Median rent is 50% lower in Chicago ($1,380/mo vs $2,742/mo). Buying is cheaper in Chicago, where the median home runs $315,200 versus $1,040,500. Households earn more in Cambridge ($126,469 vs $75,134 a year). Taken together, Chicago is the more affordable choice with a cost index of 105.7 against 112.2 — about 6% lower overall prices. After adjusting income for local prices, a typical paycheck stretches further in Cambridge, MA.
Quick verdict
Chicago is 6% cheaper overall
Cost index: 105.7 in Chicago vs 112.2 in Cambridge (US average = 100)
City A
Cambridge, MA
City B
Chicago, IL
How much would you need to earn in Chicago, IL to maintain your standard of living from Cambridge, MA?
Equivalent salary in Chicago, IL
$70,667
You could earn $4,333 less (6% lower) and break even.
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
Cambridge
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: 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 $2,742/mo in Cambridge, a 50% difference. Home buyers face a steeper market in Cambridge: the median home is $1,040,500 versus $315,200 in Chicago — 70% more expensive.
1BR Fair Market Rent
2BR Fair Market Rent
BLS OEWS 2023 — metro-level data
Massachusetts's top income tax rate is 9.00% versus 4.95% in Illinois, so Chicago is more tax-friendly for high earners. Sales tax is 6.25% in Massachusetts and 6.25% in Illinois; Chicago has the lower rate (local add-ons may apply in both).
Cambridge
Income tax: 9.00%
Sales tax: 6.25%
Chicago
Income tax: 4.95%
Sales tax: 6.25%
Air quality data is available for Chicago (avg AQI 21.0) but not yet for Cambridge.
Pick Chicago if you prioritize lower overall cost of living (index 105.7 vs 112.2).
Pick Cambridge if you prioritize higher median household income ($126,469/yr).
Pick Chicago if you prioritize cheaper rent ($1,380/mo median).
Pick Chicago if you prioritize lower state income tax (4.95%).
Is Cambridge cheaper than Chicago?
Chicago is cheaper overall, with a cost of living index of 105.7 versus 112.2 (US average = 100). That means prices run about 6% lower in Chicago.
How much is rent in Cambridge vs Chicago?
Median rent is $2,742/mo in Cambridge, MA and $1,380/mo in Chicago, IL. Chicago, IL has the lower rent by about 50%.
Which has higher salaries — Cambridge or Chicago?
Median household income is $126,469 in Cambridge, MA and $75,134 in Chicago, IL. Cambridge, MA 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 — Cambridge or Chicago?
Massachusetts's top income tax rate is 9.00% and Illinois's is 4.95%. Chicago, IL has the lower rate.
What salary do I need in Chicago to match my Cambridge income?
To maintain the same purchasing power, a salary of $100,000 in Cambridge, MA is equivalent to roughly $94,223 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