Median rent is 8% lower in Elk River ($1,269/mo vs $1,380/mo). Buying is cheaper in Chicago, where the median home runs $315,200 versus $338,300. Households earn more in Elk River ($99,457 vs $75,134 a year).
City A
Chicago, IL
City B
Elk River, MN
How much would you need to earn in Elk River, MN to maintain your standard of living from Chicago, IL?
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
Chicago
Illinois
Elk River
Minnesota
👥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 Elk River at $1,269/mo compared to $1,380/mo in Chicago (8% gap). Median home values are within 7% of each other: $315,200 in Chicago and $338,300 in Elk River.
1BR Fair Market Rent
2BR Fair Market Rent
BLS OEWS 2023 — metro-level data
Illinois's top income tax rate is 4.95% versus 9.85% in Minnesota, so Chicago is more tax-friendly for high earners. Sales tax is 6.25% in Illinois and 6.88% in Minnesota; Chicago has the lower rate (local add-ons may apply in both).
Chicago
Income tax: 4.95%
Sales tax: 6.25%
Elk River
Income tax: 9.85%
Sales tax: 6.88%
Air quality data is available for Chicago (avg AQI 21.0) but not yet for Elk River.
Pick Elk River if you prioritize higher median household income ($99,457/yr).
Pick Chicago if you prioritize lower state income tax (4.95%).
Is Chicago cheaper than Elk River?
Cost of living index data is not yet available for one or both cities.
How much is rent in Chicago vs Elk River?
Median rent is $1,380/mo in Chicago, IL and $1,269/mo in Elk River, MN. Elk River, MN has the lower rent by about 8%.
Which has higher salaries — Chicago or Elk River?
Median household income is $75,134 in Chicago, IL and $99,457 in Elk River, MN. Elk River, MN 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 Elk River?
Illinois's top income tax rate is 4.95% and Minnesota's is 9.85%. Chicago, IL has the lower rate.
What salary do I need in Elk River to match my Chicago 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