Cost of Living: Chicago, IL vs Lakewood, CO (2026)

Chicago

Illinois
100
VS

Lakewood

Colorado
141

Chicago is 29% cheaper than Lakewood.

$1,380/mo ↓ 21%
Median Rent
$1,746/mo ↑ 27%
$75,134/yr ↓ 12%
Median Income
$85,789/yr ↑ 14%
$315,200 ↓ 43%
Home Value
$548,200 ↑ 74%
$1,502/mo ↓ 13%
Owner Costs
$1,729/mo ↑ 15%
2,707,648
Population
156,309

Tax Comparison

4.95%
Income Tax
4.4%
6.25%
State Sales Tax
2.9%
2.07%
Property Tax
0.51%

Affordability

22.0%
rent-to-income
Affordability
24.4%
rent-to-income

Detailed Comparison

When comparing Chicago, IL and Lakewood, CO, the overall cost of living indices are 100 and 141 respectively (national median = 100). Rent is $366/month cheaper in Chicago, saving renters about $4,392/year.

Median household income is $10,655/year higher in Lakewood. Home values also differ significantly — the median in Chicago is $315,200 compared to $548,200 in Lakewood.

Colorado has a lower income tax rate, making Lakewood slightly more tax-friendly.

Frequently Asked Questions

Chicago vs Lakewood — common questions

Is Chicago or Lakewood cheaper to live in?
Based on our cost index, Chicago is cheaper to live in with an index of 100 compared to 141 (US average = 100).
What is the rent difference between Chicago and Lakewood?
Median rent in Chicago is $1,380/month and in Lakewood it's $1,746/month — a difference of $366/month.
Which city has higher income, Chicago or Lakewood?
Median household income is $75,134 in Chicago and $85,789 in Lakewood. Median household income is $10,655/year higher in Lakewood.
How do taxes compare between Illinois and Colorado?
Illinois has 4.95% income tax, 6.25% sales tax, and 2.07% property tax. Colorado has 4.4% income tax, 2.9% sales tax, and 0.51% property tax.
Should I move to Chicago or Lakewood?
It depends on your priorities. Chicago has a cost index of 100 with median rent of $1,380/mo, while Lakewood has a cost index of 141 with rent of $1,746/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
View Chicago details → View Lakewood details →

More Comparisons

Other cost of living comparisons for Chicago and Lakewood

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