Independent calculator. Not financial advice. Estimates use 2026 federal brackets and state tax tables verified April 2026. Methodology
YearlySalaryCalculator.comCalculate
Home / Compare / Chicago vs New York

Chicago vs New York Salary 2026: Take-Home After Tax

On a $100,000 salary, Chicago delivers $304/month more take-home than New York. Full 2026 tax breakdown below.

$6,169/mo
Chicago take-home
on $100K gross
$5,865/mo
New York take-home
on $100K gross
80
Chicago COL index
NYC=100, Numbeo 2026
100
New York COL index
NYC=100, Numbeo 2026

Take-Home by Salary: Chicago vs New York

Single filer, 2026 tax tables, no pre-tax deductions. Monthly take-home shown.

Annual SalaryChicagoNew YorkDifferenceWinner
$60,000/yr$3,951/mo$3,804/mo$147/moChicago
$80,000/yr$5,079/mo$4,854/mo$225/moChicago
$100,000/yr$6,169/mo$5,865/mo$304/moChicago
$120,000/yr$7,258/mo$6,874/mo$384/moChicago
$150,000/yr$8,843/mo$8,340/mo$503/moChicago

$100,000 Salary: Full Tax Breakdown

Chicago, IL
Gross salary$100,000
Federal tax$13,372 (13.4%)
State tax$4,950
FICA$7,650
Annual take-home$74,028
$6,169/mo

50/30/20 Budget

Needs (50%)$3,085/mo
Median 1BR rent$1,850/mo fits
Savings (20%)$1,234/mo
New York, NY
Gross salary$100,000
Federal tax$13,372 (13.4%)
State tax$4,952
City tax$3,652
FICA$7,650
Annual take-home$70,375
$5,865/mo

50/30/20 Budget

Needs (50%)$2,932/mo
Median 1BR rent$3,500/mo tight
Savings (20%)$1,173/mo

Chicago vs New York: Context and Analysis

Chicago is often overlooked in salary comparison discussions dominated by the coasts, but the numbers make a strong case. Illinois imposes a flat 4.95% state income tax with no local income tax in Chicago. New York City residents pay New York State's progressive rates (approximately 5.5% effective at $100,000) plus NYC city tax (approximately 3.1-3.2% effective at $100,000). The combined NYC burden is roughly 3.5-4 percentage points higher than Chicago's.

On $100,000 gross (single filer, 2026), Chicago take-home is approximately $6,080/month versus NYC's $5,350/month. The $730/month difference is entirely taxes. At $150,000, Chicago's advantage grows to approximately $1,000/month because New York's progressive rates climb while Illinois stays flat at 4.95%. At $250,000, Chicago's advantage approaches $1,400/month.

Chicago's cost of living is significantly lower than NYC. Numbeo's Q1 2026 COL index places Chicago at 72 versus NYC at 100. Median 1BR rent in Chicago is approximately $2,100/month versus NYC's $3,700 — a saving of $1,600/month. Groceries, dining, and entertainment are 20-30% cheaper. Chicago has good transit in the core (the 'L'), reducing car dependency in the city proper. Combined with the tax advantage, Chicago residents at $100,000 enjoy roughly $2,300/month more effective spending power than equivalent NYC residents.

Chicago has a genuine financial industry (CME Group, CBOE, major trading firms including Jane Street, Citadel, and Virtu's operations), a strong tech presence (trading firms with software engineering), healthcare, consulting (McKinsey, BCG, Bain all have major Chicago offices), and law. Finance salaries at senior levels are lower than Wall Street but not dramatically so. For quantitative finance and derivatives trading, Chicago is a primary market. The lifestyle trade-offs compared to NYC are primarily around cultural depth, weather (significantly colder winters), and global connectivity.

Cost of Living Comparison

Chicago

COL Index (NYC=100)80
Groceries Index85
Median 1BR Rent$1,850/mo
Transit (monthly)$105
MIT Living Wage (single)$52,000/yr

New York

COL Index (NYC=100)100
Groceries Index100
Median 1BR Rent$3,500/mo
Transit (monthly)$132
MIT Living Wage (single)$68,000/yr

Want to compare any salary, any filing status?

Open Interactive Chicago vs New York Calculator
Chicago salary guideNew York salary guideCompare any two cities25-metro COL rankingNo-income-tax states

Chicago vs New York FAQ

How much more take-home does Chicago give vs NYC at $100,000?+
On $100,000 single-filer gross in 2026, Chicago take-home is approximately $6,080/month versus NYC's $5,350/month — a difference of $730/month or $8,760/year. The difference is taxes: Illinois charges a flat 4.95% state income tax with no city income tax. NYC residents pay New York State progressive rates plus NYC city income tax, totaling approximately 8.5-8.7% effective combined rate at $100,000.
Is Illinois considered a high-tax state?+
Illinois is moderate in income tax. Its flat 4.95% rate is below the national average effective rate for income taxes and well below progressive high-tax states like California (6.5% effective at $100K) and New York. Illinois does charge relatively high property taxes (among the highest in the US), and Chicago has elevated sales taxes (approximately 10.25%). For income earners, Illinois is tax-friendly; for homeowners and consumers, the picture is more mixed.
Does Chicago have a city income tax?+
No. Chicago does not impose a city income tax on residents' wages. Illinois state income tax (4.95% flat) is the only sub-federal income tax Chicago residents pay on wages. This is in direct contrast to NYC, where residents pay both New York State income tax and NYC city income tax — effectively double the state-level burden. Philadelphia is another major city that does impose a local wage tax.
Is Chicago good for finance careers?+
Yes, particularly for derivatives and quantitative trading. The CME Group and CBOE make Chicago the world's largest derivatives trading hub. Firms like Citadel, Virtu, Jane Street, DRW, and Jump Trading operate major Chicago offices. Quantitative trader and software engineer salaries at top Chicago trading firms ($200,000-500,000+ total comp) often match or exceed comparable NYC finance roles. Traditional investment banking pay is lower than Wall Street, but it exists at meaningful levels through firms like William Blair and Baird.
What is Chicago's cost of living compared to New York City?+
Chicago's Numbeo Q1 2026 COL index is approximately 72 versus NYC's 100 — about 28% cheaper overall. Median 1BR rent in Chicago is approximately $2,100/month versus NYC's $3,700 — saving $1,600/month on housing. Groceries are 15-20% cheaper. The L train makes Chicago's core transit-friendly. Combined with the $730/month tax advantage at $100K, Chicago residents have approximately $2,300/month more effective spending power than NYC residents at the same salary.