Parking Rates in This Illinois City Among Most Expensive in the World

A new study has been released by DiscoverCars.com that analyzed parking costs and fines in the world's biggest cities, revealing a couple of U.S. cities ranking in the Top 10.

World's Costliest City to Park In

Around the world, major cities are seeing an increase in parking demand, which means there's going to be an increase in parking rates.

READ MORE: Date Set for One of Illinois' Largest Community Yard Sales

Amsterdam took the top spot for the most expensive parking rates out of the 80 most populous cities in the world.

The Dutch capital’s fine charges were found to be a hefty $331.70. An approximate cost of $6.72 per hour of parking is also something to consider when visiting. -DiscoverCars.com

The results of the study revealed that other European capitals like London also ranked among the world's priciest places to park coming in at #3, but having the world's most expensive hourly parking rates averaging $7.79 an hour.

The U.S. is no exception when it comes to skyrocketing parking rates, with some of America's most iconic cities ranking high on the list.

Illinois City Ranks Among the World's Costliest for Parking Fees

Among the highest-ranked cities in the study, Chicago ranked as the second most expensive place in the world for parking costs, just behind Amsterdam.

Get our free mobile app

In Chicago, the average cost of hourly on-street parking is $6.48, and that is IF you can find a spot. And pulling into a downtown Chicago parking garage can run anywhere from $15 to $50 minimum, depending on the location and if there's a major event happening.

The High Cost of Parking Mistakes

While you may think the on-street parking rates are excessive in Chicago, the fines you'll pay for infractions are much steeper.

According to the DiscoverCars study, drivers can expect to pay around $262.50 for a parking penalty in Chicago, surpassing the rates of global metros like London, Copenhagen, and Seattle.

Only Amsterdam has higher parking fines than Chicago, which exceed $330 on average for violations.

Unfortunately, the City of Chicago won't be making any money on the parking meters for at least another 60 years since the city sold the rights for the meters for $1.16 Billion in 2008 to an investment firm primarily owned by foreign investors, according to the Washington Examiner.

The Top 5 Most Expensive Cities to Park, According to DiscoverCars:

1. Amsterdam
2. Chicago
3. London
4. Copenhagen
5. Seattle