Kankakee, IL

Rent vs buy in Kankakee

Median home $185,700. A 1 bedrooms rents for $1,064 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,064; per month
Own the median home: $1,453; P&I, tax, insurance, upkeep
Owning costs extra: $389; per month, same metro

What a purchase actually costs

20% down payment$37,140
Mortgage at 6.5%$939
Property tax (2.22% of value)$344/mo · $4,123/yr
Insurance and upkeep (1.1%/yr)$170
Total monthly ownership$1,453

Months of leftover to save the down payment

At $2,344 left over a month, it takes about 16 months (1.3 years) to save $37,140 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.