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

New York

New York
166
VS

Elgin

Illinois
90

New York is 84% more expensive than Elgin.

$1,779/mo ↑ 41%
Median Rent
$1,260/mo ↓ 29%
$79,713/yr ↓ 10%
Median Income
$88,316/yr ↑ 11%
$751,700 ↑ 198%
Home Value
$252,400 ↓ 66%
$1,837/mo ↑ 22%
Owner Costs
$1,502/mo ↓ 18%
8,516,202
Population
114,106

Tax Comparison

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

Affordability

26.8%
rent-to-income
Affordability
17.1%
rent-to-income

Detailed Comparison

When comparing New York, NY and Elgin, IL, the overall cost of living indices are 166 and 90 respectively (national median = 100). Rent is $519/month cheaper in Elgin, saving renters about $6,228/year.

Median household income is $8,603/year higher in Elgin. Home values also differ significantly — the median in New York is $751,700 compared to $252,400 in Elgin.

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

Frequently Asked Questions

New York vs Elgin — common questions

Is New York or Elgin cheaper to live in?
Based on our cost index, Elgin is cheaper to live in with an index of 90 compared to 166 (US average = 100).
What is the rent difference between New York and Elgin?
Median rent in New York is $1,779/month and in Elgin it's $1,260/month — a difference of $519/month.
Which city has higher income, New York or Elgin?
Median household income is $79,713 in New York and $88,316 in Elgin. Median household income is $8,603/year higher in Elgin.
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 Elgin?
It depends on your priorities. New York has a cost index of 166 with median rent of $1,779/mo, while Elgin has a cost index of 90 with rent of $1,260/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
View New York details → View Elgin details →

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