Money

Chicago Parking Meters Hit $6.50 an Hour

| by Michael Allen
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Beginning today, the cost to park at a metered parking place in Chicago's 'Loop' area goes up to $6.50 an hour, from the current $5.75.

In the Central Business District of Chicago, parking rates go up 50 cents from $3.50 to $4.00. 

In most Chicago neighborhoods, metered rates will rise 25 cents an hour, reports the Post-Tribune.

The privately run Chicago Skyway, which goes between Chicago into Indiana, will increase its price from $3.50 to $4.

In two weeks, the Chicago Transit Authority will increase rates on passes and on Feb. 1, Metra is increasing the price of its 10-ride ticket for the second year in a row.

The Chicago Transit Authority claims commuters will see improvements for their extra fare dollars on Chicago buses.

Steve Schlickman, executive director of the Urban Transportation Center at the University of Illinois at Chicago, said that the Chicago transit may lose some riders: “They understand where their price points are. The approaches they are taking are ones that minimize ridership loss and maximize revenue. That’s going to affect the psychology of the rider, to the benefit of the transit authority, so it will no longer cause as big a decrease in ridership as it would have in the past."