Median rent is 10% lower in Chicago ($1,440/mo vs $1,601/mo). Buying is cheaper in Palm Bay, where the median home runs $283,200 versus $334,100. Households earn more in Chicago ($77,902 vs $72,614 a year). Taken together, Chicago is the more affordable choice with a cost index of 102.5 against 113.7 — about 10% lower overall prices. After adjusting income for local prices, a typical paycheck stretches further in Chicago, IL.
Cost of living verdict
Chicago is 10% cheaper overall
Cost of Living Index: 102.5 in Chicago vs 113.7 in Palm Bay (US national 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
$83,196
You'd need $8,196 more (11% higher).
Based on BEA Regional Price Parity (cost index) for each metro area. This estimates overall purchasing power; it does not account for taxes or take-home pay differences.
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: Census ACS, BEA, HUD Fair Market Rents, EPA AirNow, Tax Foundation
Median rent is modestly lower in Chicago at $1,440/mo compared to $1,601/mo in Palm Bay (10% gap). Median home values are within 15% of each other: $334,100 in Chicago and $283,200 in Palm Bay.
Metric
Chicago
Palm Bay
Software Developer
Registered Nurse
Elementary Teacher
Electrician
Accountant
Higher wage highlighted · BLS OEWS 2023 (metro-level data)
State tax data is not yet available for these cities.
Chicago
Income tax: N/A
Sales tax: N/A
Palm Bay
Income tax: N/A
Sales tax: N/A
Air quality data is available for Chicago (avg AQI 31.0) but not yet for Palm Bay.
Pick Chicago if you prioritize lower overall cost of living (index 102.5 vs 113.7).
Pick Chicago if you prioritize higher median household income ($77,902/yr).
Chicago is cheaper overall, with a cost of living index of 102.5 versus 113.7 (US average = 100). That means prices run about 10% lower in Chicago.
Median rent is $1,440/mo in Chicago, IL and $1,601/mo in Palm Bay, FL. Chicago, IL has the lower rent by about 10%.
Median household income is $77,902 in Chicago, IL and $72,614 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.
Air quality data is not yet available for one or both cities.
State tax data is not yet available for one or both cities.
To maintain the same purchasing power, a salary of $100,000 in Chicago, IL is equivalent to roughly $110,927 in Palm Bay, FL (using the BEA Regional Price Parity ratio). Use the salary calculator above for any income amount.
Data last updated: June 1, 2026 · Sources: US Census ACS, BEA RPP, BLS OEWS, HUD FMR, EPA AirNow, Tax Foundation · Methodology
