This article is part of our Moving to Chicago guide.
Across Chicago as a whole, renting and owning cost about the same each month before property tax: about $2,000 to own a typical home versus a $2,200 one-bedroom rent, at a 6.5% rate, for illustration. Neighborhood by neighborhood the gap is wider. In Wicker Park, Lincoln Park, Avondale, Bridgeport and Logan Square, owning costs $1,000 to $1,500 a month more than renting a one-bedroom, while in the South Loop, the West Loop and Edgewater it costs less. The table below shows the numbers for 12 neighborhoods and the city, with each figure dated and linked. None of the ownership figures include property tax, for the reason explained below.
This is a data page. It shows how home values and rents compare in each area. It doesn’t tell you which choice is right for you. For the wider picture of life in the city, start with our Chicago guide.
Is it cheaper to rent or buy in Chicago?
It depends on the neighborhood, and on costs this table can’t capture. Here is the citywide picture, using Zillow’s typical home value for Chicago of $334,108 (as of September 30, 2026) and the Zumper National Rent Report median one-bedroom rent of $2,200 (September 2026):
- Down payment at 20%: about $66,800.
- Principal and interest at a 6.5% rate on a 30-year loan, for illustration: about $1,689 a month.
- Homeowner’s insurance: about $312 a month (NerdWallet’s Chicago average of $3,745 a year, as of March 4, 2026).
- Estimated cost to own before property tax: about $2,002 a month, against $2,200 in rent.
- Price-to-rent ratio: 12.7.
Property tax would add to the ownership side. For scale, the median Chicago homeowner tax bill was $4,597 for tax year 2025 (billed in 2026, per the Cook County Treasurer, August 2026), or about $383 a month. We haven’t added property tax to any row. A per-home estimate needs the current Chicago composite tax rate from the Cook County Clerk, and we couldn’t confirm that rate from an official source as of October 21, 2026. The median bill isn’t tied to a specific home value, so we didn’t use it either. Expect every ownership figure on this page to rise once tax is added.
Check the rate before you rely on any of these figures. Freddie Mac publishes the current average 30-year rate each week in its Primary Mortgage Market Survey (PMMS).
How do Chicago neighborhoods compare on rent vs. buy?
Neighborhoods are sorted from the highest price-to-rent ratio to the lowest, with the citywide row last. Home values are Zillow Home Value Index (ZHVI) figures, which are typical values, not median sale prices. Rents are Zumper one-bedroom averages, not medians, except the citywide row, which uses the Zumper National Rent Report median. Each figure links to its source page, and the dates differ by row.
| Neighborhood | Typical home value (Zillow ZHVI) | Value as of | 1BR rent (Zumper avg.) | Rent as of | Est. monthly cost to own, excl. property tax* | Price-to-rent ratio |
|---|---|---|---|---|---|---|
| Bridgeport | $453,969 | Jul 31, 2026 | $1,495 | Oct 21, 2026 | $2,608 | 25.3 |
| Wicker Park† | $725,283 | Jun 30, 2026 | $2,466 | Oct 20, 2026 | $3,980 | 24.5 |
| Avondale | $521,181 | Jun 30, 2026 | $1,795 | Oct 21, 2026 | $2,947 | 24.2 |
| Lincoln Park | $697,400 | Sep 30, 2026 | $2,561 | Oct 21, 2026 | $3,839 | 22.7 |
| Logan Square | $564,017 | Jul 31, 2026 | $2,095 | Oct 21, 2026 | $3,164 | 22.4 |
| Pilsen† | $434,722 | Jul 31, 2026 | $1,625 | Oct 21, 2026 | $2,510 | 22.3 |
| Lakeview | $470,375 | Sep 30, 2026 | $2,195 | Oct 21, 2026 | $2,691 | 17.9 |
| Uptown† | $345,969 | Sep 30, 2026 | $1,895 | Sep 29, 2026 | $2,061 | 15.2 |
| Rogers Park | $268,512 | Aug 31, 2026 | $1,550 | Oct 16, 2026 | $1,670 | 14.4 |
| West Loop† | $453,637 | Sep 30, 2026 | $2,807 | Oct 20, 2026 | $2,606 | 13.5 |
| Edgewater | $284,540 | Jul 31, 2026 | $1,847 | Oct 12, 2026 | $1,751 | 12.8 |
| South Loop | $343,228 | Sep 30, 2026 | $2,494 | Oct 21, 2026 | $2,048 | 11.5 |
| Chicago (citywide) | $334,108 | Sep 30, 2026 | $2,200 (NRR median) | Sep 2026 | $2,002 | 12.7 |
*Estimated monthly cost to own = principal and interest at a 6.5% rate, 30-year fixed, 20% down (for illustration), plus homeowner’s insurance of $3,745 a year (NerdWallet, March 2026). Property tax is not included, because we couldn’t confirm the current Chicago composite tax rate (see above). Price-to-rent ratio = home value divided by 12 months of rent.
