Chicago a Top Market for Pay Increases

hand with dollarsIf you’re a Chicago resident, be prepared for a slightly fatter paycheck this year. According to PayScale.com, a web site that gathers salary and career data, the Chicago area experienced one of the largest wage and salary increases of any U.S. metro.
The PayScale assessment collected data for 20 of the largest U.S. metros, and Chicago ranked as number seven on the list. Wages in Chicago increased 3.8 percent during the past year, which is a bit higher than the national average of 3.5 percent.
“Many annual wage growth numbers are the highest they’ve been since 2006 and every metro experienced an annual growth in wages,” said Katie Bardaro, PayScale’s lead economist.
The wage increase could certainly be good news for Chicago new homes for sale. Two of the main reasons preventing prospective homeowners from purchasing a home are high rents and difficulty putting away money for a mortgage payment. However, if wages continue to increase, more residents will be able to make the leap from renting to owning.
According to SimplyHired.com, the average salary for jobs in Chicago is $37,658, and the median income of households in Chicago is $41,015.

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