Cost of Living: Chicago, IL vs New York, NY
A detailed side-by-side comparison of the cost of living, housing prices, income levels, and overall affordability between Chicago, IL and New York, NY.
Chicago
IL
Population: 2,664,452
New York
NY
Population: 8,258,035
Cost of Living Index Comparison
National average = 100. Higher values indicate a more expensive area.
Side-by-Side Comparison
| Metric | Chicago, IL | New York, NY | Difference |
|---|---|---|---|
| Cost of Living Index | 105 | 150 | -30.0% |
| Median Home Price | $310,000 | $680,000 | -54.4% |
| Property Tax Rate | 1.73% | 0.88% | +96.6% |
| Median Household Income | $66,576 | $74,694 | -10.9% |
| Population | 2,664,452 | 8,258,035 | -67.7% |
Cost of Living Breakdown
Chicago, IL is 30.0% cheaper to live in than New York, NY, based on the overall cost of living index.
Home Price Difference
$370,000
Chicago, IL is cheaper by 54.4%
Income Difference
$8,118
New York, NY earns more by 10.9%
Housing Affordability
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
New York, NY
9.1x
$680,000 / $74,694
The Bottom Line
Overall, Chicago, IL is the more affordable city to live in. With a cost of living index of 105 compared to 150, 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 New York, NY ($74,694) is higher, which may offset some of the cost differences.