Median rent is 28% lower in Chicago ($1,380/mo vs $1,924/mo). Buying is cheaper in Chicago, where the median home runs $315,200 versus $982,600. Households earn more in Boulder ($85,364 vs $75,134 a year). Taken together, Boulder is the more affordable choice with a cost index of 99.9 against 105.7 — about 5% lower overall prices. After adjusting income for local prices, a typical paycheck stretches further in Boulder, CO.
Quick verdict
Boulder is 5% cheaper overall
Cost index: 99.9 in Boulder vs 105.7 in Chicago (US average = 100)
City A
Boulder, CO
City B
Chicago, IL
How much would you need to earn in Chicago, IL to maintain your standard of living from Boulder, CO?
Equivalent salary in Chicago, IL
$79,328
You'd need $4,328 more (6% 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
Boulder
Colorado
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 Chicago — median rent of $1,380/mo versus $1,924/mo in Boulder, a 28% difference. Home buyers face a steeper market in Boulder: the median home is $982,600 versus $315,200 in Chicago — 68% more expensive.
1BR Fair Market Rent
2BR Fair Market Rent
BLS OEWS 2023 — metro-level data
Colorado's top income tax rate is 4.40% versus 4.95% in Illinois, so Boulder is more tax-friendly for high earners. Sales tax is 2.90% in Colorado and 6.25% in Illinois; Boulder has the lower rate (local add-ons may apply in both).
Boulder
Income tax: 4.40%
Sales tax: 2.90%
Chicago
Income tax: 4.95%
Sales tax: 6.25%
Air quality data is available for Chicago (avg AQI 21.0) but not yet for Boulder.
Pick Boulder if you prioritize lower overall cost of living (index 99.9 vs 105.7).
Pick Boulder if you prioritize higher median household income ($85,364/yr).
Pick Chicago if you prioritize cheaper rent ($1,380/mo median).
Pick Boulder if you prioritize lower state income tax (4.40%).
Is Boulder cheaper than Chicago?
Boulder is cheaper overall, with a cost of living index of 99.9 versus 105.7 (US average = 100). That means prices run about 5% lower in Boulder.
How much is rent in Boulder vs Chicago?
Median rent is $1,924/mo in Boulder, CO and $1,380/mo in Chicago, IL. Chicago, IL has the lower rent by about 28%.
Which has higher salaries — Boulder or Chicago?
Median household income is $85,364 in Boulder, CO and $75,134 in Chicago, IL. Boulder, CO 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 — Boulder or Chicago?
Colorado's top income tax rate is 4.40% and Illinois's is 4.95%. Boulder, CO has the lower rate.
What salary do I need in Chicago to match my Boulder income?
To maintain the same purchasing power, a salary of $100,000 in Boulder, CO is equivalent to roughly $105,771 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