Chicago vs New York: Cost of Living (2026)
A side-by-side comparison of Chicago, IL and New York, NY, using US Census Bureau data.
| Metric | Chicago, IL | New York, NY |
|---|---|---|
| Population | 2,721,914 | 8,622,467 |
| Median household income | $71,673 | $76,607 |
| Median home value | $304,500 | $732,100 |
| Median rent (/mo) | $1,314 | $1,714 |
Source: US Census Bureau ACS 5-Year (2022). Highlighted cell = more affordable / higher income.
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compare-top (set NEXT_PUBLIC_ADSENSE_CLIENT to serve real ads)Comparing Chicago, IL and New York, NY comes down to what you value most. Chicago has the lower median home value, and Chicago has the lower median rent.
New York has the higher median household income, which affects how far a paycheck stretches against local housing costs. The table below breaks down the key numbers side by side, all sourced from the US Census Bureau.
Frequently asked questions
- Is it cheaper to live in Chicago or New York?
- By median home value, Chicago is the cheaper of the two ($304,500 vs $732,100). Rent and income differ too — see the full comparison above.
- Which has higher salaries, Chicago or New York?
- Median household income is $71,673 in Chicago versus $76,607 in New York, per the US Census Bureau.