Here’s How Much It Costs To Retire in the 15 Largest Chicago Suburbs

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When you think of a relaxing, laidback and balmy place to retire, Chicago definitely doesn’t come to mind. It’s got a population north of 2.6 million, has infamously cold and windy winters, and a high-energy, big-city spirit. But for retirees envisioning a lively, fast-paced environment that actually experiences all four seasons, Chicago charges to the forefront. 

Unfortunately, Chicago is not a cheap place to live; the cost of living here is 14% higher than the national average, according to PayScale. For many retirees living on a fixed income — particularly one that hinges heavily on Social Security benefits — the Chicago life just doesn’t make financial sense. Perhaps the biggest nearby suburbs are more affordable than the city center? Let’s find out. 

In an exclusive new study, GOBankingRates found the cost of living for retirees in Chicago’s largest suburbs. The suburbs, which were sorted from the most populated to the least populated, all have livability scores of at least 73. Here’s what it costs to retire in these locations.

Joliet, Illinois 

• Population: 150,221
• Population ages 65 and older: 15,388 
• Total cost of living annually: $38,448 
• Livability: 76
• Annual cost of living after Social Security: $15,938 
• Cost of living for 15 years, after Social Security: $239,073 

Naperville, Illinois 

• Population: 149,089 
• Population ages 65 and older: 20,733 
• Total cost of living annually: $63,036 
• Livability: 83
• Annual cost of living after Social Security: $40,526 
• Cost of living for 15 years, after Social Security:  $607,895 

Elgin, Illinois 

• Population: 114,190 
• Population ages 65 and older: 14,298 
• Total cost of living annually: $42,678 
• Livability: 82
• Annual cost of living after Social Security: $20,168 
• Cost of living for 15 years, after Social Security:   $302,520 

Bolingbrook, Illinois

• Population: 73,755 
• Population ages 65 and older: 9,105 
• Total cost of living annually: $45,025 
• Livability: 74
• Annual cost of living after Social Security: $22,515 
• Cost of living for 15 years, after Social Security: $337,728 

Palatine, Illinois 

• Population: 67,223 
• Population ages 65 and older: 10,420 
• Total cost of living annually: $49,614 
• Livability: 78
• Annual cost of living after Social Security: $27,104 
• Cost of living for 15 years, after Social Security: $406,564 

Orland Park, Illinois 

• Population: 58,345 
• Population ages 65 and older: 13,922 
• Total cost of living annually: $50,720 
• Livability: 82
• Annual cost of living after Social Security: $28,210 
• Cost of living for 15 years, after Social Security: $423,149

Oak Lawn, Illinois 

• Population: 57,665 
• Population ages 65 and older: 10,647 
• Total cost of living annually: $43,048 
• Livability: 78
• Annual cost of living after Social Security: $20,538 
• Cost of living for 15 years, after Social Security: $308,076 

Berwyn, Illinois 

• Population: 56,556 
• Population ages 65 and older: 7,154 
• Total cost of living annually: $43,049 
• Livability: 80
• Annual cost of living after Social Security: $20,539 
• Cost of living for 15 years, after Social Security: $308,088 

Mount Prospect, Illinois 

• Population: 56,191 
• Population ages 65 and older: 10,167 
• Total cost of living annually: $51,342 
• Livability: 83
• Annual cost of living after Social Security: $28,833 
• Cost of living for 15 years, after Social Security: $432,489 

Tinley Park, Illinois

• Population: 55,571 
• Population ages 65 and older: 10,519 
• Total cost of living annually: $45,258 
• Livability: 73
• Annual cost of living after Social Security: $22,748 
• Cost of living for 15 years, after Social Security: $341,220 

Oak Park, Illinois 

• Population: 53,834 
• Population ages 65 and older: 9,346 
• Total cost of living annually: $56,442 
• Livability: 83
• Annual cost of living after Social Security: $33,932 
• Cost of living for 15 years, after Social Security: $508,977 

Wheaton, Illinois 

• Population: 53,673 
• Population ages 65 and older: 9,016 
• Total cost of living annually: $55,691 
• Livability: 84
• Annual cost of living after Social Security: $33,181 
• Cost of living for 15 years, after Social Security: $497,722 

Downers Grove, Illinois 

• Population: 49,996 
• Population ages 65 and older: 9,878 
• Total cost of living annually: $55,243 
• Livability: 84
• Annual cost of living after Social Security: $32,733 
• Cost of living for 15 years, after Social Security: $490,994 

Glenview, Illinois

• Population: 47,896 
• Population ages 65 and older: 11,759 
• Total cost of living annually: $67,592 
• Livability: 77
• Annual cost of living after Social Security: $45,082 
• Cost of living for 15 years, after Social Security: $676,231 

Elmhurst, Illinois 

• Population: 45,648 
• Population ages 65 and older: 8,130 
• Total cost of living annually: $60,244 
• Livability: 85
• Annual cost of living after Social Security: $37,734 
• Cost of living for 15 years, after Social Security: $566,006 

Methodology: For this study, GOBankingRates found the cost of living for retirees in Chicago’s largest suburbs. First, GOBankingRates found Chicago’s suburbs using Improovy’s Best Chicago Suburb, Dream Town Real Estate’s Chicago Suburbs and Niche.com’s Best Places to Retire. For each location, a number of factors were found including; total population, population ages 65 and over, total households, and household median income all sourced from the U.S. Census American Community Survey. Using this data the percentage of the population ages 65 and over can be calculated. The cost of living indexes were sourced from Sperling’s BestPlaces and include the grocery, healthcare, housing, utilities, transportation, and miscellaneous cost of living indexes. Using the cost of living indexes and the national average expenditure costs, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure cost for each location can be calculated. The livability index was sourced from AreaVibes for each location. The average single-family home value was sourced from Zillow Home Value Index for October 2024. Using the average single-family home value, assuming a 10% downpayment, and using the most recent national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage can be calculated. Using the average mortgage and average expenditure costs, the average total monthly and annual cost of living can be calculated. Using the average Social Security benefits from the Social Security Administration, the total cost of living after Social Security benefits can be calculated. Assuming the person takes a full Social Security benefit at 65 and lives to 80, 15 years of retirement can be calculated. The cities were sorted from the most populated to the least populated. All data was collected on and is up to date as of Nov. 21, 2024.

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