Financial Advisor Salary in Illinois: Cost of Living Adjusted (2024)

What does a Financial Advisor salary really buy you in Illinois?

Illinois is near the US average cost of living

Data: BLS OEWS 2024 + BEA Regional Price Parities 2022 • Updated 2026-03-31

Nominal Salary

$104,310

Median annual (2024)

→ -1.3%

Real Purchasing Power

$102,971

COL-adjusted (RPP=101.3)

Illinois Cost of Living Index

Illinois's Regional Price Parity (RPP) is 101.3, meaning prices are 1.3% higher the national average. A Financial Advisor earning $104,310 in Illinois has the equivalent purchasing power of $102,971 in an average-cost US state.

IL: 101.3

Cheapest (~85) US Avg (100) Priciest (~115)

Key Insight

Illinois's cost of living is close to the national average, so $104,310 keeps most of its value at $102,971 in real terms. Location choice here is more about career opportunities than cost arbitrage.

Best States for Financial Advisor (After Cost of Living)

Where does Financial Advisor salary stretch the furthest? Top 10 states ranked by COL-adjusted median salary.

1. New York

$156,105

RPP 107.6

2. Idaho

$148,627

RPP 91.8

3. South Dakota

$140,204

RPP 88.0

4. Delaware

$130,785

RPP 98.0

5. Wisconsin

$125,330

RPP 92.3

6. Maryland

$116,676

RPP 105.0

7. California

$114,355

RPP 112.5

8. New Jersey

$113,685

RPP 108.8

9. Kansas

$112,011

RPP 90.0

10. North Dakota

$111,600

RPP 88.7

Illinois ranks #16 out of 46 states for Financial Advisor after cost-of-living adjustment.

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Frequently Asked Questions

What is the real salary for a Financial Advisor in Illinois after cost of living?

A Financial Advisor in Illinois earns a median salary of $104,310 per year. After adjusting for Illinois's cost of living (RPP=101.3), the real purchasing power is $102,971 — a -1.3% difference.

Is Illinois expensive to live in?

Illinois's cost of living is 1.3% higher than the national average according to the BEA Regional Price Parities (2022). The RPP index for Illinois is 101.3 (US average = 100).

What are Regional Price Parities (RPP)?

Regional Price Parities (RPPs) are price indexes published by the U.S. Bureau of Economic Analysis (BEA) that measure differences in price levels across states. They are expressed as a percentage of the national average (US = 100). Higher RPP means higher cost of living.

How is the cost-of-living adjusted salary calculated?

The adjusted salary is calculated as: Nominal Salary x (100 / RPP). For a Financial Advisor in Illinois: $104,310 x (100 / 101.3) = $102,971. This represents what the salary would be worth in a state with average living costs.