Here’s How Expensive It Is To Park In Chicago

CHICAGO, IL — While not the highest in the country, Chicago's parking rates rank in the top 10 among major U.S. metro areas, according to a new index released by Parkopedia. New York City earned the distinction of having the highest parking rates in three of the index's four categories, the study found.

The index ranks parking rates in the central business districts of the top 40 U.S. cities. The rankings are divided by hourly, daily and monthly parking rates, and Chicago is second, third and seventh in those respective categories. New York City has the highest rates in all three categories.

To create the index, Parkopedia used data from more than 650 parking facilities that cover more than 300,000 parking spaces. Parking prices were calculated as the median of corresponding parking rates for all publicly available off-street parking facilities in a city center.

According to the index, the median hourly parking rate in Chicago's city center is $17. By comparison, New York City's rate is $27, while Boston is just $16.

The cities with the highest median hourly parking rates are:

1. New York City: $27
2. CHICAGO: $17
3. Boston: $16
4. Philadelphia: $12
5. Washington D.C.: $11
6. Minneapolis: $10
7. Los Angeles: $9.50
8. Cleveland: $9
9. Detroit: $9
10. Denver: $8

Chicago’s median daily parking rate is $30, falling behind New York ($42.25) and Boston ($34), according to the index. San Francisco ($28) and Maimi ($25) round out the top five.

The cities with the highest median daily parking rates are:

1. New York City: $42.25
2. Boston: $34
3. CHICAGO: $30
4. San Francisco: $28
5. Miami: $25
6. Philadelphia: $25
7. Bellevue: $24
8. Seattle: $24
9. Minneapolis: $23
10. Charlotte: $21

The monthly median parking rate in Chicago is $265 for unreserved monthly parking, meaning parking in a guaranteed but not a dedicated space. That amount looks rather reasonable in contrast to New York City's rate in this category, which is more than double at $616.

The cities with the most expensive median monthly parking rates for unreserved spots are:

1. New York City: $616
2. Boston: $425
3. San Francisco: $322.50
4. Seattle: $289
5. Philadelphia: $284.50
6. Washington D.C.: $274
7. Chicago: $265
8. Minneapolis: $260
9. Pittsburgh: $235
10. Bellevue: $222

Parkopedia, however, ranks Chicago ahead of New York City in its fourth category: median monthly reserved parking rates, which means parking in a guaranteed and dedicated space. In that category, Chicago landed in the No. 3 spot, with only Washington, D.C. (No. 1) and Boston (No. 2) having higher rates.

The cities with the highest median monthly rates for reserved spots are:

1. Washington D.C.: $555
2. Boston: $550
3. CHICAGO: $547
4. Los Angeles: $418
5. San Francisco: $410
6. Seattle: $400
7. Baltimore: $375
8. Philadelphia: $370
9. Pittsburgh: $355
10. Bellevue: $325

You can see the full report here.

Photo via Shutterstock