Cost of living New York vs Chicago
In BEA's 2024 regional price parities (RPP), Chicago sits 8.0% under New York: 103.6 compared with 112.6, and the US average is 100.
| US = 100 for price levels | New York | Chicago |
|---|---|---|
| Price level, all items | 112.6 | 103.6 |
| Housing (rents) | 148.6 | 112.0 |
| Goods | 110.3 | 107.3 |
| Utilities | 127.0 | 83.6 |
| Other services | 105.8 | 100.5 |
| Typical rent a month | $4,089 | $2,311 |
| Typical home value, September 2026 | $825,854 | $334,108 |
| Median household income | $81,228 | $80,613 |
| Price to income | 10.2 | 4.1 |
Sources include BEA regional price parities for each metro area from 2024, Zillow ZORI and ZHVI, and Census ACS 2024 income. Regional price parities
Salary needed for a move from New York to Chicago
Two price levels set the salary scale. That figure comes before tax, and state and local taxes vary. Explore cost of living comparisons for other cities.
Chicago and New York: rent
Chicago shows a typical asking rent of $2,311 a month, which is 43.5% under the $4,089 typical asking rent in New York, per the Zillow Observed Rent Index (ZORI), the measure of rent for homes currently listed. BEA's housing price level is 148.6 for New York and 112.0 for Chicago; it tracks rents.
| Rent | New York | Chicago |
|---|---|---|
| Typical asking rent, Zillow ZORI | $4,089 | $2,311 |
| 12-month change | +5.2% | +5.7% |
| Median gross rent, Census ACS 2024 | $1,811 | $1,486 |
| Housing price level, BEA (US = 100) | 148.6 | 112.0 |
Chicago and New York: home prices
In September 2026, the Zillow Home Value Index (ZHVI) put the typical New York home at $825,854 and the typical Chicago home at $334,108. ZHVI measures the value of a home in the middle of the market. Compared with New York, a typical home in Chicago is 59.5% cheaper.
| Home prices | New York | Chicago |
|---|---|---|
| Typical home value, September 2026 | $825,854 | $334,108 |
| 12-month change | +4.3% | +5.6% |
| 10-year change | +38.2% | +41.1% |
| Price to income | 10.2 | 4.1 |
| Price to rent | 16.8 | 12.0 |
Price to income: median household income (Census ACS 2024) divided into the typical home value. Price to rent: the typical home value compared with one year of asking rent.
Price history for both cities
New York appears as the steel line, while Chicago appears as the grey line. Since January 2000, New York's typical home has climbed from $240,841 up to $825,854, ×3.43, while Chicago's has gone from $149,969 up to $334,108, ×2.23.