Cost of Living: New York, NY vs Chicago, IL (2026)

New York

New York
166
VS

Chicago

Illinois
100

New York is 66% more expensive than Chicago.

$1,779/mo ↑ 29%
Median Rent
$1,380/mo ↓ 22%
$79,713/yr ↑ 6%
Median Income
$75,134/yr ↓ 6%
$751,700 ↑ 138%
Home Value
$315,200 ↓ 58%
$1,837/mo ↑ 22%
Owner Costs
$1,502/mo ↓ 18%
8,516,202
Population
2,707,648

Tax Comparison

10.9%
Income Tax
4.95%
4.0%
Sales Tax
6.25%
1.62%
Property Tax
2.07%

Affordability

26.8%
rent-to-income
Affordability
22.0%
rent-to-income

Detailed Comparison

When comparing New York, NY and Chicago, IL, the overall cost of living indices are 166 and 100 respectively (national median = 100). Rent is $399/month cheaper in Chicago, saving renters about $4,788/year.

Median household income is $4,579/year higher in New York. Home values also differ significantly — the median in New York is $751,700 compared to $315,200 in Chicago.

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

Frequently Asked Questions

New York vs Chicago — common questions

Is New York or Chicago cheaper to live in?
Based on our cost index, Chicago is cheaper to live in with an index of 100 compared to 166 (US average = 100).
What is the rent difference between New York and Chicago?
Median rent in New York is $1,779/month and in Chicago it's $1,380/month — a difference of $399/month.
Which city has higher income, New York or Chicago?
Median household income is $79,713 in New York and $75,134 in Chicago. Median household income is $4,579/year higher in New York.
How do taxes compare between New York and Illinois?
New York has 10.9% income tax, 4.0% sales tax, and 1.62% property tax. Illinois has 4.95% income tax, 6.25% sales tax, and 2.07% property tax.
Should I move to New York or Chicago?
It depends on your priorities. New York has a cost index of 166 with median rent of $1,779/mo, while Chicago has a cost index of 100 with rent of $1,380/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
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