Median rent is 15% lower in Albany ($1,178/mo vs $1,380/mo). Buying is cheaper in Albany, where the median home runs $223,000 versus $315,200. Households earn more in Chicago ($75,134 vs $59,485 a year). Taken together, Albany is the more affordable choice with a cost index of 96.6 against 105.7 — about 9% lower overall prices. After adjusting income for local prices, a typical paycheck stretches further in Chicago, IL.
Quick verdict
Albany is 9% cheaper overall
Cost index: 96.6 in Albany vs 105.7 in Chicago (US 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
$82,085
You'd need $7,085 more (9% higher).
Based on BEA Regional Price Parity (cost index) for each city's metro area. A rough estimate of overall purchasing power, not tax or take-home pay.
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: US Census ACS, BEA RPP, HUD FMR, EPA AirNow, Tax Foundation
Median rent is modestly lower in Albany at $1,178/mo compared to $1,380/mo in Chicago (15% gap). Home buyers face a steeper market in Chicago: the median home is $315,200 versus $223,000 in Albany — 29% more expensive.
1BR Fair Market Rent
2BR Fair Market Rent
BLS OEWS 2023 — metro-level data
New York's top income tax rate is 10.90% versus 4.95% in Illinois, so Chicago is more tax-friendly for high earners. Sales tax is 4.00% in New York and 6.25% in Illinois; Albany has the lower rate (local add-ons may apply in both).
Albany
Income tax: 10.90%
Sales tax: 4.00%
Chicago
Income tax: 4.95%
Sales tax: 6.25%
Air quality data is available for Chicago (avg AQI 21.0) but not yet for Albany.
Pick Albany if you prioritize lower overall cost of living (index 96.6 vs 105.7).
Pick Chicago if you prioritize higher median household income ($75,134/yr).
Pick Albany if you prioritize cheaper rent ($1,178/mo median).
Pick Chicago if you prioritize lower state income tax (4.95%).
Is Albany cheaper than Chicago?
Albany is cheaper overall, with a cost of living index of 96.6 versus 105.7 (US average = 100). That means prices run about 9% lower in Albany.
How much is rent in Albany vs Chicago?
Median rent is $1,178/mo in Albany, NY and $1,380/mo in Chicago, IL. Albany, NY has the lower rent by about 15%.
Which has higher salaries — Albany or Chicago?
Median household income is $59,485 in Albany, NY and $75,134 in Chicago, IL. Chicago, IL has the higher median income. Note that BLS occupational wages in the table above show wages for specific jobs.
Which city has better air quality?
Air quality data is not yet available for one or both cities.
Which has lower taxes — Albany or Chicago?
New York's top income tax rate is 10.90% and Illinois's is 4.95%. Chicago, IL has the lower rate.
What salary do I need in Chicago to match my Albany income?
To maintain the same purchasing power, a salary of $100,000 in Albany, NY is equivalent to roughly $109,447 in Chicago, IL (using the BEA Regional Price Parity ratio). Use the salary calculator above for any income amount.
Data last updated: December 1, 2024 · Sources: US Census ACS, BEA RPP, BLS OEWS, HUD FMR, EPA AirNow, Tax Foundation · Methodology