Chicago vs New York
Side-by-side rent vs buy analysis comparing these two markets
Overall Comparison
New York has an edge
New York edges ahead based on overall market conditions.
Median Home PriceBETTER
$465,000
Median RentBETTER
$2,200/mo
Price-to-Rent RatioBETTER
17.6
Property Tax Rate
2.27%
Price Change (1Y)
+2.8%
Price Change (5Y)
+13.0%
Break-Even YearsBETTER
7 years
10-Year Wealth DifferenceTIE
+$20,000
Median Home Price
$760,000
Median Rent
$3,450/mo
Price-to-Rent Ratio
18.4
Property Tax RateBETTER
1.72%
Price Change (1Y)BETTER
+3.3%
Price Change (5Y)BETTER
+21.0%
Break-Even Years
8 years
10-Year Wealth DifferenceTIE
+$20,000
Key Differences
Home Prices
Chicago's median home price of $465,000 is lower than New York's $760,000 by 39%.
Monthly Rent
Renting in Chicago costs $2,200/mo compared to $3,450/mo in New York—a difference of $1,250/mo.
Buy vs Rent Verdict
Both cities currently favor either option.
Break-Even Timeline
Buying breaks even in 7 years in Chicago vs 8 years in New York.
Run Your Own Numbers
This comparison uses median values. Your income, savings, and goals matter. Use our Buy vs Rent calculator to get a personalized analysis.