Median rent is 14% lower in Chicago ($1,380/mo vs $1,611/mo). Buying is cheaper in Chicago, where the median home runs $315,200 versus $357,600. Households earn more in Chicago ($75,134 vs $71,373 a year). Taken together, Chicago is the more affordable choice with a cost index of 105.7 against 113.0 — about 6% lower overall prices. After adjusting income for local prices, a typical paycheck stretches further in Chicago, IL.
Quick verdict
Chicago is 6% cheaper overall
Cost index: 105.7 in Chicago vs 113.0 in Newark (US average = 100)
City A
Chicago, IL
City B
Newark, DE
How much would you need to earn in Newark, DE to maintain your standard of living from Chicago, IL?
Equivalent salary in Newark, DE
$80,166
You'd need $5,166 more (7% 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
Newark
Delaware
👥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 $1,611/mo in Newark (14% gap). Median home values are within 12% of each other: $315,200 in Chicago and $357,600 in Newark.
1BR Fair Market Rent
2BR Fair Market Rent
BLS OEWS 2023 — metro-level data
Illinois's top income tax rate is 4.95% versus 6.60% in Delaware, so Chicago is more tax-friendly for high earners. Sales tax is 6.25% in Illinois and 0.00% in Delaware; Newark has the lower rate (local add-ons may apply in both).
Chicago
Income tax: 4.95%
Sales tax: 6.25%
Newark
Income tax: 6.60%
Sales tax: None
Air quality data is available for Chicago (avg AQI 21.0) but not yet for Newark.
Pick Chicago if you prioritize lower overall cost of living (index 105.7 vs 113.0).
Pick Chicago if you prioritize cheaper rent ($1,380/mo median).
Pick Chicago if you prioritize lower state income tax (4.95%).
Is Chicago cheaper than Newark?
Chicago is cheaper overall, with a cost of living index of 105.7 versus 113.0 (US average = 100). That means prices run about 6% lower in Chicago.
How much is rent in Chicago vs Newark?
Median rent is $1,380/mo in Chicago, IL and $1,611/mo in Newark, DE. Chicago, IL has the lower rent by about 14%.
Which has higher salaries — Chicago or Newark?
Median household income is $75,134 in Chicago, IL and $71,373 in Newark, DE. 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 Newark?
Illinois's top income tax rate is 4.95% and Delaware's is 6.60%. Chicago, IL has the lower rate.
What salary do I need in Newark to match my Chicago income?
To maintain the same purchasing power, a salary of $100,000 in Chicago, IL is equivalent to roughly $106,888 in Newark, DE (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