Rent vs Buy in Danville, IL
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Buying looks favorable in Danville, IL
Price-to-rent ratio is 6.6 (under 15 favors buying, over 21 favors renting). Renting costs $1,001/mo; owning runs about $588/mo — $413/mo less to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 6.80% rate) | $416 |
| Property tax | $73 |
| Home insurance | $33 |
| Maintenance | $66 |
| Total to own | $588 |
| Average 2BR rent | $1,001 |
Based on a median home value of $79,717 with a $15,943 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.