Chicago vs Miami
Chicago, IL · Miami, FL
Chicago is 15% cheaper than Miami overall.
Home Price
Chicago: $315,000
Miami: $620,000
Monthly Rent
Chicago: $2,288/mo
Miami: $1,951/mo
COL Index
Chicago: 114
Miami: 131
Median Income
Chicago: $70,100
Miami: $65,000
Side-by-Side Comparison
Median Home Price
Monthly Rent (Median)
Median Household Income
Property Tax Rate
Cost of Living Index
100 = national average
Avg. Commute
Unemployment Rate
Median Age
What This Means For You
Buying Power
A $100,000 salary in Chicago has the same purchasing power as $114,912 in Miami — based on each city's cost of living index.
Housing
Homes in Miami are 97% cheaper (-$305,000 less). That's a significant down payment and monthly payment difference.
Renting
Renting in Miami saves you $337/month — $4,044 per year. Median rent: $2,288/mo in Chicago vs $1,951/mo in Miami.
Property Taxes
On a median-priced home, Chicago owners pay roughly $6,615/year in property taxes vs $5,642/year in Miami. That's a $973 annual difference.
Local Earnings
Median household income is $70,100 in Chicago and $65,000 in Miami. Miami residents earn 7% more — but remember to factor in cost of living.
Daily Commute
Average commute is 31 minutes in Chicago vs 30 minutes in Miami. Commute times are nearly identical.
Salary Equivalence
To maintain the same lifestyle when moving from Chicago to Miami, here's the salary you'd need:
| Salary in Chicago | Equivalent in Miami | Difference |
|---|---|---|
| $50,000 | $57,456 | +$7,456 |
| $75,000 | $86,184 | +$11,184 |
| $100,000 | $114,912 | +$14,912 |
| $150,000 | $172,368 | +$22,368 |
| $200,000 | $229,825 | +$29,825 |
* Calculated using cost of living indices (national average = 100). Does not account for state income tax differences.
Run the Numbers
Mortgage Calculator
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Rent vs Buy
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Cost of Living
Full cost of living comparison tool
Home Appreciation
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Affordability Calculator
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Property Tax Calculator
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Chicago Calculators
Miami Calculators
Related Comparisons
Chicago vs Miami: Common Questions
Is Chicago or Miami cheaper to live in?
Based on cost of living indices, Chicago is cheaper overall. Chicago has a COL index of 114 while Miami scores 131 (national average = 100).
How do home prices compare between Chicago and Miami?
The median home price in Chicago is $315,000 vs $620,000 in Miami — a difference of $305,000 (97%).
What salary do I need in Miami to match my Chicago income?
Use the salary equivalence table above. For example, a $100K salary in Chicago is equivalent to $114,912 in Miami in terms of purchasing power.
Which city has lower property taxes?
Miami has a lower property tax rate (0.91% vs 2.1%). On a median-priced home, that means paying $5,642/year vs $6,615/year.
Cost of living data sourced from Council for Community and Economic Research (C2ER) Cost of Living Index, U.S. Census Bureau American Community Survey, and Zillow Research. Tax rates from Tax Foundation and state revenue agencies. Last updated: March 2025.