Chicago vs Raleigh: Cost of Living & Housing Comparison
On median home value, Chicago comes in at $304,500 — 12% lower than Raleigh, where the median is $347,000.
Households earn a median $71,673 in Chicago, compared with $78,631 in Raleigh.
Monthly rent typically costs $1,314 in Chicago and $1,371 in Raleigh.
Raleigh carries FEMA's Relatively High hazard rating, compared with Very High for Chicago.
| Metric | Chicago, IL | Raleigh, NC |
|---|---|---|
| Population | 2,721,914 | 465,517 |
| Median home value | $304,500 | $347,000 |
| Median household income | $71,673 | $78,631 |
| Median gross rent | $1,314 | $1,371 |
| Climate risk (FEMA) | Very High | Relatively High |
Chicago, IL comes out ahead on housing affordability versus Raleigh, NC, 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.