Rent vs Buy Calculator for Chicago, IL
Updated 2026 · Local data pre-filled
Chicago's price-to-rent ratio is 11.5 — generally favoring buying if you can qualify for a mortgage. Median rent is $2,288/mo vs a $315,000 purchase price.
✓ Calculator below is pre-filled with Chicago local data
How Chicago Compares to the National Average
Understanding how Chicago stacks up helps you calibrate your financial planning.
| Metric | Chicago, IL | US Average | Difference |
|---|---|---|---|
| Median Home Price | $315,000 | $420,800 | -25.1% |
| Median Monthly Rent | $2,288 | $1,713 | +33.6% |
| Median Household Income | $70,100 | $74,580 | -6.0% |
| Property Tax Rate | 2.10% | 1.10% | +90.9% |
| Cost of Living Index | 114 | 100 | +14.0% |
Sources: U.S. Census Bureau, BLS, Zillow, NAR (2024–2025). Green = favorable for residents; red = less favorable.
Chicago Financial Snapshot
- Population (Metro)
- 9,560,000
- Unemployment
- 4.6%
- Avg Commute
- 31 min
- Median Age
- 36.7
- Price-to-Rent Ratio
- 11.5x
- Annual Property Tax
- $6,615
Frequently Asked Questions — Chicago
What is the median home price in Chicago, IL?
The median home price in Chicago is $315,000 as of 2025–2026. This is below the national median of $420,800.
What is the average rent in Chicago?
Median monthly rent in Chicago is $2,288. That works out to $27,456/year, or 39% of the median household income — above the recommended 30% threshold.
Is Chicago affordable?
Chicago's cost of living index is 114 vs. the national average of 100. With a median household income of $70,100/year and a median home price of $315,000, the price-to-income ratio is 4.5x. Chicago falls in the middle of the affordability spectrum for US cities.
What is the property tax rate in Chicago?
The effective property tax rate in Chicago is 2.10% of assessed value. On the median home of $315,000, that's roughly $6,615/year ($551/month).