Is it cheaper to live in Chicago or Laramie?

Laramie, WY is cheaper. Its monthly baseline of $890 (1BR rent + utilities) runs about 39% below Chicago, IL's $1,470, mainly because of rent.

How much more do you need to earn to live in Chicago than in Laramie?

To keep rent near the recommended 30% of gross income, you'd want to earn roughly $50,000 a year in Chicago versus $29,000 in Laramie.

Which has lower taxes, Chicago or Laramie?

Chicago is taxed under Illinois's rules (a top state income tax rate of 4.95% and a 6.25% state sales tax); Laramie under Wyoming's (no state income tax and a 4% state sales tax).

Chicago vs Laramie Cost of Living 2026

Chicago

Illinois

$1,470/mo est.

Laramie

Wyoming

$890/mo est.

Monthly estimate = 1BR rent + electricity + gas

A one-person monthly baseline (1BR rent plus typical utilities) runs $1,470 in Chicago, IL versus $890 in Laramie, WY. Overall, Laramie, WY is roughly 39% cheaper to live in day-to-day than Chicago, IL, driven mainly by rent.

Median household income is $75,134 in Chicago, IL and $52,414 in Laramie, WY — about 30% higher in Chicago, IL. Illinois has a top state income tax rate of 4.95% and a 6.25% state sales tax; Wyoming has no state income tax and a 4% state sales tax.

Chicago, IL

Laramie, WY

Rent

Studio

$1,186

$667

+44% in Chicago, IL

1 Bedroom

$1,258

$728

+42% in Chicago, IL

2 Bedroom

$1,406

$883

+37% in Chicago, IL

3 Bedroom

$1,554

$1,423

+8% in Chicago, IL

Buying a Home

Median Home Value

$315,200

$302,200

+4% in Chicago, IL

Income

Median Household Income

$75,134

$52,414

+30% in Chicago, IL

Metro Median Wage (annual)

$54,720

—

People & Lifestyle

Median Age

35.7 yr

26.9 yr

+8.8 yr in Chicago, IL

Homeownership

45.5%

44.1%

+1.4 pp in Chicago, IL

Bachelor's+ (25+)

43.3%

55.8%

+12.5 pp in Laramie, WY

Avg Commute

33.5 min

13.5 min

+20.0 min in Chicago, IL

Crime (per 100k/yr)

Violent Crime

539.8

129.6

+76% in Chicago, IL

Property Crime

3,489.9

1,175.9

+66% in Chicago, IL

FBI Crime Data Explorer. Offenses per 100,000 residents per year; agency reporting practices vary, so this is approximate.

Climate

Avg Annual Temperature

52.7°F

41.0°F

+11.7°F in Chicago, IL

Annual Precipitation

38.0 in

10.9 in

+27.0 in in Chicago, IL

Gas

Regular Gasoline

$4.24/gal

$4.27/gal

+1% in Laramie, WY

Area: Chicago vs Rocky Mountain (PADD 4).

Public Transit

Base Fare (one-way)

$2.50

—

Adult base one-way fare — CTA vs — (2026).

Utilities

Electricity (¢/kWh)

19.9

15.2

+23% in Chicago, IL

Natural Gas ($/MCF)

$19.71

$18.28

+7% in Chicago, IL

Residential, state-level averages (EIA). MCF = 1,000 cubic feet.

Groceries

Milk (gal)

$4.31

$4.82

+12% in Laramie, WY

Bread (lb)

$1.66

$2.04

+23% in Laramie, WY

Eggs (doz)

$3.63

$2.19

+40% in Chicago, IL

Ground Beef (lb)

$6.77

$7.36

+9% in Laramie, WY

Chicken (lb)

$2.10

$2.01

+4% in Chicago, IL

Bananas (lb)

$0.62

$0.70

+14% in Laramie, WY

Average prices — Midwest vs West (BLS). Regional where available, otherwise U.S. average.

State Taxes

Sales Tax (IL / WY)

6.25%

+2.3 pp in IL

Income Tax (top rate)

4.95%

None

+5.0 pp in IL

Chicago vs Laramie — FAQ

Is it cheaper to live in Chicago or Laramie?: Laramie, WY is cheaper. Its monthly baseline of $890 (1BR rent + utilities) runs about 39% below Chicago, IL's $1,470, mainly because of rent.
How much more do you need to earn to live in Chicago than in Laramie?: To keep rent near the recommended 30% of gross income, you'd want to earn roughly $50,000 a year in Chicago versus $29,000 in Laramie.
Which has lower taxes, Chicago or Laramie?: Chicago is taxed under Illinois's rules (a top state income tax rate of 4.95% and a 6.25% state sales tax); Laramie under Wyoming's (no state income tax and a 4% state sales tax).

Sources: US Census Bureau, ACS 5-Year (rent, income, home value, demographics); NOAA Climate Normals 1981–2010 (climate); EIA weekly retail (gas); Tax Foundation 2026 (state taxes).