Median rent is 3% lower in Lake Magdalene ($1,342/mo vs $1,380/mo). Buying is cheaper in Chicago, where the median home runs $315,200 versus $335,800. Households earn more in Lake Magdalene ($75,606 vs $75,134 a year).
City A
Chicago, IL
City B
Lake Magdalene, FL
How much would you need to earn in Lake Magdalene, FL 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
Lake Magdalene
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 rents are similar in both cities: $1,380/mo in Chicago and $1,342/mo in Lake Magdalene. Median home values are within 6% of each other: $315,200 in Chicago and $335,800 in Lake Magdalene.
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 Lake Magdalene a clear advantage for high earners. Sales tax is 6.25% in Illinois and 6.00% in Florida; Lake Magdalene has the lower rate (local add-ons may apply in both).
Chicago
Income tax: 4.95%
Sales tax: 6.25%
Lake Magdalene
Income tax: None
Sales tax: 6.00%
Air quality data is available for Chicago (avg AQI 21.0) but not yet for Lake Magdalene.
Pick Lake Magdalene if you prioritize no state income tax.
Is Chicago cheaper than Lake Magdalene?
Cost of living index data is not yet available for one or both cities.
How much is rent in Chicago vs Lake Magdalene?
Median rent is $1,380/mo in Chicago, IL and $1,342/mo in Lake Magdalene, FL. Lake Magdalene, FL has the lower rent by about 3%.
Which has higher salaries — Chicago or Lake Magdalene?
Median household income is $75,134 in Chicago, IL and $75,606 in Lake Magdalene, FL. Lake Magdalene, FL 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 Lake Magdalene?
Florida has no state income tax. Illinois has a top rate of 4.95%.
What salary do I need in Lake Magdalene 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