Chicago vs New York: Cost of Living & Housing Comparison
Chicago's median home value is $304,500 — 58% lower than New York's $732,100.
Median household income is $71,673 in Chicago versus $76,607 in New York.
Typical rent runs $1,314 in Chicago and $1,714 in New York.
| Metric | Chicago, IL | New York, NY |
|---|---|---|
| Population | 2,721,914 | 8,622,467 |
| Median home value | $304,500 | $732,100 |
| Median household income | $71,673 | $76,607 |
| Median gross rent | $1,314 | $1,714 |
| Climate risk (FEMA) | Very High | Relatively High |
On housing costs, Chicago, IL looks more affordable than New York, NY — lower median home value and rent. This reflects housing only, not total cost of living.
- Best cities in Illinois
- Best cities in New York
- New York vs Buffalo: Cost of Living & Housing Comparison
- New York vs Albany: Cost of Living & Housing Comparison
- Austin vs New York: Cost of Living & Housing Comparison
Sources: U.S. Census Bureau American Community Survey; FEMA National Risk Index
Data last updated July 2026.