Philadelphia vs Chicago

Category-by-Category Breakdown

Index values shown. National average = 100. Lower is cheaper.

💰 Salary Equivalence

To maintain the same standard of living:

See exact take-home pay: Pennsylvania salaries · Illinois salaries

Living in Philadelphia vs Chicago

Housing is typically the biggest factor in any cost-of-living comparison. Philadelphia has a housing index of 107 while Chicago sits at 112 (national average = 100). The median home in Philadelphia costs $240,000 compared to $310,000 in Chicago, a difference of $70,000. Monthly rent follows a similar pattern: $1,400 in Philadelphia versus $1,700 in Chicago.

Groceries and everyday expenses show a narrower gap: Philadelphia scores 104 while Chicago scores 104. Both cities are close to the national average for grocery costs.

Healthcare costs in Philadelphia (101) match Chicago (101). Both are close to the national average.

Median household income in Philadelphia is $49,127 compared to $62,097 in Chicago. When adjusted for cost of living, purchasing power is similar in both cities.

Relocating: Philadelphia vs Chicago

If you are considering a move between Philadelphia (index: 106) and Chicago (index: 107), the 1% cost difference has real implications for your budget. Philadelphia is the more affordable option, but the right choice depends on your income, career opportunities, and lifestyle priorities.

Housing budget reality: Using the 28% rule (spending no more than 28% of gross income on housing), the median household in Philadelphia can afford $1,146/month, while the median household in Chicago can afford $1,449/month. With median homes at $240,000 in Philadelphia versus $310,000 in Chicago, both cities offer reasonable homeownership opportunities at median income.

Renting vs buying: At $1,400/month in Philadelphia and $1,700/month in Chicago, renters face similar costs in both cities. The rent-to-own ratio in each city determines whether renting or buying offers better value for your situation.

Income adjustment: A $75,000 salary goes about equally far in both cities. Before accepting a job in either city, use the salary equivalence data above to understand what you would need to earn to maintain your current standard of living.

Reading These Numbers: Philadelphia (106) vs Chicago (107)

The cost of living index uses 100 as the national average. Philadelphia at 106 is 6% above the US average, while Chicago at 107 is 7% above average. Both cities are close to the national average in overall costs.

Philadelphia and Chicago land within 1 points of each other on the composite index (106 vs 107), so the overall cost picture is similar. Utilities shows the widest single-category margin at 113 versus 100, making it the area where residents will feel the most day-to-day price difference between Philadelphia and Chicago. Housing costs are comparable between the two metros, with Philadelphia at 107 and Chicago at 112 on the housing sub-index and median home prices of $240,000 and $310,000 respectively. Neither city is cheaper across the board: Philadelphia has an edge in housing and transportation, while Chicago is more affordable for utilities. Your actual savings depend on which categories consume the biggest share of your personal budget.

For renters: With median rents of $1,400/month in Philadelphia and $1,700/month in Chicago, the annual rent difference is approximately $3,600. Over a 5-year period, that compounds to $18,000 in savings by choosing the more affordable city.

For homebuyers: The $70,000 difference in median home prices between Philadelphia and Chicago translates to roughly $4,200 per month in mortgage payments at current rates. Factor this into your budget alongside property taxes and insurance, which also vary by location.

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