Median rent is 2% lower in Chicago ($1,380/mo vs $1,411/mo). Buying is cheaper in Melbourne, where the median home runs $272,900 versus $315,200. Households earn more in Chicago ($75,134 vs $64,504 a year). Taken together, Chicago is the more affordable choice with a cost index of 105.7 against 114.4 — about 8% lower overall prices. After adjusting income for local prices, a typical paycheck stretches further in Chicago, IL.
Quick verdict
Chicago is 8% cheaper overall
Cost index: 105.7 in Chicago vs 114.4 in Melbourne (US average = 100)
City A
Chicago, IL
City B
Melbourne, FL
How much would you need to earn in Melbourne, FL to maintain your standard of living from Chicago, IL?
Equivalent salary in Melbourne, FL
$81,197
You'd need $6,197 more (8% higher).
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
Melbourne
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 $1,411/mo in Melbourne. Median home values are within 13% of each other: $315,200 in Chicago and $272,900 in Melbourne.
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 Melbourne a clear advantage for high earners. Sales tax is 6.25% in Illinois and 6.00% in Florida; Melbourne has the lower rate (local add-ons may apply in both).
Chicago
Income tax: 4.95%
Sales tax: 6.25%
Melbourne
Income tax: None
Sales tax: 6.00%
Air quality data is available for Chicago (avg AQI 21.0) but not yet for Melbourne.
Pick Chicago if you prioritize lower overall cost of living (index 105.7 vs 114.4).
Pick Chicago if you prioritize higher median household income ($75,134/yr).
Pick Melbourne if you prioritize no state income tax.
Is Chicago cheaper than Melbourne?
Chicago is cheaper overall, with a cost of living index of 105.7 versus 114.4 (US average = 100). That means prices run about 8% lower in Chicago.
How much is rent in Chicago vs Melbourne?
Median rent is $1,380/mo in Chicago, IL and $1,411/mo in Melbourne, FL. Chicago, IL has the lower rent by about 2%.
Which has higher salaries — Chicago or Melbourne?
Median household income is $75,134 in Chicago, IL and $64,504 in Melbourne, 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 Melbourne?
Florida has no state income tax. Illinois has a top rate of 4.95%.
What salary do I need in Melbourne to match my Chicago income?
To maintain the same purchasing power, a salary of $100,000 in Chicago, IL is equivalent to roughly $108,263 in Melbourne, 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