Median rent is 5% lower in Richmond ($1,372/mo vs $1,440/mo). Buying is cheaper in Chicago, where the median home runs $334,100 versus $353,000. Households earn more in Chicago ($77,902 vs $64,587 a year). Taken together, Richmond is the more affordable choice with a cost index of 98.3 against 102.5 — about 4% lower overall prices. After adjusting income for local prices, a typical paycheck stretches further in Chicago, IL.
Cost of living verdict
Richmond is 4% cheaper overall
Cost of Living Index: 98.3 in Richmond vs 102.5 in Chicago (US national average = 100)
City A
Chicago, IL
City B
Richmond, VA
How much would you need to earn in Richmond, VA to maintain your standard of living from Chicago, IL?
Equivalent salary in Richmond, VA
$71,964
You could earn $3,036 less (4% lower) and break even.
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
Richmond
Virginia
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 rents are similar in both cities: $1,440/mo in Chicago and $1,372/mo in Richmond. Median home values are within 5% of each other: $334,100 in Chicago and $353,000 in Richmond.
Metric
Chicago
Richmond
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
Richmond
Income tax: N/A
Sales tax: N/A
Richmond has cleaner air on average: 28.0 AQI (Good) compared to 31.0 AQI (Good) in the other city. Lower AQI means cleaner, healthier air.
Pick Richmond if you prioritize lower overall cost of living (index 98.3 vs 102.5).
Pick Chicago if you prioritize higher median household income ($77,902/yr).
Richmond is cheaper overall, with a cost of living index of 98.3 versus 102.5 (US average = 100). That means prices run about 4% lower in Richmond.
Median rent is $1,440/mo in Chicago, IL and $1,372/mo in Richmond, VA. Richmond, VA has the lower rent by about 5%.
Median household income is $77,902 in Chicago, IL and $64,587 in Richmond, VA. Chicago, IL has the higher median income. Note that BLS occupational wages in the table above show wages for specific jobs.
Richmond, VA has better air quality on average: 28.0 AQI versus 31.0 AQI. Both are EPA AirNow annual averages; lower is better.
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 $95,952 in Richmond, VA (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
