Is It Cheaper to Live in Chicago or New York?
Housing is 56% cheaper in Chicago on typical home value: $335,515 in Chicago against $767,944 in New York. Typical rent is 41% lower in Chicago: $1,862 in Chicago against $3,136 in New York per month. The ranges overlap: Chicago runs $130,123 to $676,448 across its ZIPs and New York runs $259,983 to $3,615,687, so the cheaper metro on the median still contains neighborhoods dearer than parts of the other.
Key stats
- Typical home value is 56% lower in Chicago: $335,515 in Chicago against $767,944 in New York.
- Typical rent is 41% lower in Chicago: $1,862 in Chicago against $3,136 in New York per month.
- The ranges overlap: Chicago runs $130,123 to $676,448 across its ZIPs and New York runs $259,983 to $3,615,687, so the cheaper metro on the median still contains neighborhoods dearer than parts of the other.
- The income-needed indicator stands at $103,761 for Chicago and $208,813 for New York, a difference of $105,052.
- Median ZIP home value
- $335,515 / $767,944
- Median ZIP rent
- $1,862 / $3,136
- Tracked ZIP markets
- 56 / 173
What housing costs in Chicago and New York
Typical home value is 56% lower in Chicago: $335,515 in Chicago against $767,944 in New York.
Typical rent is 41% lower in Chicago: $1,862 in Chicago against $3,136 in New York per month.
Where the two metros actually overlap
The ranges overlap: Chicago runs $130,123 to $676,448 across its ZIPs and New York runs $259,983 to $3,615,687, so the cheaper metro on the median still contains neighborhoods dearer than parts of the other.
A metro median decides nothing on its own: a move lands in one neighborhood, not in the average of all of them, and the ranges above are what a shortlist has to sit inside.
What this comparison does not include
This page compares housing only. Groceries, transport, state and local taxes, insurance, and childcare are not measured here and can move the total either way — in particular, the two metros may sit in states with very different income-tax treatment.
The income-needed indicator stands at $103,761 for Chicago and $208,813 for New York, a difference of $105,052.
Continue your market research
- Chicago housing marketMetro overview and the full ZIP directory.
- New York housing marketMetro overview and the full ZIP directory.
- Moving to Chicago: what housing costsThe same figures read from a mover’s side.
- Moving to New York: what housing costsThe same figures read from a mover’s side.
Sources and method
- HomeMarketCap.com data sources: ZIP and metro housing-market datasets
- HomeMarketCap.com methodology: Metric definitions and calculation rules
Figures are updated monthly by the HomeMarketCap.com team under our editorial policy. Spotted something wrong? Report a correction.
What that costs per month in Chicago
Principal and interest on $335,515, the typical value of the median tracked ZIP. Taxes, insurance, and any association dues are not included.
$1,697 / monthprincipal and interest
An estimate for comparison between markets, not a quote or an offer of credit. Actual payments depend on the rate you are offered, the property, and the loan terms.
What that costs per month in New York
Principal and interest on $767,944, the typical value of the median tracked ZIP. Taxes, insurance, and any association dues are not included.
$3,883 / monthprincipal and interest
An estimate for comparison between markets, not a quote or an offer of credit. Actual payments depend on the rate you are offered, the property, and the loan terms.