City profile
Chicago, IL cost of living
IL · BLS RPP 105.7
Overall RPP
105.7
US = 100
Housing RPP
110.9
Housing component
Goods RPP
106.7
Goods component
2-BR Rent (HUD)
$1,714/mo
FY2024 FMR
Where Chicago, IL sits in the verified metro set
RPP rank
#17 of 67
+5.7 vs U.S. average
Vs median metro
+7.3
median RPP 98.4
2-BR rent rank
#25 of 67
+108/mo vs median verified metro
RPP ranks use only verified ReloMath metro records. Sources: BEA Regional Price Parities by MSA, 2022 (Table 4); HUD FY2024 Fair Market Rents (2-BR); reviewed June 2026. These are official published averages, not neighborhood-level prices.
Who’s moving in and out of Chicago, IL
IRS tax-return migration · 2021-2022Cost of living is only half the relocation question. The other half is which way people are actually voting with their feet, straight from IRS tax-return migration for the Chicago, IL metro.
Moved in
311,385
people · 189,296 households
Moved out
385,321
people · 225,924 households
Net
−73,936
net loss of residents
Net migration rank
#63 of 65
among IRS-covered ReloMath metros
Vs median net flow
-73,832
median -104 people
Largest flow share
1% in / 2% out
top named county shares
Where new residents came from
- Los Angeles County, CA 3,202
- Maricopa County, AZ 2,983
- Winnebago County, IL 1,802
- Marion County, IN 1,750
- Milwaukee County, WI 1,719
Where residents moved to
- Maricopa County, AZ 6,597
- Los Angeles County, CA 3,737
- Harris County, TX 3,097
- Winnebago County, IL 3,001
- Kenosha County, WI 2,683
Counts are IRS tax filers (returns ≈ households, individuals ≈ exemptions) who changed address between 2021-2022. Flows too small for IRS to disclose are grouped and excluded from the named lists. Source: IRS SOI county-to-county migration data ↗, mapped to metros via the U.S. Census CBSA delineation.
What salary do you need in Chicago, IL?
Equivalent salary to maintain the same purchasing power as in a US-average city (RPP 100).
| In US-average city | You need in Chicago, IL | Formula |
|---|---|---|
| $50,000 | $52,850 | $50,000 x (105.7/100) |
| $75,000 | $79,275 | $75,000 x (105.7/100) |
| $100,000 | $105,700 | $100,000 x (105.7/100) |
| $125,000 | $132,125 | $125,000 x (105.7/100) |
| $150,000 | $158,550 | $150,000 x (105.7/100) |
| $200,000 | $211,400 | $200,000 x (105.7/100) |
This tool provides estimates only. Equivalent-salary figures are derived from BLS Regional Price Parities (RPP) and HUD Fair Market Rents — they are averages, not guarantees. Actual cost of living varies by neighborhood, lifestyle, and individual circumstances. Not financial advice.
State income tax note
Illinois flat income tax 4.95%. Chicago city tax adds ~2.25% effective burden.
Frequently asked questions
- What is the cost of living in Chicago, IL?
- Chicago, IL has a BLS Regional Price Parity of 105.7 (US average = 100). It is 5.7% more expensive than the national average.
- What salary do I need to live in Chicago, IL?
- If you earn $100,000 in a US-average city (RPP 100), you would need approximately $105,700 in Chicago, IL to maintain the same purchasing power.
- What is the average rent in Chicago, IL?
- The HUD Fair Market Rent for a 2-bedroom in Chicago, IL is approximately $1,714 per month as of FY2024.
- Are people moving to or away from Chicago, IL?
- Based on IRS tax-return migration data for 2021-2022, about 311,385 people moved into the Chicago, IL metro and 385,321 moved out — a net loss of roughly 73,936 residents. The largest single source of new residents was Los Angeles County, CA.
Curated nearby & similar cities
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These links are chosen by data proximity: closest overall RPP to Chicago, IL, with HUD 2-BR rent as a tie-breaker.
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