Median rent is 21% lower in Albuquerque ($1,085/mo vs $1,380/mo). Buying is cheaper in Albuquerque, where the median home runs $266,700 versus $315,200. Households earn more in Chicago ($75,134 vs $65,604 a year). Taken together, Albuquerque is the more affordable choice with a cost index of 93.4 against 105.7 — about 12% lower overall prices.
Quick verdict
Albuquerque is 12% cheaper overall
Cost index: 93.4 in Albuquerque vs 105.7 in Chicago (US average = 100)
City A
Albuquerque, NM
City B
Chicago, IL
How much would you need to earn in Chicago, IL to maintain your standard of living from Albuquerque, NM?
Equivalent salary in Chicago, IL
$84,904
You'd need $9,904 more (13% 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
Albuquerque
New Mexico
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
Renters will find significantly cheaper housing in Albuquerque — median rent of $1,085/mo versus $1,380/mo in Chicago, a 21% difference. Median home values are within 15% of each other: $266,700 in Albuquerque and $315,200 in Chicago.
1BR Fair Market Rent
2BR Fair Market Rent
BLS OEWS 2023 — metro-level data
New Mexico's top income tax rate is 5.90% versus 4.95% in Illinois, so Chicago is more tax-friendly for high earners. Sales tax is 4.88% in New Mexico and 6.25% in Illinois; Albuquerque has the lower rate (local add-ons may apply in both).
Albuquerque
Income tax: 5.90%
Sales tax: 4.88%
Chicago
Income tax: 4.95%
Sales tax: 6.25%
Chicago has cleaner air on average: 21.0 AQI (Good) compared to 43.0 AQI (Good) in the other city. Lower AQI means cleaner, healthier air.
Pick Albuquerque if you prioritize lower overall cost of living (index 93.4 vs 105.7).
Pick Chicago if you prioritize higher median household income ($75,134/yr).
Pick Albuquerque if you prioritize cheaper rent ($1,085/mo median).
Pick Chicago if you prioritize cleaner air quality (avg AQI 21.0).
Is Albuquerque cheaper than Chicago?
Albuquerque is cheaper overall, with a cost of living index of 93.4 versus 105.7 (US average = 100). That means prices run about 12% lower in Albuquerque.
How much is rent in Albuquerque vs Chicago?
Median rent is $1,085/mo in Albuquerque, NM and $1,380/mo in Chicago, IL. Albuquerque, NM has the lower rent by about 21%.
Which has higher salaries — Albuquerque or Chicago?
Median household income is $65,604 in Albuquerque, NM 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?
Chicago, IL has better air quality on average: 21.0 AQI versus 43.0 AQI. Both are EPA AirNow annual averages; lower is better.
Which has lower taxes — Albuquerque or Chicago?
New Mexico's top income tax rate is 5.90% and Illinois's is 4.95%. Chicago, IL has the lower rate.
What salary do I need in Chicago to match my Albuquerque income?
To maintain the same purchasing power, a salary of $100,000 in Albuquerque, NM is equivalent to roughly $113,206 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