A detailed side-by-side comparison of the cost of living, housing prices, income levels, and overall affordability between Chicago, IL and Miami, FL.
IL
Population: 2,664,452
FL
Population: 449,514
National average = 100. Higher values indicate a more expensive area.
| Metric | Chicago, IL | Miami, FL | Difference |
|---|---|---|---|
| Cost of Living Index | 105 | 135 | -22.2% |
| Median Home Price | $310,000 | $450,000 | -31.1% |
| Property Tax Rate | 1.73% | 0.97% | +78.4% |
| Median Household Income | $66,576 | $46,390 | +43.5% |
| Population | 2,664,452 | 449,514 | +492.7% |
Chicago, IL is 22.2% cheaper to live in than Miami, FL, based on the overall cost of living index.
Home Price Difference
$140,000
Chicago, IL is cheaper by 31.1%
Income Difference
$20,186
Chicago, IL earns more by 43.5%
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
Miami, FL
9.7x
$450,000 / $46,390
Overall, Chicago, IL is the more affordable city to live in. With a cost of living index of 105 compared to 135, 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 Chicago, IL ($66,576) is higher, which may offset some of the cost differences.