Median rent is 5% lower in Chicago ($1,380/mo vs $1,453/mo). Buying is cheaper in Chicago, where the median home runs $315,200 versus $375,900. Households earn more in Anchorage ($98,152 vs $75,134 a year).
City A
Anchorage, AK
City B
Chicago, IL
How much would you need to earn in Chicago, IL to maintain your standard of living from Anchorage, AK?
A cost-of-living index isn't available for one of these cities yet, so we can't compute an equivalent salary.
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
Anchorage
Alaska
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 rents are similar in both cities: $1,453/mo in Anchorage and $1,380/mo in Chicago. Median home values are within 16% of each other: $375,900 in Anchorage and $315,200 in Chicago.
1BR Fair Market Rent
2BR Fair Market Rent
BLS OEWS 2023 — metro-level data
Alaska has no state income tax, while Illinois tops out at 4.95% — giving Anchorage a clear advantage for high earners. Sales tax is 0.00% in Alaska and 6.25% in Illinois; Anchorage has the lower rate (local add-ons may apply in both).
Anchorage
Income tax: None
Sales tax: None
Chicago
Income tax: 4.95%
Sales tax: 6.25%
Anchorage has cleaner air on average: 12.0 AQI (Good) compared to 21.0 AQI (Good) in the other city. Lower AQI means cleaner, healthier air.
Pick Anchorage if you prioritize higher median household income ($98,152/yr).
Pick Anchorage if you prioritize cleaner air quality (avg AQI 12.0).
Pick Anchorage if you prioritize no state income tax.
Is Anchorage cheaper than Chicago?
Cost of living index data is not yet available for one or both cities.
How much is rent in Anchorage vs Chicago?
Median rent is $1,453/mo in Anchorage, AK and $1,380/mo in Chicago, IL. Chicago, IL has the lower rent by about 5%.
Which has higher salaries — Anchorage or Chicago?
Median household income is $98,152 in Anchorage, AK and $75,134 in Chicago, IL. Anchorage, AK 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?
Anchorage, AK has better air quality on average: 12.0 AQI versus 21.0 AQI. Both are EPA AirNow annual averages; lower is better.
Which has lower taxes — Anchorage or Chicago?
Alaska has no state income tax. Illinois has a top rate of 4.95%.
What salary do I need in Chicago to match my Anchorage income?
RPP data needed for salary equivalence calculation is not yet available.
Data last updated: December 1, 2024 · Sources: US Census ACS, BEA RPP, BLS OEWS, HUD FMR, EPA AirNow, Tax Foundation · Methodology