Rent vs Buy in Illinois
Compare 6 cities across Illinois. Find out whether renting or buying makes more financial sense in your area.
6cities analyzed
Avg Home:$271,348
Avg Rent:$1,631/mo
Avg Price/Rent:13.6
Illinois Housing Market Summary
6
Cities Analyzed
2
Favor Buying
3
Favor Renting
1
Toss-Up
Across Illinois's 6 analyzed cities, the majority (3 cities) favor renting over buying. High home prices relative to rents make renting more financially attractive in much of Illinois.
The average home price in Illinois is $271,348, with average rents at $1,631/month. This gives an average price-to-rent ratio of 13.6.
$Most Affordable Cities
$$Most Expensive Cities
All Illinois Cities
Sorted by population. Click any city for detailed analysis.
| City | Median Price | Median Rent | Price/Rent | Break-even | Verdict |
|---|---|---|---|---|---|
| Chicago | $314,516.51 | $2,113.41 | 12.4 | N/A | Rent |
| Joliet | $361,064.29 | $2,121.37 | 14.2 | N/A | Rent |
| Rockford | $195,413.19 | $1,211.55 | 13.4 | 5 yrs | Buy |
| Naperville | $416,478.13 | $2,039.84 | 17.0 | N/A | Rent |
| Springfield | $186,232.99 | $1,129.31 | 13.7 | N/A | Toss-up |
| Peoria | $154,382.4 | $1,168.27 | 11.0 | 3 yrs | Buy |
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These are general analyses based on median values. Use our comprehensive Buy vs Rent calculator to input your specific income, savings, and financial goals.
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