Cost of Living: Chicago, IL vs Minneapolis, MN (2026)

Chicago

Illinois
100
VS

Minneapolis

Minnesota
102

Chicago and Minneapolis have a similar cost of living.

$1,380/mo ↑ 4%
Median Rent
$1,329/mo ↓ 4%
$75,134/yr ↓ 6%
Median Income
$80,269/yr ↑ 7%
$315,200 ↓ 9%
Home Value
$345,600 ↑ 10%
$1,502/mo ≈ Same
Owner Costs
$1,513/mo ≈ Same
2,707,648
Population
426,845

Tax Comparison

4.95%
Income Tax
9.85%
6.25%
State Sales Tax
6.875%
2.07%
Property Tax
1.11%

Affordability

22.0%
rent-to-income
Affordability
19.9%
rent-to-income

Detailed Comparison

When comparing Chicago, IL and Minneapolis, MN, the overall cost of living indices are 100 and 102 respectively (national median = 100). Rent is $51/month cheaper in Minneapolis, saving renters about $612/year.

Median household income is $5,135/year higher in Minneapolis. Home values also differ significantly — the median in Chicago is $315,200 compared to $345,600 in Minneapolis.

Illinois has a lower income tax rate, making Chicago slightly more tax-friendly.

Frequently Asked Questions

Chicago vs Minneapolis — common questions

Is Chicago or Minneapolis cheaper to live in?
Based on our cost index, Chicago is cheaper to live in with an index of 100 compared to 102 (US average = 100).
What is the rent difference between Chicago and Minneapolis?
Median rent in Chicago is $1,380/month and in Minneapolis it's $1,329/month — a difference of $51/month.
Which city has higher income, Chicago or Minneapolis?
Median household income is $75,134 in Chicago and $80,269 in Minneapolis. Median household income is $5,135/year higher in Minneapolis.
How do taxes compare between Illinois and Minnesota?
Illinois has 4.95% income tax, 6.25% sales tax, and 2.07% property tax. Minnesota has 9.85% income tax, 6.875% sales tax, and 1.11% property tax.
Should I move to Chicago or Minneapolis?
It depends on your priorities. Chicago has a cost index of 100 with median rent of $1,380/mo, while Minneapolis has a cost index of 102 with rent of $1,329/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
View Chicago details → View Minneapolis details →

More Comparisons

Other cost of living comparisons for Chicago and Minneapolis

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