†Uses a larger area as a stand-in. Wicker Park rent: West Town community area. Pilsen rent: Lower West Side community area. West Loop value and rent: Near West Side community area. Uptown value: read from the nearby-areas list on Zillow’s Lake View page, because Uptown’s own page didn’t load.
Three neighborhoods are left out. Hyde Park has no current Zillow value we could retrieve, and Bucktown has no Zumper rent page. Andersonville has no Zumper page either, and the only stand-in, Edgewater’s rent, doesn’t fit: Zillow puts Andersonville’s typical value at $614,990 (September 30, 2026) and Edgewater’s at $284,540 (July 31, 2026), so pairing Andersonville’s value with Edgewater’s rent would overstate its ratio. We didn’t fill any of these gaps with an estimate.
What does it cost each month to own in each neighborhood?
This table breaks the ownership estimate into its parts and sets it against the one-bedroom rent. A positive difference means owning costs more each month than renting a one-bedroom, before property tax. Every owner figure would rise once property tax is added.
| Neighborhood | 20% down payment | Principal and interest | Insurance | Property tax | Cost to own (excl. tax) | 1BR rent | Difference (own minus rent) |
|---|---|---|---|---|---|---|---|
| Bridgeport | $90,794 | $2,296 | $312 | Not included* | $2,608 | $1,495 | +$1,113 |
| Wicker Park | $145,057 | $3,667 | $312 | Not included* | $3,980 | $2,466 | +$1,514 |
| Avondale | $104,236 | $2,635 | $312 | Not included* | $2,947 | $1,795 | +$1,152 |
| Lincoln Park | $139,480 | $3,526 | $312 | Not included* | $3,839 | $2,561 | +$1,278 |
| Logan Square | $112,803 | $2,852 | $312 | Not included* | $3,164 | $2,095 | +$1,069 |
| Pilsen | $86,944 | $2,198 | $312 | Not included* | $2,510 | $1,625 | +$885 |
| Lakeview | $94,075 | $2,378 | $312 | Not included* | $2,691 | $2,195 | +$496 |
| Uptown | $69,194 | $1,749 | $312 | Not included* | $2,061 | $1,895 | +$166 |
| Rogers Park | $53,702 | $1,358 | $312 | Not included* | $1,670 | $1,550 | +$120 |
| West Loop | $90,727 | $2,294 | $312 | Not included* | $2,606 | $2,807 | −$201 |
| Edgewater | $56,908 | $1,439 | $312 | Not included* | $1,751 | $1,847 | −$96 |
| South Loop | $68,646 | $1,736 | $312 | Not included* | $2,048 | $2,494 | −$446 |
| Chicago (citywide) | $66,822 | $1,689 | $312 | Not included* | $2,002 | $2,200 | −$198 |
*Property tax is not included in any row, because we couldn’t confirm the current Chicago composite tax rate from the Cook County Clerk.
How should you read the price-to-rent ratio?
The price-to-rent ratio divides a home’s value by a year of rent. A ratio of 20 means the home costs 20 years of rent. The usual rule of thumb: the higher the ratio, the more the numbers favor renting, because each dollar of rent buys the use of a more expensive home. A lower ratio means buying costs less relative to rent.
Read the ratios as a rough ranking, for three reasons:
- The home and the apartment aren’t the same size. Zillow’s value covers all home types, from studios to houses. The rent is for a one-bedroom. In areas with many single-family homes and two-flats, the typical home is bigger than a one-bedroom, so the ratio runs high.
- Stand-in areas can skew a row. Wicker Park’s home value comes from Zillow’s Wicker Park region, but its rent comes from all of West Town, a larger area. Read rows marked † with that in mind.
- Housing mix matters. Edgewater, the South Loop and the West Loop have many condos. Condo owners pay monthly assessments, which aren’t in this table, and buy a cheaper walls-in insurance policy, so the $3,745 house figure overstates their insurance. See our condo vs. single-family guide.
The monthly comparison also leaves out what each side gets back or gives up. An owner builds equity with each principal payment and gains or loses as the home’s value changes. A renter keeps the down payment free to invest. Neither shows up in a monthly cost.
What does the table leave out?
- Property tax. The biggest gap. See our Chicago property tax and transfer tax guide for how bills are worked out and which exemptions cut them.
