Is Chicago, IL cheaper than Minneapolis, MN?

Based on cost of living data, Chicago, IL is 0.1% more expensive than Minneapolis, MN. The two cities have very similar living costs.

What salary do I need in Chicago, IL to live like I do in Minneapolis, MN?

If you earn $150,000 in Minneapolis, MN, you'd need approximately $150,083.333 in Chicago, IL to maintain the same standard of living.

How does housing cost compare between Minneapolis, MN and Chicago, IL?

Housing in Chicago, IL is 9.3% more expensive than in Minneapolis, MN. For a two-bedroom apartment, rent is $1,925/month in Chicago, IL compared to $1,700/month in Minneapolis, MN.

How much can I save per month by moving from Minneapolis, MN to Chicago, IL?

Minneapolis, MN and Chicago, IL have very similar costs of living, based on a $150,000 salary.

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Minneapolis, MN

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Chicago, IL

Cost of Living Comparison 2026

Current salary in Minneapolis, MN

Numbers update automatically as you type

You'd spend $6.94/month more in Chicago, IL

$150.0K in your current city equals $150.1K in Chicago, IL

Rent data from HUD ZIP-level estimates · COL index from Minneapolis-St. Paul-Bloomington, MN-WI area

Overall Cost

↑ 0.1%

More expensive

Monthly Impact

$6.94

Extra cost

Annual Impact

$83.33

Per year

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

Minneapolis, MN

Population:430K

Cost Index:100

Median Home:$308K

Chicago, IL

Population:2746K

Cost Index:100

Median Home:$305K

Minneapolis, MN

The North Star State

430K

Population

State Tax

Yes

Located in Minnesota, this city has a population of 430K residents.

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: Minneapolis, MN vs Chicago, IL

Category	Minneapolis, MN	Chicago, IL	Difference	Change
🚗Transportation	$1,380/mo	$1,680/mo	↑ $301more	21.8%
🏠Housing	$2,807/mo	$3,066/mo	↑ $260more	9.3%
🏥Healthcare	$756/mo	$595/mo	↓ $161less	21.3%
📦Other	$1,774/mo	$1,758/mo	↓ $16.74less	0.9%
⚡All Utilities	$508/mo	$519/mo	↑ $10.93more	2.2%
🛒Groceries	$1,029/mo	$1,029/mo	→ $0	0.0%

🚗Transportation

↑ 21.8%

Minneapolis, MN

$1,380

Chicago, IL

$1,680

Difference

$301

🏠Housing

↑ 9.3%

Minneapolis, MN

$2,807

Chicago, IL

$3,066

Difference

$260

🏥Healthcare

↓ 21.3%

Minneapolis, MN

$756

Chicago, IL

$595

Difference

$161

less

📦Other

↓ 0.9%

Minneapolis, MN

$1,774

Chicago, IL

$1,758

Difference

$16.74

less

⚡All Utilities

↑ 2.2%

Minneapolis, MN

$508

Chicago, IL

$519

Difference

$10.93

🛒Groceries

→ 0.0%

Minneapolis, MN

$1,029

Chicago, IL

$1,029

Difference

same

🏠Rent Comparison

Studio

From$1,240

To$1,600

↑ $360

1 Bed

From$1,400

To$1,710

↑ $310

2 Bed

From$1,700

To$1,925

↑ $225

3 Bed

From$2,250

To$2,480

↑ $230

Minneapolis, MNZIP-level data

1BR range: $1,250–$2,100/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.

$8,254

Monthly in Minneapolis, MN

$8,648

Monthly in Chicago, IL

$393

Difference

Home Values

Minneapolis

Chicago

$308K

Median Value

$305K

↑ +1%

YoY Change

↑ +1.8%

↑ +8.2%

5-Year Change

↑ +10.2%

$152K - $469K

Price Range

$116K - $611K

Homes in Chicago are 1% less expensive than Minneapolis

Calculate payment - Minneapolis Calculate payment - Chicago

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

Tax Comparison

Annual tax burden comparison at $150.0K salary

Tax Savings

↑ $3.0K

Per year

Monthly Difference

$251

More take-home

Effective Rate Diff

2.0%

Rate difference

Minneapolis, MN

Federal Income Tax

Effective: 18.9%

$25.5K

Minnesota State Tax

Effective: 7.0%

$10.4K

FICA Taxes

Social Security + Medicare

$11.5K

Total Taxes

Effective: 31.6%

$47.4K

Take-Home Pay

$8,546/month

$102.6K

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

Minneapolis, MN Tax Rates

Sales Tax:8.0%

Property Tax:1.1%

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.