A detailed side-by-side comparison of the cost of living, housing prices, income levels, and overall affordability between Chicago, IL and Los Angeles, CA.
IL
Population: 2,664,452
CA
Population: 3,820,914
National average = 100. Higher values indicate a more expensive area.
| Metric | Chicago, IL | Los Angeles, CA | Difference |
|---|---|---|---|
| Cost of Living Index | 105 | 170 | -38.2% |
| Median Home Price | $310,000 | $850,000 | -63.5% |
| Property Tax Rate | 1.73% | 0.76% | +127.6% |
| Median Household Income | $66,576 | $75,902 | -12.3% |
| Population | 2,664,452 | 3,820,914 | -30.3% |
Chicago, IL is 38.2% cheaper to live in than Los Angeles, CA, based on the overall cost of living index.
Home Price Difference
$540,000
Chicago, IL is cheaper by 63.5%
Income Difference
$9,326
Los Angeles, CA earns more by 12.3%
Price-to-income ratio: median home price divided by median household income. A lower ratio indicates more affordable housing.
Chicago, IL
4.7x
$310,000 / $66,576
Los Angeles, CA
11.2x
$850,000 / $75,902
Overall, Chicago, IL is the more affordable city to live in. With a cost of living index of 105 compared to 170, 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 Los Angeles, CA ($75,902) is higher, which may offset some of the cost differences.