Median rent is 33% lower in Chicago ($1,440/mo vs $2,147/mo). Buying is cheaper in Chicago, where the median home runs $334,100 versus $731,700. Households earn more in Boston ($97,344 vs $77,902 a year). Taken together, Chicago is the more affordable choice with a cost index of 102.5 against 110.4 — about 7% lower overall prices. After adjusting income for local prices, a typical paycheck stretches further in Boston, MA.
Cost of living verdict
Chicago is 7% cheaper overall
Cost of Living Index: 102.5 in Chicago vs 110.4 in Boston (US national average = 100)
City A
Boston, MA
City B
Chicago, IL
How much would you need to earn in Chicago, IL to maintain your standard of living from Boston, MA?
Equivalent salary in Chicago, IL
$69,628
You could earn $5,372 less (7% lower) and break even.
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
Boston
Massachusetts
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
Renters will find significantly cheaper housing in Chicago — median rent of $1,440/mo versus $2,147/mo in Boston, a 33% difference. Home buyers face a steeper market in Boston: the median home is $731,700 versus $334,100 in Chicago — 54% more expensive.
Metric
Boston
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.
Boston
Income tax: N/A
Sales tax: N/A
Chicago
Income tax: N/A
Sales tax: N/A
Both cities have similar air quality: Boston averages 31.0 AQI (Good) and Chicago averages 31.0 AQI (Good).
Pick Chicago if you prioritize lower overall cost of living (index 102.5 vs 110.4).
Pick Boston if you prioritize higher median household income ($97,344/yr).
Pick Chicago if you prioritize cheaper rent ($1,440/mo median).
Chicago is cheaper overall, with a cost of living index of 102.5 versus 110.4 (US average = 100). That means prices run about 7% lower in Chicago.
Median rent is $2,147/mo in Boston, MA and $1,440/mo in Chicago, IL. Chicago, IL has the lower rent by about 33%.
Median household income is $97,344 in Boston, MA and $77,902 in Chicago, IL. Boston, MA has the higher median income. Note that BLS occupational wages in the table above show wages for specific jobs.
Chicago, IL has better air quality on average: 31.0 AQI versus 31.0 AQI. Both are EPA AirNow annual averages; lower is better.
State tax data is not yet available for one or both cities.
To maintain the same purchasing power, a salary of $100,000 in Boston, MA is equivalent to roughly $92,837 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
