Median rent is 16% lower in Albany ($1,216/mo vs $1,440/mo). Buying is cheaper in Albany, where the median home runs $234,700 versus $334,100. Households earn more in Chicago ($77,902 vs $61,986 a year). Taken together, Albany is the more affordable choice with a cost index of 98.2 against 102.5 — about 4% lower overall prices. After adjusting income for local prices, a typical paycheck stretches further in Chicago, IL.
Cost of living verdict
Albany is 4% cheaper overall
Cost of Living Index: 98.2 in Albany vs 102.5 in Chicago (US national average = 100)
City A
Albany, NY
City B
Chicago, IL
How much would you need to earn in Chicago, IL to maintain your standard of living from Albany, NY?
Equivalent salary in Chicago, IL
$78,292
You'd need $3,292 more (4% higher).
Based on BEA Regional Price Parity (cost index) for each metro area. This estimates overall purchasing power; it does not account for taxes or take-home pay differences.
Metric
Albany
New York
Chicago
Illinois
Population
Median Household Income
Annual
Median Gross Rent
Per month
Median Home Value
Cost of Living Index
US avg = 100
1BR Fair Market Rent
HUD FMR
2BR Fair Market Rent
HUD FMR
3BR Fair Market Rent
HUD FMR
Air Quality Index
Lower = cleaner
Top State Income Tax
Top marginal rate
State Sales Tax
Statewide base rate
Median Age
Years
✓ = better value · Sources: Census ACS, BEA, HUD Fair Market Rents, EPA AirNow, Tax Foundation
Median rent is modestly lower in Albany at $1,216/mo compared to $1,440/mo in Chicago (16% gap). Home buyers face a steeper market in Chicago: the median home is $334,100 versus $234,700 in Albany — 30% more expensive.
Metric
Albany
Chicago
Software Developer
Registered Nurse
Elementary Teacher
Electrician
Accountant
Higher wage highlighted · BLS OEWS 2023 (metro-level data)
State tax data is not yet available for these cities.
Albany
Income tax: N/A
Sales tax: N/A
Chicago
Income tax: N/A
Sales tax: N/A
Air quality data is available for Chicago (avg AQI 31.0) but not yet for Albany.
Pick Albany if you prioritize lower overall cost of living (index 98.2 vs 102.5).
Pick Chicago if you prioritize higher median household income ($77,902/yr).
Pick Albany if you prioritize cheaper rent ($1,216/mo median).
Albany is cheaper overall, with a cost of living index of 98.2 versus 102.5 (US average = 100). That means prices run about 4% lower in Albany.
Median rent is $1,216/mo in Albany, NY and $1,440/mo in Chicago, IL. Albany, NY has the lower rent by about 16%.
Median household income is $61,986 in Albany, NY and $77,902 in Chicago, IL. Chicago, IL has the higher median income. Note that BLS occupational wages in the table above show wages for specific jobs.
Air quality data is not yet available for one or both cities.
State tax data is not yet available for one or both cities.
To maintain the same purchasing power, a salary of $100,000 in Albany, NY is equivalent to roughly $104,389 in Chicago, IL (using the BEA Regional Price Parity ratio). Use the salary calculator above for any income amount.
Data last updated: June 1, 2026 · Sources: US Census ACS, BEA RPP, BLS OEWS, HUD FMR, EPA AirNow, Tax Foundation · Methodology
