Chicago, IL vs Richmond, VA: 100 vs 98

$1,380/mo ↑ 5%

Median Rent

$1,314/mo ↓ 5%

$75,134/yr ↑ 20%

Median Income

$62,671/yr ↓ 17%

$315,200 ↓ 4%

Home Value

$328,100 ↑ 4%

$1,502/mo ↑ 9%

Owner Costs

$1,374/mo ↓ 9%

2,707,648

Population

227,595

Detailed Comparison

When comparing Chicago, IL and Richmond, VA, the overall cost of living indices are 100 and 98 respectively (national median = 100). Rent is $66/month cheaper in Richmond, saving renters about $792/year.

Median household income is $12,463/year higher in Chicago. Home values also differ significantly — the median in Chicago is $315,200 compared to $328,100 in Richmond.

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

Frequently Asked Questions

Chicago vs Richmond — common questions

Is Chicago or Richmond cheaper to live in?

Based on our cost index, Richmond is cheaper to live in with an index of 98 compared to 100 (US average = 100).

What is the rent difference between Chicago and Richmond?

Median rent in Chicago is $1,380/month and in Richmond it's $1,314/month — a difference of $66/month.

Which city has higher income, Chicago or Richmond?

Median household income is $75,134 in Chicago and $62,671 in Richmond. Median household income is $12,463/year higher in Chicago.

How do taxes compare between Illinois and Virginia?

Illinois has 4.95% income tax, 6.25% sales tax, and 2.07% property tax. Virginia has 5.75% income tax, 5.3% sales tax, and 0.8% property tax.

Should I move to Chicago or Richmond?

It depends on your priorities. Chicago has a cost index of 100 with median rent of $1,380/mo, while Richmond has a cost index of 98 with rent of $1,314/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.

Cost of Living: Chicago, IL vs Richmond, VA (2026)

Chicago

Richmond

Tax Comparison

Affordability

Detailed Comparison

Frequently Asked Questions

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