Is Chicago, IL cheaper than New York, NY?

Based on cost of living data, Chicago, IL is 35.7% cheaper than New York, NY. This translates to saving $2674 per month.

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

If you earn $150,000 in New York, NY, you'd need approximately $117,910.714 in Chicago, IL to maintain the same standard of living.

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

Housing in Chicago, IL is 59.9% cheaper than in New York, NY. For a two-bedroom apartment, rent is $1,925/month in Chicago, IL compared to $3,590/month in New York, NY.

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

Moving from New York, NY to Chicago, IL could save you approximately $2674 per month, or $32089 per year, based on a $150,000 salary.

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New York, NY

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Chicago, IL

Cost of Living Comparison 2026

Current salary in New York, NY

Numbers update automatically as you type

You'd save $2.7K/month moving to Chicago, IL

$150.0K in your current city equals $117.9K in Chicago, IL

Rent data from HUD ZIP-level estimates · COL index from New York-Newark-Jersey City, NY-NJ-PA area

Overall Cost

↓ 35.7%

Less expensive

Monthly Impact

$2,674

Savings

Annual Impact

$32.1K

Per year

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

New York, NY

Population:8337K

Cost Index:100

Median Home:$1.05M

Chicago, IL

Population:2746K

Cost Index:64

Median Home:$305K

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

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: New York, NY vs Chicago, IL

Category	New York, NY	Chicago, IL	Difference	Change
🏠Housing	$7,648/mo	$3,066/mo	↓ $4,582less	59.9%
📦Other	$2,034/mo	$1,758/mo	↓ $276less	13.6%
🛒Groceries	$1,165/mo	$1,029/mo	↓ $136less	11.7%
🏥Healthcare	$688/mo	$595/mo	↓ $92.94less	13.5%
⚡All Utilities	$600/mo	$519/mo	↓ $80.87less	13.5%
🚗Transportation	$1,602/mo	$1,680/mo	↑ $77.86more	4.9%

🏠Housing

↓ 59.9%

New York, NY

$7,648

Chicago, IL

$3,066

Difference

$4,582

less

📦Other

↓ 13.6%

New York, NY

$2,034

Chicago, IL

$1,758

Difference

$276

less

🛒Groceries

↓ 11.7%

New York, NY

$1,165

Chicago, IL

$1,029

Difference

$136

less

🏥Healthcare

↓ 13.5%

New York, NY

$688

Chicago, IL

$595

Difference

$92.94

less

⚡All Utilities

↓ 13.5%

New York, NY

$600

Chicago, IL

$519

Difference

$80.87

less

🚗Transportation

↑ 4.9%

New York, NY

$1,602

Chicago, IL

$1,680

Difference

$77.86

🏛️ 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$3,120

To$1,600

↓ $1,520

1 Bed

From$3,270

To$1,710

↓ $1,560

2 Bed

From$3,590

To$1,925

↓ $1,665

3 Bed

From$4,500

To$2,480

↓ $2,020

New York, NYZIP-level data

1BR range: $2,260–$3,990/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.

$13,737

Monthly in New York, NY

$8,648

Monthly in Chicago, IL

$5,090

Difference

Home Values

New York

Chicago

$1.05M

Median Value

$305K

↓ -0.1%

YoY Change

↑ +1.8%

↓ -5.9%

5-Year Change

↑ +10.2%

$471K - $3.49M

Price Range

$116K - $611K

Homes in Chicago are 71% less expensive than New York

Calculate payment - New York Calculate payment - Chicago

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

Tax Comparison

Annual tax burden comparison at $150.0K salary

Tax Savings

↑ $2.1K

Per year

Monthly Difference

$177

More take-home

Effective Rate Diff

1.4%

Rate difference

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

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

New York, NY Tax Rates

Sales Tax:8.8%

Property Tax:1.2%

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.