Median rent is 12% lower in Chicago ($1,380/mo vs $1,562/mo). Buying is cheaper in Chicago, where the median home runs $315,200 versus $420,700. Households earn more in Colorado Springs ($83,198 vs $75,134 a year). Taken together, Colorado Springs is the more affordable choice with a cost index of 96.8 against 105.7 — about 8% lower overall prices. After adjusting income for local prices, a typical paycheck stretches further in Colorado Springs, CO.
Quick verdict
Colorado Springs is 8% cheaper overall
Cost index: 96.8 in Colorado Springs vs 105.7 in Chicago (US average = 100)
City A
Chicago, IL
City B
Colorado Springs, CO
How much would you need to earn in Colorado Springs, CO to maintain your standard of living from Chicago, IL?
Equivalent salary in Colorado Springs, CO
$68,708
You could earn $6,292 less (8% 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
Colorado Springs
Colorado
👥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 $1,562/mo in Colorado Springs (12% gap). Home buyers face a steeper market in Colorado Springs: the median home is $420,700 versus $315,200 in Chicago — 25% more expensive.
1BR Fair Market Rent
2BR Fair Market Rent
BLS OEWS 2023 — metro-level data
Illinois's top income tax rate is 4.95% versus 4.40% in Colorado, so Colorado Springs is more tax-friendly for high earners. Sales tax is 6.25% in Illinois and 2.90% in Colorado; Colorado Springs has the lower rate (local add-ons may apply in both).
Chicago
Income tax: 4.95%
Sales tax: 6.25%
Colorado Springs
Income tax: 4.40%
Sales tax: 2.90%
Chicago has cleaner air on average: 21.0 AQI (Good) compared to 34.0 AQI (Good) in the other city. Lower AQI means cleaner, healthier air.
Pick Colorado Springs if you prioritize lower overall cost of living (index 96.8 vs 105.7).
Pick Colorado Springs if you prioritize higher median household income ($83,198/yr).
Pick Chicago if you prioritize cheaper rent ($1,380/mo median).
Pick Chicago if you prioritize cleaner air quality (avg AQI 21.0).
Is Chicago cheaper than Colorado Springs?
Colorado Springs is cheaper overall, with a cost of living index of 96.8 versus 105.7 (US average = 100). That means prices run about 8% lower in Colorado Springs.
How much is rent in Chicago vs Colorado Springs?
Median rent is $1,380/mo in Chicago, IL and $1,562/mo in Colorado Springs, CO. Chicago, IL has the lower rent by about 12%.
Which has higher salaries — Chicago or Colorado Springs?
Median household income is $75,134 in Chicago, IL and $83,198 in Colorado Springs, CO. Colorado Springs, 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?
Chicago, IL has better air quality on average: 21.0 AQI versus 34.0 AQI. Both are EPA AirNow annual averages; lower is better.
Which has lower taxes — Chicago or Colorado Springs?
Illinois's top income tax rate is 4.95% and Colorado's is 4.40%. Colorado Springs, CO has the lower rate.
What salary do I need in Colorado Springs to match my Chicago income?
To maintain the same purchasing power, a salary of $100,000 in Chicago, IL is equivalent to roughly $91,611 in Colorado Springs, CO (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