Trying to decide between New York City and Chicago is a difficult task. These two great cities have a lot in common. They’re both big metropolises with world-class culture, cuisine, attractions, and entertainment to offer to their visitors. They’re both important transportation centers with excellent public transportation, walkability, and some of the world’s best pizza. Of course, there are many differences between the two. Chicago provides more inexpensive living and excitement on the shores of Lake Michigan, while New York is a vast city that seems like a collection of cities and nations all rolled into one place. Are you attempting to determine whether or not moving from Chicago to New York is a good choice? We are more than happy to walk you through Chicago and NYC living costs and all of the advantages and disadvantages of living in The Windy City as opposed to The Big Apple.
Chicago and NYC living costs compared
Chicago vs New York City is no doubt a tough decision to make. Both of them have some remarkable properties. From museums and sights to its people and food. NYC and Chicago are more than able to swipe you off their feet. But when it comes to Chicago and NYC living costs it goes without saying that Chicago has lower living costs and cheaper everything. Food, housing, and basic living expenses are all less expensive in Chicago than they are in the vast majority of the country. The cost of living in Chicago is -36.3% lower than in NYC. Which is partially why Chicago still remain one of the hottest real estate markets in the US. Take a look at our Chicago real estate predictions for 2022 if you are already considering moving there. Chicago is a fraction of the cost of living in New York City and here’s why:
- One-bedroom apartments in Chicago’s city core are half the price of those in New York
- The cost of groceries is 39% higher in New York than in Chicago
- Chicago’s utility costs are 11% cheaper than those in New York ($130 on average in Chicago vs. $145.00 on average in New York)
- Chicago’s public transit is two times less expensive
Housing and rent costs in Chicago vs New York City
These two typically eat up most of everyone’s budget. If you want to rent an apartment in Chicago, it should cost you about $1,300 per month. And this is already a luxury Chicago property. These rentals are typically for 750-750 square foot units. It has central air, appliances, and a doorman. The identical apartment in New York City for the same price may be found only in a building that is more than 60 years old. It’s possible that it may arrive with a poor air conditioning system. And it may not even come with a doorman, which isn’t that essential. But, you notice the difference between the two? The average rent in New York is two times higher than in Chicago. It goes without saying that if you decide to move to Chicago, you’ll be able to enjoy exciting urban living without the high cost.
Moreover, Chicago’s house costs are 76% cheaper than those in NYC ($345,000 on average for a Chicago home vs $765,000 in New York). In today’s economy where it is already hard enough to buy a house, investing in an overpriced property in NYC may not be the smartest choice. Besides, living in Chicago comes with a great work/life balance meanwhile New York City is all about the hassle. After seeing the differences between Chicago and NYC living costs, we are sure you’ll be hitting up the best movers in Chicago pretty soon.