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:$358,333
Avg Rent:$1,808/mo
Avg Price/Rent:16.6
Illinois Housing Market Summary
6
Cities Analyzed
3
Favor Buying
0
Favor Renting
3
Toss-Up
Across Illinois's 6 analyzed cities, the results are mixed with no clear winner statewide. Your decision depends heavily on which city you're considering.
The average home price in Illinois is $358,333, with average rents at $1,808/month. This gives an average price-to-rent ratio of 16.6.
$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 | $465,000 | $2,200 | 17.6 | 7 yrs | Toss-up |
| Joliet | $330,000 | $1,900 | 14.5 | 4 yrs | Buy |
| Naperville | $360,000 | $1,600 | 18.8 | 7 yrs | Toss-up |
| Rockford | $340,000 | $1,650 | 17.2 | 7 yrs | Toss-up |
| Springfield | $330,000 | $1,900 | 14.5 | 5 yrs | Buy |
| Peoria | $325,000 | $1,600 | 16.9 | 4 yrs | Buy |
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Run Your Own Numbers
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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