The numbers, side by side
| Metric | New York | Chicago | Difference |
|---|---|---|---|
| Cost-of-living index | 187 | 112 | -75 |
| 1-bed rent (avg) | $3,200 | $1,700 | -$1,500 |
| 2-bed rent (avg) | $4,100 | $2,200 | -$1,900 |
| Median household income | $67,046 | $58,984 | -$8,062 |
| Population | 8,336,817 | 2,693,976 | -5,642,841 |
What salary you'd need in Chicago
To maintain your New York purchasing power, here's what you'd need to earn in Chicago.
New York vs Chicago: which makes more sense for you?
On paper, New York's cost-of-living index of 187 runs roughly 40.1% higher than Chicago's 112. But that headline number papers over real differences in how that cost is distributed — rent might be far more expensive while groceries and transit costs run closer to even.
The rent gap
A 1-bedroom apartment in New York averages $3,200/month, vs $1,700/month in Chicago — a -$1,500 difference. For 2-bedrooms, the gap widens to -$1,900/month. Over a year, the rent difference alone is $18,000 on a 1-bed.
Income context
Median household income in New York is $67,046, while Chicago runs $58,984 (-$8,062 difference). That matters for how the cost-of-living gap actually feels day-to-day — if local salaries are also higher, the cost difference washes out partly. If local salaries lag the cost-of-living gap, your paycheck buys noticeably less.
State tax differences
New York is in New York and Chicago is in Illinois, so you'll also pick up a state-tax difference. Tax-free states like Texas, Florida, Tennessee, Washington, and Nevada deliver real take-home upside even when nominal salaries are similar.