- Closing costs. In Chicago the buyer pays the city transfer tax of $3.75 per $500, about 0.75% of the price (City of Chicago, rate in force as of 2026). That alone is about $2,500 on the citywide typical value of $334,108.
- Condo assessments, maintenance and repairs. We have no sourced Chicago figures for these.
- Private mortgage insurance. None at 20% down. A smaller down payment would add it and raise the loan payment.
- Renter costs. Move-in fees, renter’s insurance and yearly rent increases.
For the steps and costs of buying, from attorney review to closing, see our guide to buying a home in Chicago. If you’re comparing Chicago with other cities first, our moving costs by city page lays out the costs of getting here.
Why don’t these rents match other pages?
Each rent source measures something different. This page uses Zumper’s neighborhood one-bedroom averages, because Zumper covers most of these neighborhoods with a single method. Our neighborhood guide uses RentCafe averages for all unit sizes in buildings of 50 or more units, so its rents differ from these. For the city, we use the Zumper National Rent Report median ($2,200, September 2026). Zumper’s Chicago rent-research page shows a different figure, $2,300 for a one-bedroom (updated October 21, 2026), because it’s a separate Zumper product.
Home values work the same way. Zillow’s citywide typical value is $334,108 (September 30, 2026). The MLS median sale price for Chicago was $405,000 in August 2026 (Illinois REALTORS). A median sale price reflects only the homes that sold that month, while ZHVI estimates the value of all homes. Using $405,000 instead, the citywide cost to own before property tax would be about $2,360 a month, and the ratio would be 15.3.
How did we calculate these numbers?
- Home value: Zillow Home Value Index, all home types, from each neighborhood’s Zillow page. Dates run from June 30 to September 30, 2026.
- Rent: Zumper rent-research pages, one-bedroom “average rent”, updated September 29 to October 21, 2026. Citywide: Zumper National Rent Report one-bedroom median, September 2026.
- Loan payment: standard fixed-rate formula on 80% of the home value, at a 6.5% rate over 30 years, for illustration. For example, a $500,000 home means a $400,000 loan and about $2,528 a month in principal and interest.
- Insurance: NerdWallet’s Chicago average of $3,745 a year (March 4, 2026), based on $400,000 of dwelling coverage, $300,000 of liability and a $1,000 deductible. We applied the same figure to every row.
- Property tax: not included. We couldn’t confirm the current Chicago composite tax rate from the Cook County Clerk as of October 21, 2026, and we didn’t substitute an unofficial estimate.
- Price-to-rent ratio: home value divided by (monthly rent × 12).
- Exclusions: any neighborhood missing a value or a rent (Hyde Park and Bucktown), and Andersonville, whose only available rent covers a different area.
We ran every calculation in a script, not by hand, so the table can be updated when new values and rents come out. Figures are rounded to the nearest dollar.
Frequently asked questions
What is a good price-to-rent ratio?
There’s no single cutoff. The rule of thumb is directional: a higher ratio favors renting and a lower one favors buying. In this table, ratios run from 11.5 in the South Loop to 25.3 in Bridgeport, with the city at 12.7.
How much do you need to buy a typical home in Chicago?
At 20% down on Zillow’s citywide typical value of $334,108 (September 30, 2026), the down payment is about $66,800. Add the 0.75% city transfer tax and other closing costs. Chicago and Illinois also run down payment assistance programs, covered in our buying guide.
Why are Hyde Park, Bucktown and Andersonville missing?
We couldn’t retrieve a current Zillow value for Hyde Park, and the only other figure we found was from 2024. Bucktown and Andersonville are missing because Zumper has no rent page for either, and Andersonville’s nearest stand-in (Edgewater) doesn’t match its home values. We’ll add them when matching data is available.
Does a lower mortgage rate change the results?
It changes the monthly cost to own, but not the price-to-rent ratio, which uses only the home value and rent. A lower rate shrinks the principal and interest payment in every row. Check Freddie Mac’s PMMS for the current average rate.
Sources
- Zillow Home Value Index: Chicago and neighborhood pages (June to September 2026; neighborhood links in the table)
- Zumper rent research: Chicago and neighborhood pages (September to October 2026; neighborhood links in the table)
- Zumper National Rent Report (September 2026)
- Freddie Mac Primary Mortgage Market Survey
- NerdWallet: Illinois homeowners insurance (March 4, 2026)
- Cook County Treasurer: Tax Year 2025 bill analysis (August 2026)
- City of Chicago: Real Property Transfer Tax
- Illinois REALTORS: City of Chicago Local Market Update (August 2026)
Author: Go Big City Team
Next step: see the full Moving to Chicago guide for rent, costs, transit, weather, jobs and neighborhoods in one place.