The High Cost of Living in Chicago: How $172K Salary Feels Like $100K.

According to a recent study by SmartAsset, Chicago residents need to earn an annual income of $172,600 to have the same purchasing power as the average American earning $100,000. The analysis shows that Chicago residents have more purchasing power than those living in cities such as Honolulu, New York, and San Francisco. However, it's still a far cry from many cities in the South, where incomes totaling a lot less feel like much more due to lower taxes and cheaper costs of living. SmartAsset used data from the Council for Community & Economic Research to adjust for cost of living.