Indianapolis vs Chicago: Cost of Living & Housing Comparison
Median home value runs $184,600 in Indianapolis city (balance), 39% lower than the $304,500 median in Chicago.
On median household income, Indianapolis city (balance) posts $59,110 while Chicago posts $71,673.
Typical rent runs $1,046 in Indianapolis city (balance) and $1,314 in Chicago.
Natural-hazard risk differs here: FEMA rates Chicago Very High and Indianapolis city (balance) Relatively High.
| Metric | Indianapolis city (balance), IN | Chicago, IL |
|---|---|---|
| Population | 882,006 | 2,721,914 |
| Median home value | $184,600 | $304,500 |
| Median household income | $59,110 | $71,673 |
| Median gross rent | $1,046 | $1,314 |
| Climate risk (FEMA) | Relatively High | Very High |
Housing is cheaper across the board in Indianapolis city (balance), IN compared with Chicago, IL: lower home values, lower rent. Other cost-of-living factors aren't reflected here.
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Sources: U.S. Census Bureau American Community Survey; FEMA National Risk Index
Data last updated July 2026.