Is Miami, FL cheaper than Chicago, IL?

Based on cost of living data, Miami, FL is 13.8% more expensive than Chicago, IL. This translates to spending an extra $1034 per month.

What salary do I need in Miami, FL to live like I do in Chicago, IL?

If you earn $150,000 in Chicago, IL, you'd need approximately $162,405.18 in Miami, FL to maintain the same standard of living.

How does housing cost compare between Chicago, IL and Miami, FL?

Housing in Miami, FL is 20.3% more expensive than in Chicago, IL. For a two-bedroom apartment, rent is $2,660/month in Miami, FL compared to $1,925/month in Chicago, IL.

How much can I save per month by moving from Chicago, IL to Miami, FL?

Living in Miami, FL costs approximately $1034 more per month than Chicago, IL, or $12405 more per year, based on a $150,000 salary.

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Chicago, IL

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Miami, FL

Cost of Living Comparison 2026

Current salary in Chicago, IL

Numbers update automatically as you type

You'd spend $1.0K/month more in Miami, FL

$150.0K in your current city equals $162.4K in Miami, FL

Rent data from HUD ZIP-level estimates · COL index from Chicago-Naperville-Elgin, IL-IN-WI area

Overall Cost

↑ 13.8%

More expensive

Monthly Impact

$1,034

Extra cost

Annual Impact

$12.4K

Per year

Based on monthly living costs (rent, groceries, utilities, transport, healthcare). Home purchase prices shown separately below.

Chicago, IL

Population:2746K

Cost Index:100

Median Home:$305K

Miami, FL

Population:442K

Cost Index:114

Median Home:$510K

Chicago, IL

The Prairie State

2.7M

Population

State Tax

Yes

Climate

Continental

Notable Facts

•Major transportation hub
•Architectural landmark city
•Great Lakes location

Major Industries

FinanceTechnologyManufacturingTransportation

Miami, FL

The Sunshine State

442K

Population

State Tax

No Income Tax

Climate

Tropical

Notable Facts

•Gateway to Latin America
•Major cruise port
•International business hub

Major Industries

International TradeTourismFinanceReal Estate

Cost Breakdown by Category

Annual spending: Chicago, IL vs Miami, FL

Category	Chicago, IL	Miami, FL	Difference	Change
🏠Housing	$3,066/mo	$3,690/mo	↑ $624more	20.3%
📦Other	$1,758/mo	$2,093/mo	↑ $335more	19.0%
🚗Transportation	$1,680/mo	$1,462/mo	↓ $219less	13.0%
🛒Groceries	$1,029/mo	$1,079/mo	↑ $49.96more	4.9%
🏥Healthcare	$595/mo	$589/mo	↓ $6.20less	1.0%
⚡All Utilities	$519/mo	$519/mo	→ $0	0.0%

🏠Housing

↑ 20.3%

Chicago, IL

$3,066

Miami, FL

$3,690

Difference

$624

📦Other

↑ 19.0%

Chicago, IL

$1,758

Miami, FL

$2,093

Difference

$335

🚗Transportation

↓ 13.0%

Chicago, IL

$1,680

Miami, FL

$1,462

Difference

$219

less

🛒Groceries

↑ 4.9%

Chicago, IL

$1,029

Miami, FL

$1,079

Difference

$49.96

🏥Healthcare

↓ 1.0%

Chicago, IL

$595

Miami, FL

$589

Difference

$6.20

less

⚡All Utilities

→ 0.0%

Chicago, IL

$519

Miami, FL

$519

Difference

same

🏠Rent Comparison

Studio

From$1,600

To$1,995

↑ $395

1 Bed

From$1,710

To$2,180

↑ $470

2 Bed

From$1,925

To$2,660

↑ $735

3 Bed

From$2,480

To$3,415

↑ $935

Chicago, ILZIP-level data

1BR range: $1,140–$2,370/mo

Miami, FLZIP-level data

1BR range: $1,550–$2,990/mo

💡 Note: Rent prices are based on HUD Fair Market Rent data and represent median costs. Actual prices vary by neighborhood, amenities, and condition. Source: HUD Small Area Fair Market Rents FY2026.

$8,648

Monthly in Chicago, IL

$9,431

Monthly in Miami, FL

$784

Difference

Home Values

Chicago

Miami

$305K

Median Value

$510K

↑ +1.8%

YoY Change

↓ -3.6%

↑ +10.2%

5-Year Change

↑ +49.4%

$116K - $611K

Price Range

$278K - $1.53M

Homes in Miami are 67% more expensive than Chicago

Calculate payment - Chicago Calculate payment - Miami

Source: Zillow Home Value Index (ZHVI), January 2026

Tax Comparison

Annual tax burden comparison at $150.0K salary

Tax Savings

↑ $7.4K

Per year

Monthly Difference

$619

More take-home

Effective Rate Diff

4.9%

Rate difference

Chicago, IL

Federal Income Tax

Effective: 18.9%

$25.5K

Illinois State Tax

Effective: 5.0%

$7.4K

FICA Taxes

Social Security + Medicare

$11.5K

Total Taxes

Effective: 29.6%

$44.4K

Take-Home Pay

$8,797/month

$105.6K

Miami, FL

Federal Income Tax

Effective: 18.9%

$25.5K

Florida State Tax

No state income tax

FICA Taxes

Social Security + Medicare

$11.5K

Total Taxes

Effective: 24.7%

$37.0K

Take-Home Pay

$9,416/month

$113.0K

Additional Tax Information

Chicago, IL Tax Rates

Sales Tax:8.8%

Property Tax:2.2%

Miami, FL Tax Rates

Sales Tax:7.2%

Property Tax:0.8%

💡 Note: Tax calculations are estimates based on 2024/2025 tax brackets for single filers with standard deduction. Actual taxes may vary based on filing status, deductions, credits, and local variations.