Pay Raises In Chicago Failed To Keep Up With Inflation: Ranking

CHICAGO — Salaries have failed to keep pace in recent years, with costs rising nationwide, and the Chicago metropolitan area is among the places hardest hit, according to a recent ranking from Upgraded Points.

The travel and finance website compiled a list of 21 metros where salaries have kept up the least with price increases, and Chicago was 10th in the ranking.

“While wages have grown in nominal terms, many workers feel they are falling behind as the cost of essentials — housing, groceries, and everyday expenses — continues to climb,” according to Upgraded Points, which used U.S. Bureau of Labor Statistics data between late 2020-24 to determine the list.

Nationally during those four years, nominal wages went up 17.3 percent but prices rose a cumulative 21.2 percent, resulting in a 3.2 percent drop in real earnings, the website reported.

As for Chicago, the metro had 11.2 percent actual wage growth but 20.7 percent overall price growth, resulting in real wage growth of -7.8 percent, according to Upgraded Points, which reported that housing price growth for the area was 22.9 percent and grocery price growth was 20.6 percent.

Baltimore was hardest hit, ranking No. 1 with -14 percent real wage growth, the website reported, adding the only large metros that saw real wage gains after inflation adjustment were Tampa at 3.5 percent and Houston at 6.3 percent.