The Cost of Living in Chicago Vs. New York - Luxury Apartments Chicago | Luxury Living (2024)

FAQs

Is it more expensive to live in Chicago or New York? ›

The cost of living in NYC is much higher than the cost of living in Chicago from different perspectives.

Chicago's housing expenses are 39% higher than the national average and the utility prices are 9% lower than the national average. Transportation expenses like bus fares and gas prices are 6% higher than the national average. Chicago has grocery prices that are 3% higher than the national average.

Chicago is officially one of the most expensive cities in the world. Seven out of ten cities on a new ranking are in the United States.

Its affordability is primarily driven by a surplus of housing, economic factors, moderate home demand, and certain government policies. This makes it a great option for both first-time homebuyers and seasoned investors.

The sales tax in Chicago on normal things (not like groceries..which have low tax rate in Chicago) is 1.375% higher than NYC. So if you spent $10K on goods in 1 year for taxes at these rates, we're talking about $137.50 a year extra with the Chicago sales tax. It's not that much when you factor everything else.

The median salary in Chicago, IL is $65,250, with 80% of salaries falling between $31,668 and $143,550. Salaries in Chicago, IL are generally above the national average.

Boston is definitely more expensive than Chicago for both average rent price and median home price, but Boston residents make more money overall to compensate for that.

The Cost Of Living In Chicago vs. Seattle. Chicago is a more affordable place to live when compared to Seattle. While both are above the national average for Cost of Living, Chicago is less expensive because it's only 7.4% higher in comparison with Seattle, being 67.8% higher than the national average.

Chicago scored 54.51 out of 100 possible points, earning top 10 rankings in quality of life (seventh) and safety (eighth). Overall, Seattle earned the top spot in WalletHub's study. The city ranked first in education and health, as well as economy. The city also was sixth in quality of life.

Are Chicago suburbs wealthy? ›

These three Chicago suburbs are among the wealthiest in America. Hinsdale, Lake Forest and Wilmette have the highest average household incomes. With amazing restaurants, endless things to do and a summer festival season that's jam-packed with events, it's no secret that living in Chicago is the best.

Fulton River District

Fulton River District is the most expensive neighborhood in Chicago, as the average rent for a one-bedroom unit is $3,524. There are plenty of reasons why this neighborhood draws residents. Fulton River District is one of Chicago's most walkable neighborhoods, as you access restaurants and shops.

You would need around 11,564.9$ in New York, NY to maintain the same standard of life that you can have with 7,700.0$ in Chicago, IL (assuming you rent in both cities). This calculation uses our Cost of Living Plus Rent Index to compare the cost of living and assume net earnings (after income tax).

Chicago, the Windy City, is a vibrant and diverse metropolis that has captured the hearts of people from all over the world. With its rich history, stunning architecture, cultural diversity, and countless opportunities, it's no wonder that Chicago is a top destination for those looking to relocate.

The prestigious honor comes from the discerning readers of Condé Nast Traveler who participated in the annual Readers' Choice Awards, the industry's longest-running awards program. Over 520,000 travelers from around the world cast their votes and once again crowned Chicago as the nation's Best Big City.

New York City is the No. 3 most expensive city in the world in, based on Numbeo's Cost of Living Index by City.

As rent and home prices across the nation remain high, Chicago just ranked on a new list of the "most expensive places to live" in the U.S. for 2024.

Key Takeaways. Cities offer a variety of employment opportunities along with cultural, sports, dining, and entertainment activities. New York City's Manhattan borough is the most costly place to live, followed by Honolulu, Hawaii, and San Jose, California.

According to the study, a Chicago-area resident without children would need to make $65,500 after taxes to live comfortably. The study is based on the MIT Living Wage Calculator, which uses the cost of housing, food, transportation, medical care and more.