Median rent is 10% lower in Chicago ($1,380/mo vs $1,539/mo). Buying is cheaper in Chicago, where the median home runs $315,200 versus $326,100. Households earn more in Chicago ($75,134 vs $64,440 a year). Taken together, Clearwater is the more affordable choice with a cost index of 99.9 against 105.7 — about 6% lower overall prices. After adjusting income for local prices, a typical paycheck stretches further in Chicago, IL.
Quick verdict
Clearwater is 6% cheaper overall
Cost index: 99.9 in Clearwater vs 105.7 in Chicago (US average = 100)
City A
Chicago, IL
City B
Clearwater, FL
How much would you need to earn in Clearwater, FL to maintain your standard of living from Chicago, IL?
Equivalent salary in Clearwater, FL
$70,849
You could earn $4,151 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
Chicago
Illinois
Clearwater
Florida
👥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
Median rent is modestly lower in Chicago at $1,380/mo compared to $1,539/mo in Clearwater (10% gap). Median home values are within 3% of each other: $315,200 in Chicago and $326,100 in Clearwater.
1BR Fair Market Rent
2BR Fair Market Rent
BLS OEWS 2023 — metro-level data
Florida has no state income tax, while Illinois tops out at 4.95% — giving Clearwater a clear advantage for high earners. Sales tax is 6.25% in Illinois and 6.00% in Florida; Clearwater has the lower rate (local add-ons may apply in both).
Chicago
Income tax: 4.95%
Sales tax: 6.25%
Clearwater
Income tax: None
Sales tax: 6.00%
Air quality data is available for Chicago (avg AQI 21.0) but not yet for Clearwater.
Pick Clearwater if you prioritize lower overall cost of living (index 99.9 vs 105.7).
Pick Chicago if you prioritize higher median household income ($75,134/yr).
Pick Clearwater if you prioritize no state income tax.
Is Chicago cheaper than Clearwater?
Clearwater is cheaper overall, with a cost of living index of 99.9 versus 105.7 (US average = 100). That means prices run about 6% lower in Clearwater.
How much is rent in Chicago vs Clearwater?
Median rent is $1,380/mo in Chicago, IL and $1,539/mo in Clearwater, FL. Chicago, IL has the lower rent by about 10%.
Which has higher salaries — Chicago or Clearwater?
Median household income is $75,134 in Chicago, IL and $64,440 in Clearwater, FL. 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 — Chicago or Clearwater?
Florida has no state income tax. Illinois has a top rate of 4.95%.
What salary do I need in Clearwater to match my Chicago income?
To maintain the same purchasing power, a salary of $100,000 in Chicago, IL is equivalent to roughly $94,466 in Clearwater, FL (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