Rent vs Buy in Chicago, IL
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Rent and buy are roughly balanced in Chicago, IL
Price-to-rent ratio is 15.4 (under 15 favors buying, over 21 favors renting). Renting costs $1,761/mo; owning runs about $2,406/mo — $645/mo more to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 6.80% rate) | $1,700 |
| Property tax | $299 |
| Home insurance | $136 |
| Maintenance | $272 |
| Total to own | $2,406 |
| Average 2BR rent | $1,761 |
Based on a median home value of $325,887 with a $65,177 down payment. Owning also builds equity over time, which a monthly comparison doesn't capture. Estimates use national averages for taxes, insurance and maintenance — your actual costs will vary.