Housing · State Guide
Rent vs buy in Illinois
How the rent vs buy math works specifically in Illinois — with real numbers and the key variables that matter most here.
Illinois at a glance
| Metric | Value |
|---|
| Approx. median home price (rough estimate) | $255,000 |
| Approx. median monthly rent (rough estimate) | $1,650 |
| Price-to-rent ratio | 13x annual rent |
| PTR signal | ✓ Buying-favorable |
Illinois (particularly Chicago metro) has relatively affordable home prices compared to coastal metros, and price-to-rent ratios that favor buying in most scenarios. Illinois has some of the highest property taxes in the Midwest (2.0-2.5%), partially offsetting the favorable price levels.
Key tip for Illinois: Illinois property taxes are high — use 2.0-2.5% in the calculator for a realistic estimate, especially in Cook County. This materially affects monthly ownership costs.
Run the numbers for Illinois
Pre-set with typical values — adjust to your specific situation.