I'd estimate about that- there are plenty of people here, after all, who might not be magical but have other comparable supernatural powers.
Civil society was essentially destroyed as a result of war, and in response to the destruction and chaos, Chicago gated itself off from the world and attempted a type of experiment to destroy man's capacity for evil. The population was divided into five factions, each which valued some sort of noble characteristic, and it's the opposite of that characteristic that they blamed the most for the world's problems. The factions are Abnegation (selflessness), Amity (kindness), Candor (honesty), Dauntless (bravery), and Erudite (intelligence). People live their lives by these values and one's job is also geared towards their faction. As there is no faction that values entertainment, we have a considerably less materialistic society than the one here.