Median rent is 20% lower in Waco ($1,098/mo vs $1,380/mo). Buying is cheaper in Waco, where the median home runs $199,600 versus $315,200. Households earn more in Chicago ($75,134 vs $51,468 a year).
City A
Chicago, IL
City B
Waco, TX
How much would you need to earn in Waco, TX to maintain your standard of living from Chicago, IL?
A cost-of-living index isn't available for one of these cities yet, so we can't compute an equivalent salary.
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
Waco
Texas
👥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 Waco at $1,098/mo compared to $1,380/mo in Chicago (20% gap). Home buyers face a steeper market in Chicago: the median home is $315,200 versus $199,600 in Waco — 37% more expensive.
1BR Fair Market Rent
2BR Fair Market Rent
BLS OEWS 2023 — metro-level data
Texas has no state income tax, while Illinois tops out at 4.95% — giving Waco a clear advantage for high earners. Sales tax is 6.25% in Illinois and 6.25% in Texas; Waco has the lower rate (local add-ons may apply in both).
Chicago
Income tax: 4.95%
Sales tax: 6.25%
Waco
Income tax: None
Sales tax: 6.25%
Chicago has cleaner air on average: 21.0 AQI (Good) compared to 34.0 AQI (Good) in the other city. Lower AQI means cleaner, healthier air.
Pick Chicago if you prioritize higher median household income ($75,134/yr).
Pick Waco if you prioritize cheaper rent ($1,098/mo median).
Pick Chicago if you prioritize cleaner air quality (avg AQI 21.0).
Pick Waco if you prioritize no state income tax.
Is Chicago cheaper than Waco?
Cost of living index data is not yet available for one or both cities.
How much is rent in Chicago vs Waco?
Median rent is $1,380/mo in Chicago, IL and $1,098/mo in Waco, TX. Waco, TX has the lower rent by about 20%.
Which has higher salaries — Chicago or Waco?
Median household income is $75,134 in Chicago, IL and $51,468 in Waco, TX. 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 34.0 AQI. Both are EPA AirNow annual averages; lower is better.
Which has lower taxes — Chicago or Waco?
Texas has no state income tax. Illinois has a top rate of 4.95%.
What salary do I need in Waco to match my Chicago income?
RPP data needed for salary equivalence calculation is not yet available.
Data last updated: December 1, 2024 · Sources: US Census ACS, BEA RPP, BLS OEWS, HUD FMR, EPA AirNow, Tax Foundation · Methodology