Median rent is 12% lower in Chicago ($1,380/mo vs $1,567/mo). Buying is cheaper in Chicago, where the median home runs $315,200 versus $375,300. Households earn more in Chicago ($75,134 vs $71,302 a year). Taken together, Tampa is the more affordable choice with a cost index of 99.9 against 105.7 — about 6% lower overall prices.
Quick verdict
Tampa is 6% cheaper overall
Cost index: 99.9 in Tampa vs 105.7 in Chicago (US average = 100)
City A
Chicago, IL
City B
Tampa, FL
How much would you need to earn in Tampa, FL to maintain your standard of living from Chicago, IL?
Equivalent salary in Tampa, FL
$70,849
You could earn $4,151 less (6% 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
Tampa
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 $1,567/mo in Tampa (12% gap). Median home values are within 16% of each other: $315,200 in Chicago and $375,300 in Tampa.
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 Tampa a clear advantage for high earners. Sales tax is 6.25% in Illinois and 6.00% in Florida; Tampa has the lower rate (local add-ons may apply in both).
Chicago
Income tax: 4.95%
Sales tax: 6.25%
Tampa
Income tax: None
Sales tax: 6.00%
Chicago has cleaner air on average: 21.0 AQI (Good) compared to 29.0 AQI (Good) in the other city. Lower AQI means cleaner, healthier air.
Pick Tampa if you prioritize lower overall cost of living (index 99.9 vs 105.7).
Pick Chicago if you prioritize cheaper rent ($1,380/mo median).
Pick Chicago if you prioritize cleaner air quality (avg AQI 21.0).
Pick Tampa if you prioritize no state income tax.
Is Chicago cheaper than Tampa?
Tampa is cheaper overall, with a cost of living index of 99.9 versus 105.7 (US average = 100). That means prices run about 6% lower in Tampa.
How much is rent in Chicago vs Tampa?
Median rent is $1,380/mo in Chicago, IL and $1,567/mo in Tampa, FL. Chicago, IL has the lower rent by about 12%.
Which has higher salaries — Chicago or Tampa?
Median household income is $75,134 in Chicago, IL and $71,302 in Tampa, 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?
Chicago, IL has better air quality on average: 21.0 AQI versus 29.0 AQI. Both are EPA AirNow annual averages; lower is better.
Which has lower taxes — Chicago or Tampa?
Florida has no state income tax. Illinois has a top rate of 4.95%.
What salary do I need in Tampa to match my Chicago income?
To maintain the same purchasing power, a salary of $100,000 in Chicago, IL is equivalent to roughly $94,466 in Tampa, 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