Cost of Living: Chicago, IL vs Waco, TX (2026)

Chicago

Illinois
100
VS

Waco

Texas
72

Chicago is 39% more expensive than Waco.

$1,380/mo ↑ 26%
Median Rent
$1,098/mo ↓ 20%
$75,134/yr ↑ 46%
Median Income
$51,468/yr ↓ 31%
$315,200 ↑ 58%
Home Value
$199,600 ↓ 37%
$1,502/mo ↑ 37%
Owner Costs
$1,094/mo ↓ 27%
2,707,648
Population
141,925

Tax Comparison

4.95%
Income Tax
0%
6.25%
State Sales Tax
6.25%
2.07%
Property Tax
1.6%

Affordability

22.0%
rent-to-income
Affordability
25.6%
rent-to-income

Detailed Comparison

When comparing Chicago, IL and Waco, TX, the overall cost of living indices are 100 and 72 respectively (national median = 100). Rent is $282/month cheaper in Waco, saving renters about $3,384/year.

Median household income is $23,666/year higher in Chicago. Home values also differ significantly — the median in Chicago is $315,200 compared to $199,600 in Waco.

Texas has no state income tax, giving Waco residents a significant tax advantage over Illinois's 4.95% rate.

Frequently Asked Questions

Chicago vs Waco — common questions

Is Chicago or Waco cheaper to live in?
Based on our cost index, Waco is cheaper to live in with an index of 72 compared to 100 (US average = 100).
What is the rent difference between Chicago and Waco?
Median rent in Chicago is $1,380/month and in Waco it's $1,098/month — a difference of $282/month.
Which city has higher income, Chicago or Waco?
Median household income is $75,134 in Chicago and $51,468 in Waco. Median household income is $23,666/year higher in Chicago.
How do taxes compare between Illinois and Texas?
Illinois has 4.95% income tax, 6.25% sales tax, and 2.07% property tax. Texas has 0% income tax, 6.25% sales tax, and 1.6% property tax.
Should I move to Chicago or Waco?
It depends on your priorities. Chicago has a cost index of 100 with median rent of $1,380/mo, while Waco has a cost index of 72 with rent of $1,098/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
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