Chicago, IL

Rent vs buy in Chicago

Median home $301,900. A 1 bedrooms rents for $1,828 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,828; per month
Own the median home: $2,332; P&I, tax, insurance, upkeep
Owning costs extra: $504; per month, same metro

What a purchase actually costs

20% down payment$60,380
Mortgage at 6.5%$1,527
Property tax (2.10% of value)$528/mo · $6,340/yr
Insurance and upkeep (1.1%/yr)$277
Total monthly ownership$2,332

Census ACS 2023: 45.1% of renter households in this metro put 30% or more of income toward rent.

Months of leftover to save the down payment

At $2,380 left over a month, it takes about 26 months (2.2 years) to save $60,380 if every leftover dollar goes to the down payment — which it won't.

Rent is asking rent for a new lease. Home value is the Census ACS median. The mortgage is a 30-year fixed at 6.5% with 20% down — a yardstick, not a quote. Not housing or lending advice.