Chicago, IL vs Newark, NJ
Cost of living comparison · 2023 Census ACS data
Quick Summary
Headline costs are comparable, but local incomes are not: Chicago median household earnings of $75,134 run 36% above Newark's $48,416 — a meaningful purchasing-power difference at the same price tag. State income-tax burden also tilts toward Chicago — a top rate of 5.0% versus 10.8% — which compounds at higher incomes.
Median Home Value
$315,200 ✓
$337,800
Zillow Home Value
$312,456
$474,177
Median Gross Rent
$1,380/mo
$1,330/mo ✓
Owner Occupied %
45.5%
24.1%
Price-to-Rent Ratio
19.0x
21.2x
Median Household Income
$75,134 ✓
$48,416
Per Capita Income
$48,148
$25,509
Unemployment Rate
7.9% ✓
10.9%
Poverty Rate
16.8%
24.7%
Avg Commute (min)
36.7 min
36.3 min
Drove Alone %
46.0%
50.4%
Public Transit %
19.3%
18.6%
Work From Home %
18.3%
6.1%
State Income Tax
5.0%
10.8%
Total Sales Tax
8.7%
6.6% ✓
Property Tax Rate
2.2%
2.5%
Bachelor's Degree %
24.9%
12.2%
Median Age
35.7
34.8
Avg High Temp
60.3°F
63.8°F
Annual Precipitation
34.4"
46.6"
Annual Snowfall
—
31.5"
Chicago, IL 3 wins
- ✓Median Home Value
- ✓Median Household Income
- ✓Unemployment Rate
Newark, NJ 2 wins
- ✓Median Gross Rent
- ✓Total Sales Tax
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