Median rent is 38% lower in Austin ($860/mo vs $1,380/mo). Buying is cheaper in Austin, where the median home runs $155,100 versus $315,200. Households earn more in Chicago ($75,134 vs $66,488 a year). Taken together, Austin is the more affordable choice with a cost index of 98.8 against 105.7 — about 7% lower overall prices. After adjusting income for local prices, a typical paycheck stretches further in Chicago, IL.
Quick verdict
Austin is 7% cheaper overall
Cost index: 98.8 in Austin vs 105.7 in Chicago (US average = 100)
City A
Austin, MN
City B
Chicago, IL
How much would you need to earn in Chicago, IL to maintain your standard of living from Austin, MN?
Equivalent salary in Chicago, IL
$80,234
You'd need $5,234 more (7% 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
Austin
Minnesota
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 Austin — median rent of $860/mo versus $1,380/mo in Chicago, a 38% difference. Home buyers face a steeper market in Chicago: the median home is $315,200 versus $155,100 in Austin — 51% more expensive.
1BR Fair Market Rent
2BR Fair Market Rent
BLS OEWS 2023 — metro-level data
Minnesota's top income tax rate is 9.85% versus 4.95% in Illinois, so Chicago is more tax-friendly for high earners. Sales tax is 6.88% in Minnesota and 6.25% in Illinois; Chicago has the lower rate (local add-ons may apply in both).
Austin
Income tax: 9.85%
Sales tax: 6.88%
Chicago
Income tax: 4.95%
Sales tax: 6.25%
Air quality data is available for Chicago (avg AQI 21.0) but not yet for Austin.
Pick Austin if you prioritize lower overall cost of living (index 98.8 vs 105.7).
Pick Chicago if you prioritize higher median household income ($75,134/yr).
Pick Austin if you prioritize cheaper rent ($860/mo median).
Pick Chicago if you prioritize lower state income tax (4.95%).
Is Austin cheaper than Chicago?
Austin is cheaper overall, with a cost of living index of 98.8 versus 105.7 (US average = 100). That means prices run about 7% lower in Austin.
How much is rent in Austin vs Chicago?
Median rent is $860/mo in Austin, MN and $1,380/mo in Chicago, IL. Austin, MN has the lower rent by about 38%.
Which has higher salaries — Austin or Chicago?
Median household income is $66,488 in Austin, MN 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 — Austin or Chicago?
Minnesota's top income tax rate is 9.85% and Illinois's is 4.95%. Chicago, IL has the lower rate.
What salary do I need in Chicago to match my Austin income?
To maintain the same purchasing power, a salary of $100,000 in Austin, MN is equivalent to roughly $106,979 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