Cost of Living: New York vs Chicago
How expensive is Chicago compared with New York City? Overall prices, rent, goods, utilities and services in the Chicago-Naperville-Elgin, IL-IN metro area versus the New York metro area, plus the salary you’d need to live the same way.
Salary converter
Before taxes. Income tax, sales tax and benefits differ a lot between places and aren’t included.
Where the difference comes from
Bars show each category’s price level relative to the US average (BEA Regional Price Parities, 2024). Rent is usually the biggest driver.
The numbers
- Metro area
- Chicago-Naperville-Elgin, IL-IN
- Price level vs US average
- 103.6 (New York: 112.6)
- Rent vs US average
- 112.0 (New York: 148.6)
- Source
- U.S. Bureau of Economic Analysis, Regional Price Parities 2024
Frequently asked questions
Is Chicago cheaper than New York?
Yes. Chicago is 8% cheaper than the New York metro area overall (index 92, New York = 100).
What salary in Chicago equals $100,000 in New York?
About $92,033 a year buys the same standard of living in Chicago as $100,000 in the New York metro area, before taxes.
How do rents in Chicago compare with New York?
Rents and housing costs in the Chicago-Naperville-Elgin, IL-IN metro area are 25% cheaper than the New York metro area (BEA, 2024).
Where does this data come from?
U.S. Bureau of Economic Analysis Regional Price Parities for 2024, which compare the price of the same basket of goods, rents, utilities and services across US metro areas.