Chicago - IL vs Miami - FL: 2026 Housing Comparison

What this means for buyers

Miami - FL is roughly 34% more expensive than Chicago - IL in typical home value. Homes sit on market longer in Miami - FL (52 days vs 14), suggesting more buyer leverage there. Chicago - IL sees more listings with price cuts (27.5% vs 19.0%), a sign of softening seller expectations.

Chicago vs Miami: what the numbers say

At today's 7.40% average 30-year rate with 20% down, the typical home would cost about $1,970 a month in principal and interest in Chicago and $2,641 in Miami, a gap of $671 a month.

Typical rent runs $2,163 in Chicago and $2,654 in Miami, so the mortgage payment alone is 0.9 times rent in Chicago and 1.0 times rent in Miami, before taxes and insurance.

Home prices are 13.7 years of rent in Chicago and 15.0 in Miami; the lower ratio in Chicago means buying there is cheaper relative to renting.

Over the last 23 months typical values moved +8.3% in Chicago and -4.4% in Miami; over just the last three months the change was +1.5% in Chicago and +0.7% in Miami.

Homes sell for 100.5% of list price in Chicago and 95.7% in Miami, after 14 and 52 days on the market, with price cuts on 28% and 19% of listings. The signs are mixed: Chicago has more price cuts, while Miami has longer time on the market and sales further below list.

The number of homes for sale is up 1% on a year ago in Chicago and down 14% on a year ago in Miami.

Payments assume a 30-year fixed loan at the Freddie Mac weekly average rate (2026-10-15), 20% down, principal and interest only. Home values, rents and market figures are Zillow Research metro data.