Median rent is 31% lower in Chicago ($1,380/mo vs $2,012/mo). Buying is cheaper in Chicago, where the median home runs $315,200 versus $370,200. Households earn more in Carteret ($87,553 vs $75,134 a year).
City A
Carteret, NJ
City B
Chicago, IL
How much would you need to earn in Chicago, IL to maintain your standard of living from Carteret, NJ?
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
Carteret
New Jersey
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 $2,012/mo in Carteret, a 31% difference. Median home values are within 15% of each other: $370,200 in Carteret and $315,200 in Chicago.
1BR Fair Market Rent
2BR Fair Market Rent
BLS OEWS 2023 — metro-level data
New Jersey's top income tax rate is 10.75% versus 4.95% in Illinois, so Chicago is more tax-friendly for high earners. Sales tax is 6.63% in New Jersey and 6.25% in Illinois; Chicago has the lower rate (local add-ons may apply in both).
Carteret
Income tax: 10.75%
Sales tax: 6.63%
Chicago
Income tax: 4.95%
Sales tax: 6.25%
Air quality data is available for Chicago (avg AQI 21.0) but not yet for Carteret.
Pick Carteret if you prioritize higher median household income ($87,553/yr).
Pick Chicago if you prioritize cheaper rent ($1,380/mo median).
Pick Chicago if you prioritize lower state income tax (4.95%).
Is Carteret cheaper than Chicago?
Cost of living index data is not yet available for one or both cities.
How much is rent in Carteret vs Chicago?
Median rent is $2,012/mo in Carteret, NJ and $1,380/mo in Chicago, IL. Chicago, IL has the lower rent by about 31%.
Which has higher salaries — Carteret or Chicago?
Median household income is $87,553 in Carteret, NJ and $75,134 in Chicago, IL. Carteret, NJ 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 — Carteret or Chicago?
New Jersey's top income tax rate is 10.75% and Illinois's is 4.95%. Chicago, IL has the lower rate.
What salary do I need in Chicago to match my Carteret 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