Quick answer
Overall prices in the Chicago, IL metro were 103.6 vs 97.9 in Richmond, VA in 2024 (US = 100), so Chicago is 5.9% more expensive than Richmond; housing rents differ by 13% (112.0 vs 99.1). A $75,000 income in Chicago buys about what $70,847 buys in Richmond, per BEA.
Data as of 2024. Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024
| Price index (US = 100) | Chicago | Richmond | Chicago vs Richmond |
|---|---|---|---|
| All items | 103.6 | 97.9 | +5.9% |
| Goods | 107.3 | 96.8 | +10.8% |
| Housing (rents) | 112.0 | 99.1 | +13.0% |
| Utilities | 83.6 | 89.2 | -6.3% |
| Other services | 100.5 | 98.6 | +1.9% |
| All items, 2008 | 105.4 | 98.1 | +7.5% |
| $50,000 in Chicago equals in Richmond | $47,231 | ||
| $100,000 in Chicago equals in Richmond | $94,462 | ||
| $150,000 in Chicago equals in Richmond | $141,693 |
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Last updated 2026-10-16. Data only, not financial or tax advice.