A detailed side-by-side comparison of the cost of living, housing prices, income levels, and overall affordability between Boston, MA and Chicago, IL.
MA
Population: 654,776
IL
Population: 2,664,452
National average = 100. Higher values indicate a more expensive area.
| Metric | Boston, MA | Chicago, IL | Difference |
|---|---|---|---|
| Cost of Living Index | 155 | 105 | +47.6% |
| Median Home Price | $650,000 | $310,000 | +109.7% |
| Property Tax Rate | 1.04% | 1.73% | -39.9% |
| Median Household Income | $81,744 | $66,576 | +22.8% |
| Population | 654,776 | 2,664,452 | -75.4% |
Chicago, IL is 47.6% cheaper to live in than Boston, MA, based on the overall cost of living index.
Home Price Difference
$340,000
Chicago, IL is cheaper by 109.7%
Income Difference
$15,168
Boston, MA earns more by 22.8%
Price-to-income ratio: median home price divided by median household income. A lower ratio indicates more affordable housing.
Boston, MA
8.0x
$650,000 / $81,744
Chicago, IL
4.7x
$310,000 / $66,576
Overall, Chicago, IL is the more affordable city to live in. With a cost of living index of 105 compared to 155, a median home price of $310,000, and a price-to-income ratio of 4.7x, Chicago, IL offers better value for residents looking to stretch their dollar further. However, the median household income in Boston, MA ($81,744) is higher, which may offset some of the cost differences.