West Side, Chicago, IL
$1,731/mo
ccaLower West Side, Chicago, IL
$1,381/mo
ccaNear South Side, Chicago, IL
$2,495/mo

Cost of Living FAQs

Is it cheaper to rent or buy in Loop?›

Based on median housing data, renting is currently more affordable on a monthly basis in Loop. The estimated all-in monthly cost for renting is $2,521, while owning a median-priced home with a 20% down payment is roughly $3,323 per month (a difference of $802).

How much do utilities cost in Loop?›

The average monthly utility cost (electricity and natural gas) for a typical home in Loop is approximately $102. This estimate uses local utility rate schedules combined with median energy consumption profiles.

What is a good salary to live comfortably in Loop?›

To comfortably afford the median rent and utilities in Loop without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $100,840 per year.