Phoenix vs Chicago: Cost of Living & Housing Comparison
On median home value, Phoenix comes in at $340,200 — 12% higher than Chicago, where the median is $304,500.
Typical households bring in $72,092 a year in Phoenix, versus $71,673 in Chicago.
Monthly rent typically costs $1,322 in Phoenix and $1,314 in Chicago.
FEMA rates both cities' overall hazard risk as "Very High."
| Metric | Phoenix, AZ | Chicago, IL |
|---|---|---|
| Population | 1,609,456 | 2,721,914 |
| Median home value | $340,200 | $304,500 |
| Median household income | $72,092 | $71,673 |
| Median gross rent | $1,322 | $1,314 |
| Climate risk (FEMA) | Very High | Very High |
Chicago, IL comes out ahead on housing affordability versus Phoenix, AZ, with both a lower median home value and lower rent. Housing only — not the full cost-of-living picture.
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Sources: U.S. Census Bureau American Community Survey; FEMA National Risk Index
Data last updated July 2026.