Median rent is 18% lower in Chicago ($1,440/mo vs $1,764/mo). Buying is cheaper in Chicago, where the median home runs $334,100 versus $469,000. Households earn more in Towson ($101,320 vs $77,902 a year). Taken together, Chicago is the more affordable choice with a cost index of 102.5 against 103.2 — about 1% lower overall prices. After adjusting income for local prices, a typical paycheck stretches further in Towson, MD.
Cost of living verdict
Chicago is 1% cheaper overall
Cost of Living Index: 102.5 in Chicago vs 103.2 in Towson (US national average = 100)
City A
Chicago, IL
City B
Towson, MD
How much would you need to earn in Towson, MD to maintain your standard of living from Chicago, IL?
Equivalent salary in Towson, MD
$75,511
You'd need $511 more (1% 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
Towson
Maryland
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 $1,764/mo in Towson (18% gap). Home buyers face a steeper market in Towson: the median home is $469,000 versus $334,100 in Chicago — 29% more expensive.
Metric
Chicago
Towson
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
Towson
Income tax: N/A
Sales tax: N/A
Air quality data is available for Chicago (avg AQI 31.0) but not yet for Towson.
Pick Towson if you prioritize higher median household income ($101,320/yr).
Pick Chicago if you prioritize cheaper rent ($1,440/mo median).
Chicago is cheaper overall, with a cost of living index of 102.5 versus 103.2 (US average = 100). That means prices run about 1% lower in Chicago.
Median rent is $1,440/mo in Chicago, IL and $1,764/mo in Towson, MD. Chicago, IL has the lower rent by about 18%.
Median household income is $77,902 in Chicago, IL and $101,320 in Towson, MD. Towson, MD 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 $100,681 in Towson, MD (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
