City Comparison · Updated May 2026
United States
COL index 82.4
United States
COL index 100.0
Chicago vs New York — Cost of Living, Salary & Tax Compared (2026)
The verdict
Living in Chicago is 17.6% cheaper than New York for the same lifestyle.
Based on Q1 2026 COL index and median single-person expenditure.
Side-by-side stats
| Chicago | Metric | New York | Δ |
|---|---|---|---|
| 82.4 | Cost of living index | 100.0 | +21.4% |
| €50,000 | Median gross salary | €50,000 | 0.0% |
| €41,511 | Net at €50,000 gross | €41,511 | 0.0% |
| €2,480 | Rent — 1BR centre | €3,480 | +40.3% |
| €3,461 | Monthly COL (single) | €4,680 | +35.2% |
| €50,377 | PPP — net / COL | €41,511 | -17.6% |
| 17.0% | Effective tax @ €50,000 | 17.0% | 0.0% |
Monthly expenses — paired
Salary equivalence
€50,000 gross in United States = €3,459 net monthly.
To have the same purchasing power in New York, you would need roughly €61,904 gross in United States (≈ €4,198 net monthly, adjusted for cost-of-living index).
Affiliate disclosure
Some links on this page are affiliate links. WorthOf may earn a commission if you sign up. This does not affect our data, our methodology, or our editorial independence.
Pros & cons
- +Significantly cheaper rent (€2,480)
- −High cost of living (index 82)
- +Favourable tax rate (17.0%)
- −High rent-to-income ratio (71.7%)
- −High cost of living (index 100)
- +Favourable tax rate (17.0%)
- −High rent-to-income ratio (100.6%)
The verdict
Across the data, Chicago carries a lower cost-of-living index; Chicago wins on purchasing power after costs are netted out. If purchasing power is your north star, Chicago edges it.
Frequently asked
Is Chicago cheaper than New York?+
Chicago is cheaper. Cost-of-living index: Chicago 82.4, New York 100.0 — a 17.6% difference (Q1 2026).
What is the cost of living difference between Chicago and New York?+
Chicago sits at 82.4 on our COL index, New York at 100.0. That works out to roughly 17.6% — Chicago being the cheaper of the two.
Is Chicago a good place to live compared to New York?+
It depends on priorities. Chicago delivers €41,511 net on a €50,000 gross salary at a 17.0% effective tax rate. New York delivers €41,511 at 17.0%. Centre 1-bed rent: €2,480 vs €3,480.
How do salaries compare in Chicago vs New York?+
On a €50,000 gross salary, take-home is €41,511/year (€3,459/month) in Chicago and €41,511/year (€3,459/month) in New York.
Which city has lower taxes, Chicago or New York?+
United States has the lower effective rate at €50,000: United States 17.0%, United States 17.0%.