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Crunching costs, sorting signals, rendering insights.
Crunching costs, sorting signals, rendering insights.
These cities are a genuine bargain: 2 of the 2 cities in this ranking come in below the national cost-of-living average. Chicago leads at an index of 111 with rent at just $2,292/month — -21% less than the $1,895 national median. Here are the numbers, sourced from federal data updated in 2026.
These cities are a genuine bargain: 2 of the 2 cities in this ranking come in below the national cost-of-living average. Chicago leads at an index of 111 with rent at just $2,292/month — -21% less than the $1,895 national median. Here are the numbers, sourced from federal data updated in 2026.
Real talk: Here's Chicago by the numbers — and there's a lot to like (and a little to watch). Cost index: 111. Rent: $2,292/month. Income: $75,134/year. Home price: $312,457. Population: 2,664,452. The strongest category is Utilities at 102; the most expensive is Housing at 127. Translate that rent to annual numbers, and residents are costing renters $4,764 more per year vs. the national median. Over a five-year window, that difference is life-changing.
The ranking uses a composite of 2026 data from Census Bureau population/income surveys, Zillow rent and home price indices, BLS salary benchmarks, and Tax Foundation tax rates. And as a general rule, chicago (index 111, rent $2,292); Milwaukee (index 92, rent $1,398). Each city profile below links to the full detail page with 12-month trends, salary breakdowns, and cost category comparisons.
In plain English: the definition of value.
What to do with this data: use the ranking as a shortlist, then dig into the city profiles for trend lines and category breakdowns. The difference between #1 and #5 is often smaller than the difference between "good on paper" and "actually fits my life." Compare your top picks with our calculator to see real take-home numbers (that's pre-tax, of course). Not even close to the national average.
#1 Ranked: Chicago, IL — cost index 111, rent $2,292/mo, income $75,134
Chicago rent up 5% over the past year
2 of 2 cities come in below the national cost-of-living average of 112
Data sourced from Census Bureau, Zillow, BLS, and Tax Foundation — current as of 2026
| Rank | City | Cost Index | Median Rent | |
|---|---|---|---|---|
| 1 | ChicagoIL | 111 | $2,292 | Details |
| 2 | MilwaukeeWI | 92 | $1,398 | Details |
2,664,452 residents · Illinois
No sugarcoating: So, Chicago. Cost index of 111, rent at $2,292/month. It's lower than the national average. Median income is $75,134, which is below the national median. That alone makes it worth considering (your mileage may vary — literally).
561,385 residents · Wisconsin
In plain English: Milwaukee is one of the cheaper options here. Rent is $1,398/month, which is lower than most cities in this ranking. The cost index is 92. Income sits at $51,888. That's about what we'd expect given the state context.
Our cost of living index uses real Zillow rent data as the foundation, indexed to 100 (national median). Sub-categories (housing, food, transport, utilities, healthcare) are derived from the overall index with regional adjustments. Data is updated monthly.
Chicago (ranked #1) has a cost index of 111 and rent of $2,292/mo, while Milwaukee (ranked #2) has a cost index of 92 and rent of $1,398/mo — a 19-point difference in cost of living.
City data is refreshed monthly from Census Bureau population estimates, Zillow rent and home price indices, BLS salary data, and Tax Foundation tax rates. Last updated: 2026.
The median 1-bedroom rent in Chicago is $2,292/month as of 2026, based on Zillow's Observed Rent Index. This is $397 above the national median of $1,895/month.
The median home price in Chicago is $312,457, which is 4.2× the local median income. It's on the edge of affordability for median-income households. The national median home price is $467,370.
This ranking was generated using data current as of early 2026. Population and income data comes from the Census Bureau's American Community Survey (5-year estimates). Rent and home price data is from Zillow's monthly releases. Tax rates are from the Tax Foundation's 2025 edition. Rankings are refreshed monthly.