Rent vs Buy in Chicago, IL

Should you rent or buy a home in Chicago? Use our calculator with local market data to make an informed decision.

Median Home Price
$325,000
Median Rent
$1,900/mo
Property Tax Rate
2.27%
Price-to-Rent Ratio
14.3x

Rent vs Buy in Chicago, Illinois

Should you rent or buy a home? Calculate your best option.

Your Scenario

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$
%
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7 years
1 years30 years

Explore Scenarios

Adjust these sliders to see how different assumptions affect your decision.

Mortgage Rate7.00%
5%7%9%
Home Appreciation3.0%
0%3%5%
Rent Growth3.0%
0%3%6%
Time Horizon7 years
35710

💡 Tips

  • • Higher mortgage rates favor renting
  • • Higher home appreciation favors buying
  • • Higher rent growth favors buying
  • • Longer time horizons typically favor buying
⚖️It's a Toss-Up

You could save $1,955 by renting

Over 7 years

Monthly Cost (Rent)
$2,080
Average
Monthly Cost (Own)
$2,865
Average (excl. equity)
Total Rent Paid
$174,704
Total Owner Costs
$315,402
Final Equity
$138,743
After selling costs
Break-Even Year
Never
Beyond horizon

Upfront Costs to Buy

Down Payment (20%)$65,000
Closing Costs (3%)$9,750
Total Needed$74,750

Cost Comparison Over Time

$315,402$252,322$189,241$126,161$63,080$00y1y2y3y4y5y6y7y
Total Rent Paid
Total Owner Costs
Net Cost (After Equity)
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About Buying vs Renting in Chicago

The decision to rent or buy in Chicago, Illinois depends on many factors including your financial situation, how long you plan to stay, and current market conditions.

With a median home price of $325,000 and median rent of $1,900 per month, Chicago has a price-to-rent ratio of 14.3. This relatively low ratio suggests buying may be advantageous.

Use our calculator above to input your specific scenario and see a personalized analysis. Adjust the time horizon, mortgage rate, and other factors to explore different outcomes.