A detailed side-by-side comparison of the cost of living, housing prices, income levels, and overall affordability between Chicago, IL and Phoenix, AZ.
IL
Population: 2,664,452
AZ
Population: 1,650,070
National average = 100. Higher values indicate a more expensive area.
| Metric | Chicago, IL | Phoenix, AZ | Difference |
|---|---|---|---|
| Cost of Living Index | 105 | 100 | +5.0% |
| Median Home Price | $310,000 | $380,000 | -18.4% |
| Property Tax Rate | 1.73% | 0.62% | +179.0% |
| Median Household Income | $66,576 | $62,055 | +7.3% |
| Population | 2,664,452 | 1,650,070 | +61.5% |
Phoenix, AZ is 5.0% cheaper to live in than Chicago, IL, based on the overall cost of living index.
Home Price Difference
$70,000
Chicago, IL is cheaper by 18.4%
Income Difference
$4,521
Chicago, IL earns more by 7.3%
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
Phoenix, AZ
6.1x
$380,000 / $62,055
Overall, Chicago, IL is the more affordable city to live in. With a cost of living index of 105 compared to 100, 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.