New York vs Chicago
New York, NY · Chicago, IL
Chicago is 39% cheaper than New York overall.
Home Price
New: $750,000
Chicago: $315,000
Monthly Rent
New: $3,600/mo
Chicago: $2,288/mo
COL Index
New: 187
Chicago: 114
Median Income
New: $76,607
Chicago: $70,100
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 New York has the same purchasing power as $60,963 in Chicago — based on each city's cost of living index.
Housing
Homes in Chicago cost 58% more (-$435,000 extra). Expect a larger mortgage and down payment.
Renting
Renting in Chicago saves you $1,312/month — $15,744 per year. Median rent: $3,600/mo in New York vs $2,288/mo in Chicago.
Property Taxes
On a median-priced home, New York owners pay roughly $12,750/year in property taxes vs $6,615/year in Chicago. That's a $6,135 annual difference.
Local Earnings
Median household income is $76,607 in New York and $70,100 in Chicago. Chicago residents earn 8% more — but remember to factor in cost of living.
Daily Commute
Average commute is 36 minutes in New York vs 31 minutes in Chicago. Over a year, that's 2500 extra minutes (42 hours) of commuting in New York.
Salary Equivalence
To maintain the same lifestyle when moving from New York to Chicago, here's the salary you'd need:
| Salary in New York | Equivalent in Chicago | Difference |
|---|---|---|
| $50,000 | $30,481 | -$19,519 |
| $75,000 | $45,722 | -$29,278 |
| $100,000 | $60,963 | -$39,037 |
| $150,000 | $91,444 | -$58,556 |
| $200,000 | $121,925 | -$78,075 |
* Calculated using cost of living indices (national average = 100). Does not account for state income tax differences.
Run the Numbers
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Rent vs Buy
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Cost of Living
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Affordability Calculator
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Property Tax Calculator
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New York Calculators
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New York vs Chicago: Common Questions
Is New York or Chicago cheaper to live in?
Based on cost of living indices, Chicago is cheaper overall. New York has a COL index of 187 while Chicago scores 114 (national average = 100).
How do home prices compare between New York and Chicago?
The median home price in New York is $750,000 vs $315,000 in Chicago — a difference of $435,000 (58%).
What salary do I need in Chicago to match my New York income?
Use the salary equivalence table above. For example, a $100K salary in New York is equivalent to $60,963 in Chicago in terms of purchasing power.
Which city has lower property taxes?
New York has a lower property tax rate (1.7% vs 2.1%). On a median-priced home, that means paying $6,615/year vs $12,750/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.