Is New York, NY cheaper than Chicago, IL?

Based on cost of living data, New York, NY is 55.4% more expensive than Chicago, IL. This translates to spending an extra $4156 per month.

What salary do I need in New York, NY to live like I do in Chicago, IL?

If you earn $150,000 in Chicago, IL, you'd need approximately $199,870.49 in New York, NY to maintain the same standard of living.

How does housing cost compare between Chicago, IL and New York, NY?

Housing in New York, NY is 149.4% more expensive than in Chicago, IL. For a two-bedroom apartment, rent is $3,590/month in New York, NY compared to $1,925/month in Chicago, IL.

How much can I save per month by moving from Chicago, IL to New York, NY?

Living in New York, NY costs approximately $4156 more per month than Chicago, IL, or $49870 more per year, based on a $150,000 salary.

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Chicago, IL

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New York, NY

Cost of Living Comparison 2026

Current salary in Chicago, IL

Numbers update automatically as you type

You'd spend $4.2K/month more in New York, NY

$150.0K in your current city equals $199.9K in New York, NY

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

Overall Cost

↑ 55.4%

More expensive

Monthly Impact

$4,156

Extra cost

Annual Impact

$49.9K

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

New York, NY

Population:8337K

Cost Index:155

Median Home:$1.05M

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

New York, NY

The Empire State

8.3M

Population

State Tax

Yes

Climate

Humid subtropical

Notable Facts

•Most populous city in the US
•Major global financial center
•World-renowned cultural hub

Major Industries

FinanceReal EstateTechnologyMedia

Cost Breakdown by Category

Annual spending: Chicago, IL vs New York, NY

Category	Chicago, IL	New York, NY	Difference	Change
🏠Housing	$3,066/mo	$7,648/mo	↑ $4,582more	149.4%
📦Other	$1,758/mo	$2,034/mo	↑ $276more	15.7%
🛒Groceries	$1,029/mo	$1,165/mo	↑ $136more	13.2%
🏥Healthcare	$595/mo	$688/mo	↑ $92.94more	15.6%
⚡All Utilities	$519/mo	$600/mo	↑ $80.87more	15.6%
🚗Transportation	$1,680/mo	$1,602/mo	↓ $77.86less	4.6%

🏠Housing

↑ 149.4%

Chicago, IL

$3,066

New York, NY

$7,648

Difference

$4,582

📦Other

↑ 15.7%

Chicago, IL

$1,758

New York, NY

$2,034

Difference

$276

🛒Groceries

↑ 13.2%

Chicago, IL

$1,029

New York, NY

$1,165

Difference

$136

🏥Healthcare

↑ 15.6%

Chicago, IL

$595

New York, NY

$688

Difference

$92.94

⚡All Utilities

↑ 15.6%

Chicago, IL

$519

New York, NY

$600

Difference

$80.87

🚗Transportation

↓ 4.6%

Chicago, IL

$1,680

New York, NY

$1,602

Difference

$77.86

less

🏛️ Local Income Taxes

New York, NY: NYC Income Tax$5,689/yr (3.8%)

Chicago, IL has no local income tax.

Local taxes are in addition to state income tax. Not all cities levy local income taxes.

🏠Rent Comparison

Studio

From$1,600

To$3,120

↑ $1,520

1 Bed

From$1,710

To$3,270

↑ $1,560

2 Bed

From$1,925

To$3,590

↑ $1,665

3 Bed

From$2,480

To$4,500

↑ $2,020

Chicago, ILZIP-level data

1BR range: $1,140–$2,370/mo

New York, NYZIP-level data

1BR range: $2,260–$3,990/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

$13,737

Monthly in New York, NY

$5,090

Difference

Home Values

Chicago

New York

$305K

Median Value

$1.05M

↑ +1.8%

YoY Change

↓ -0.1%

↑ +10.2%

5-Year Change

↓ -5.9%

$116K - $611K

Price Range

$471K - $3.49M

Homes in New York are 244% more expensive than Chicago

Calculate payment - Chicago Calculate payment - New York

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

Tax Comparison

Annual tax burden comparison at $150.0K salary

Tax Savings

↓ $2.1K

More taxes

Monthly Difference

$177

Less take-home

Effective Rate Diff

1.4%

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

New York, NY

Federal Income Tax

Effective: 18.9%

$25.5K

New York State Tax

Effective: 6.4%

$9.5K

FICA Taxes

Social Security + Medicare

$11.5K

Total Taxes

Effective: 31.0%

$46.6K

Take-Home Pay

$8,620/month

$103.4K

Additional Tax Information

Chicago, IL Tax Rates

Sales Tax:8.8%

Property Tax:2.2%

New York, NY Tax Rates

Sales Tax:8.8%

Property Tax:1.2%

💡 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.