Median rent is 6% lower in Chicago ($1,380/mo vs $1,468/mo). Buying is cheaper in Chicago, where the median home runs $315,200 versus $377,800. Households earn more in Raleigh ($82,424 vs $75,134 a year). Taken together, Raleigh is the more affordable choice with a cost index of 98.3 against 105.7 — about 7% lower overall prices. After adjusting income for local prices, a typical paycheck stretches further in Raleigh, NC.
Quick verdict
Raleigh is 7% cheaper overall
Cost index: 98.3 in Raleigh vs 105.7 in Chicago (US average = 100)
City A
Chicago, IL
City B
Raleigh, NC
How much would you need to earn in Raleigh, NC to maintain your standard of living from Chicago, IL?
Equivalent salary in Raleigh, NC
$69,762
You could earn $5,238 less (7% lower) and break even.
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
Raleigh
North Carolina
👥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 $1,468/mo in Raleigh (6% gap). Median home values are within 17% of each other: $315,200 in Chicago and $377,800 in Raleigh.
1BR Fair Market Rent
2BR Fair Market Rent
BLS OEWS 2023 — metro-level data
Illinois's top income tax rate is 4.95% versus 4.50% in North Carolina, so Raleigh is more tax-friendly for high earners. Sales tax is 6.25% in Illinois and 4.75% in North Carolina; Raleigh has the lower rate (local add-ons may apply in both).
Chicago
Income tax: 4.95%
Sales tax: 6.25%
Raleigh
Income tax: 4.50%
Sales tax: 4.75%
Chicago has cleaner air on average: 21.0 AQI (Good) compared to 54.0 AQI (Moderate) in the other city. Lower AQI means cleaner, healthier air.
Pick Raleigh if you prioritize lower overall cost of living (index 98.3 vs 105.7).
Pick Raleigh if you prioritize higher median household income ($82,424/yr).
Pick Chicago if you prioritize cleaner air quality (avg AQI 21.0).
Pick Raleigh if you prioritize lower state income tax (4.50%).
Is Chicago cheaper than Raleigh?
Raleigh is cheaper overall, with a cost of living index of 98.3 versus 105.7 (US average = 100). That means prices run about 7% lower in Raleigh.
How much is rent in Chicago vs Raleigh?
Median rent is $1,380/mo in Chicago, IL and $1,468/mo in Raleigh, NC. Chicago, IL has the lower rent by about 6%.
Which has higher salaries — Chicago or Raleigh?
Median household income is $75,134 in Chicago, IL and $82,424 in Raleigh, NC. Raleigh, NC 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?
Chicago, IL has better air quality on average: 21.0 AQI versus 54.0 AQI. Both are EPA AirNow annual averages; lower is better.
Which has lower taxes — Chicago or Raleigh?
Illinois's top income tax rate is 4.95% and North Carolina's is 4.50%. Raleigh, NC has the lower rate.
What salary do I need in Raleigh to match my Chicago income?
To maintain the same purchasing power, a salary of $100,000 in Chicago, IL is equivalent to roughly $93,016 in Raleigh, NC (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