Milwaukee vs Chicago: Cost of Living & Housing Comparison
Comparing home values: Milwaukee sits at $157,800, 48% lower than Chicago's $304,500.
Households earn a median $49,733 in Milwaukee, compared with $71,673 in Chicago.
Median rent is $982 in Milwaukee, compared with $1,314 in Chicago.
Chicago's FEMA hazard rating (Very High) is higher than Milwaukee's (Relatively High) — worth noting if climate risk factors into your decision.
| Metric | Milwaukee, WI | Chicago, IL |
|---|---|---|
| Population | 573,299 | 2,721,914 |
| Median home value | $157,800 | $304,500 |
| Median household income | $49,733 | $71,673 |
| Median gross rent | $982 | $1,314 |
| Climate risk (FEMA) | Relatively High | Very High |
Milwaukee, WI beats Chicago, IL on both housing metrics we track — home value and rent — though this doesn't capture the full cost of living.
- Best cities in Wisconsin
- Best cities in Illinois
- Chicago vs New York: Cost of Living & Housing Comparison
- Chicago vs Austin: Cost of Living & Housing Comparison
- Chicago vs Los Angeles: Cost of Living & Housing Comparison
Sources: U.S. Census Bureau American Community Survey; FEMA National Risk Index
Data last updated July 2026.