Chicago vs Richmond: cost of living compared
Richmond is 19% cheaper than Chicago overall. State income tax tops out around 4.95% in IL vs 5.75% in VA.
Indexes use a US average of 100: below 100 is cheaper than the national average. Housing and transportation are derived from median home prices, rents and commute times; figures come from BLS, Census ACS, Numbeo and the MIT Living Wage Calculator.
The big picture
Moving between Chicago and Richmond presents a notable shift in overall expenses. Chicago's cost of living is considerably higher than the national average, while Richmond's is somewhat below it. This difference is largely driven by higher costs across most categories in Chicago, with transportation and housing playing a significant role in the overall disparity.
Housing
While median home purchase prices are roughly similar in both metros, renting a one-bedroom apartment is noticeably more expensive in Chicago. Beyond purchase price, property taxes and insurance costs can vary, with Chicago's urban density often leading to different housing stock, from high-rise apartments to historic single-family homes, compared to Richmond's more varied suburban and urban options.
Taxes and everyday costs
Daily expenses for transportation, food, healthcare, and utilities are generally higher in Chicago. While Virginia has a slightly higher top marginal state income tax rate compared to Illinois, the overall impact on everyday spending is often overshadowed by the more expensive goods and services found in Chicago, particularly for commuting and groceries.
Lifestyle trade-offs
Chicago offers a distinct four-season climate with colder winters and more significant snowfall, alongside a comprehensive public transit system that reduces reliance on personal vehicles. Richmond experiences a milder climate with humid summers and less severe winters, where driving is often the primary mode of transport. Chicago's dense urban core contrasts with Richmond's more spread-out, historic character.
Bottom line
For those considering a move, a household budget will likely stretch further in Richmond than in Chicago. While home purchase prices might be comparable, the cumulative effect of higher costs for rent, transportation, and most daily necessities in Chicago means a more substantial financial commitment. The difference in state income tax is a factor, but overall spending on goods and services will be the primary driver of cost variation.
| Measure | Chicago, IL | Richmond, VA |
|---|---|---|
| Overall cost of living (US avg = 100) | 118 | 95 |
| Housing index | 97 | 90 |
| Transportation index | 121 | 93 |
| Food index | 105 | 95 |
| Healthcare index | 108 | 95 |
| Utilities index | 102 | 98 |
| Misc index | 108 | 88 |
| Median home price | $318,000 | $318,000 |
| Median 1-bedroom rent | $1,650/mo | $1,350/mo |
| Average commute | 34 min | 26 min |
Compare any two metros with the free cost of living tool, or see the true monthly cost of a specific Richmond home with the True Cost Calculator.