Is Chicago, IL cheaper than Miami, FL?

Based on cost of living data, Chicago, IL is 12.1% cheaper than Miami, FL. This translates to saving $909 per month.

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

If you earn $150,000 in Miami, FL, you'd need approximately $139,097.561 in Chicago, IL to maintain the same standard of living.

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

Housing in Chicago, IL is 16.9% cheaper than in Miami, FL. For a two-bedroom apartment, rent is $1,925/month in Chicago, IL compared to $2,660/month in Miami, FL.

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

Moving from Miami, FL to Chicago, IL could save you approximately $909 per month, or $10902 per year, based on a $150,000 salary.

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Miami, FL

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Chicago, IL

Cost of Living Comparison 2026

Current salary in Miami, FL

Numbers update automatically as you type

You'd save $909/month moving to Chicago, IL

$150.0K in your current city equals $139.1K in Chicago, IL

Rent data from HUD ZIP-level estimates · COL index from Miami-Fort Lauderdale-Pompano Beach, FL area

Overall Cost

↓ 12.1%

Less expensive

Monthly Impact

$909

Savings

Annual Impact

$10.9K

Per year

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

Miami, FL

Population:442K

Cost Index:100

Median Home:$510K

Chicago, IL

Population:2746K

Cost Index:88

Median Home:$305K

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

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

Cost Breakdown by Category

Annual spending: Miami, FL vs Chicago, IL

Category	Miami, FL	Chicago, IL	Difference	Change
🏠Housing	$3,690/mo	$3,066/mo	↓ $624less	16.9%
📦Other	$2,093/mo	$1,758/mo	↓ $335less	16.0%
🚗Transportation	$1,462/mo	$1,680/mo	↑ $219more	15.0%
🛒Groceries	$1,079/mo	$1,029/mo	↓ $49.96less	4.6%
🏥Healthcare	$589/mo	$595/mo	↑ $6.20more	1.1%
⚡All Utilities	$519/mo	$519/mo	→ $0	0.0%

🏠Housing

↓ 16.9%

Miami, FL

$3,690

Chicago, IL

$3,066

Difference

$624

less

📦Other

↓ 16.0%

Miami, FL

$2,093

Chicago, IL

$1,758

Difference

$335

less

🚗Transportation

↑ 15.0%

Miami, FL

$1,462

Chicago, IL

$1,680

Difference

$219

🛒Groceries

↓ 4.6%

Miami, FL

$1,079

Chicago, IL

$1,029

Difference

$49.96

less

🏥Healthcare

↑ 1.1%

Miami, FL

$589

Chicago, IL

$595

Difference

$6.20

⚡All Utilities

→ 0.0%

Miami, FL

$519

Chicago, IL

$519

Difference

same

🏠Rent Comparison

Studio

From$1,995

To$1,600

↓ $395

1 Bed

From$2,180

To$1,710

↓ $470

2 Bed

From$2,660

To$1,925

↓ $735

3 Bed

From$3,415

To$2,480

↓ $935

Miami, FLZIP-level data

1BR range: $1,550–$2,990/mo

Chicago, ILZIP-level data

1BR range: $1,140–$2,370/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.

$9,431

Monthly in Miami, FL

$8,648

Monthly in Chicago, IL

$784

Difference

Home Values

Miami

Chicago

$510K

Median Value

$305K

↓ -3.6%

YoY Change

↑ +1.8%

↑ +49.4%

5-Year Change

↑ +10.2%

$278K - $1.53M

Price Range

$116K - $611K

Homes in Chicago are 40% less expensive than Miami

Calculate payment - Miami Calculate payment - Chicago

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

Tax Comparison

Annual tax burden comparison at $150.0K salary

Tax Savings

↓ $7.4K

More taxes

Monthly Difference

$619

Less take-home

Effective Rate Diff

4.9%

Rate difference

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

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

Additional Tax Information

Miami, FL Tax Rates

Sales Tax:7.2%

Property Tax:0.8%

Chicago, IL Tax Rates

Sales Tax:8.8%

Property Tax:2.2%

💡 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.