Median rent is 7% lower in Chicago ($1,380/mo vs $1,487/mo). Buying is cheaper in Palm Bay, where the median home runs $248,000 versus $315,200. Households earn more in Chicago ($75,134 vs $67,521 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 Palm Bay (US average = 100)
City A
Chicago, IL
City B
Palm Bay, FL
How much would you need to earn in Palm Bay, FL to maintain your standard of living from Chicago, IL?
Equivalent salary in Palm Bay, 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
Palm Bay
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 rent is modestly lower in Chicago at $1,380/mo compared to $1,487/mo in Palm Bay (7% gap). Home buyers face a steeper market in Chicago: the median home is $315,200 versus $248,000 in Palm Bay — 21% more expensive.
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 Palm Bay a clear advantage for high earners. Sales tax is 6.25% in Illinois and 6.00% in Florida; Palm Bay has the lower rate (local add-ons may apply in both).
Chicago
Income tax: 4.95%
Sales tax: 6.25%
Palm Bay
Income tax: None
Sales tax: 6.00%
Air quality data is available for Chicago (avg AQI 21.0) but not yet for Palm Bay.
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 Palm Bay if you prioritize no state income tax.
Is Chicago cheaper than Palm Bay?
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 Palm Bay?
Median rent is $1,380/mo in Chicago, IL and $1,487/mo in Palm Bay, FL. Chicago, IL has the lower rent by about 7%.
Which has higher salaries — Chicago or Palm Bay?
Median household income is $75,134 in Chicago, IL and $67,521 in Palm Bay, 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 Palm Bay?
Florida has no state income tax. Illinois has a top rate of 4.95%.
What salary do I need in Palm Bay 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 Palm Bay, 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