Rent vs Buy Calculator — Chicago, IL
Prefilled with Chicago estimates: a ~$350,000 home (about $70,000 for 20% down) versus ~$2,050/mo rent. Illinois's effective property tax of 2.08% — well above the U.S. average (~1.1%) — adds roughly $7,280/yr, and typical homeowners insurance runs about $2,600/yr. Adjust every field to your actual home below.
Is it better to rent or buy in Chicago?
There's no universal answer — it hinges on how long you'll stay, what you'd earn investing the down payment instead, and Illinois's tax and insurance costs. Property tax is the biggest local lever: at 2.08% on a $350,000 home that's about $7,280 every year, before insurance and maintenance. Use the break-even readout above to see the year buying pulls ahead, and the appreciation rate that flips the decision.
What makes Chicago, IL different
- Median home price estimate: $350,000
- Typical monthly rent estimate: $2,050
- Illinois effective property tax: 2.08% (~$7,280/yr here)
- Illinois avg. homeowners insurance: $2,600/yr
Starting estimates as of 2026-01 — see the methodology & sources.