Investment Banker · Salary Comparison · 2026
Investment Banker Salary: Chicago, IL vs New York, NY
Side-by-side comparison of salary, taxes, cost of living, and take-home pay for Investment Bankers in Chicago, IL and New York, NY, based on BLS OEWS 2026 data.
1Which City Pays More After Tax?
Higher Gross Salary
✓ New York, NY
$141,000 vs $185,000
Better Purchasing Power
✓ Chicago, IL
$131,776 vs $98,930
Best Take-Home (COL-Adj)
✓ Chicago, IL
$115,734 vs $85,150
2
Detailed Comparison
| Metric | Chicago, IL | New York, NY | Diff |
|---|---|---|---|
| Median Annual Salary | $141,000 | $185,000▲ | -$44,000 |
| 25th Percentile | $108,570 | $142,450▲ | -$33,880 |
| 75th Percentile | $180,480 | $236,800▲ | -$56,320 |
| 90th Percentile | $225,600 | $296,000▲ | -$70,400 |
| Cost of Living Index | 107 | 187 | -80 |
| State Income Tax | 4.95%▲ | 6.85% | -1.8999999999999995% |
| COL-Adjusted Median | $131,776▲ | $98,930 | +$32,846 |
| Est. Annual Take-Home | $123,835 | $159,231▲ | -$35,396 |
| COL-Adj. Take-Home | $115,734▲ | $85,150 | +$30,584 |
| Total Employment | 28,000 | 54,400 | -26,400 |
▲ = Higher value wins for this metric. Diff = Chicago, IL minus New York, NY.
3Summary Analysis
On paper, New York, NY pays $44,000 more (median: $141,000 vs $185,000). However, after adjusting for cost of living (index 107 vs 187), Chicago, IL provides better purchasing power ($131,776 vs $98,930 equivalent). Chicago, IL has the lower state tax rate (4.95% vs 6.85%).
Data: U.S. Bureau of Labor Statistics OEWS · 2026 · Cost-of-living indices from composite metro area data. Take-home estimates approximate only — consult a tax professional for accurate figures.