A detailed side-by-side comparison of the cost of living, housing prices, income levels, and overall affordability between Chicago, IL and Philadelphia, PA.
IL
Population: 2,664,452
PA
Population: 1,576,251
National average = 100. Higher values indicate a more expensive area.
| Metric | Chicago, IL | Philadelphia, PA | Difference |
|---|---|---|---|
| Cost of Living Index | 105 | 100 | +5.0% |
| Median Home Price | $310,000 | $260,000 | +19.2% |
| Property Tax Rate | 1.73% | 1.36% | +27.2% |
| Median Household Income | $66,576 | $52,649 | +26.5% |
| Population | 2,664,452 | 1,576,251 | +69.0% |
Philadelphia, PA is 5.0% cheaper to live in than Chicago, IL, based on the overall cost of living index.
Home Price Difference
$50,000
Philadelphia, PA is cheaper by 19.2%
Income Difference
$13,927
Chicago, IL earns more by 26.5%
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
Philadelphia, PA
4.9x
$260,000 / $52,649
Overall, Philadelphia, PA is the more affordable city to live in. With a cost of living index of 100 compared to 105, a median home price of $260,000, and a price-to-income ratio of 4.9x, Philadelphia, PA 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.