Chicago vs Melbourne
Home Price & Cost of Living Comparison
Live DataLast updated: March 31, 2026·Source: OECD, Numbeo & National Statistics
💡 Why it matters: Chicago vs Melbourne
Chicago is 53% more affordable for homebuyers. Chicago has a price-to-income ratio of 4.8x compared to 9.2x in Melbourne.
| Metric | Chicago | Melbourne |
|---|---|---|
| Avg Home Price | $320,000 | $680,000 |
| Price / sqm | $4,200 | $8,500 |
| Rent (1BR) | $1,800/mo | $2,200/mo |
| Rent (3BR) | $2,800/mo | $3,200/mo |
| Price-to-Income | 4.8x | 9.2x |
| Mortgage Rate | 6.8% | 6.2% |
| 1yr Change | +3.2% | +3.2% |
| Median Income | $67,000/yr | $74,000/yr |
| Population | 2,700,000 | 5,100,000 |
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HomePricePeek Research TeamData Specialists
Our team analyzes data from OECD, Numbeo & National Statistics to deliver accurate, up-to-date information. All data is verified and cross-referenced with official sources.
✓ OECD, Numbeo & National Statistics✓ Updated 2025
Frequently Asked Questions
Is Chicago or Melbourne more expensive?
Chicago is more affordable. Home prices differ by $360,000 (53%).
Which city has cheaper rent, Chicago or Melbourne?
Rent for a 1BR in Chicago is $1,800/mo vs $2,200/mo in Melbourne.
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