Rent vs buy in Arlington Heights, IL
In Arlington Heights, Illinois, typical rent is $1,999 /mo and a typical home costs $492,580.
Renting comes out $147k ahead over 7 years
Using Arlington Heights's typical rent, the typical home value, a 20% down payment and today's mortgage rate. There is no break-even within 30 years.
An opinion with a clear label and the math shown. These are estimates, not quotes. If you change a number, the stamp changes with it.
- Ahead with renting
- $147k after 7 years
- Break-even point
- 30+ years owning never catches up sooner
- Actual cost of owning
- $4,749 /mo year 1, against $1,999 rent
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For typical rent and home value figures, the stamp uses Arlington Heights's data. Your rent, price and time period can change the result.
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In Arlington Heights, is renting or buying cheaper?
After counting the money you get back when you sell, renting costs $147,344 less over 7 years. Throughout every year shown, renting has a lower net cost than owning. Ownership doesn't make up the gap within 30 years.
For renting. Owning. Net cost by year so far.
Average rent compared with mortgage payment in Arlington Heights
Rent and the mortgage don't tell the whole story. Here are all monthly costs during year 1, based on Arlington Heights's typical price.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,999 | All of it, every month |
| Mortgage payment | $2,686 | $2,367 of it is interest in year 1 |
| Property tax | $866 | 2.11% of the value a year |
| Insurance | $99 | Census median for the city |
| Upkeep | $410 | 1% of the value a year |
| Owning, cash out | $4,061 | $318 of it builds equity |
| Lost return on the down payment | $801 | Annual return on the cash at 8.3% |
| Buying costs, spread out | $205 | 3.5% of the price over 7 years |
| True cost of owning | $4,749 | Cash out, minus the equity portion, plus the two lines above |
The figures behind the Arlington Heights result
- Typical home valueZillow ZHVI, September 2026
- $492,580
- Typical rentZillow ZORI, September 2026
- $1,999 /mo
- Down payment20% avoids private mortgage insurance, which the engine does not model
- 20%
- Mortgage rateFreddie Mac Primary Mortgage Market Survey (FRED MORTGAGE30US)
- 7.24%
- Home price growthFHFA house price index, Illinois, 1995 to 2025
- 3.3% a year
- Rent growthCPI rent of primary residence, yearly growth 2006 to 2026
- 3.5% a year
- Return on savings60% S&P 500 with dividends and 40% 10-year Treasuries, rebalanced yearly, 1928 to 2025
- 8.3% a year
- Property taxCensus ACS 2020-2024, Arlington Heights
- 2.11% of value
- Home insuranceCensus ACS 2020-2024, Arlington Heights
- $99 /mo
- MaintenanceFannie Mae, low end of 1% to 4%
- 1% of value a year
- Buying costsFreddie Mac, middle of 2% to 5%
- 3.5% of price
- Selling costsAgent commission plus closing costs
- 6% of price
What would reverse the result in Arlington Heights?
Each line shows where the Arlington Heights verdict for 7 years changes, with every other part kept exactly as it is.
Renting is cheaper when
- Home prices rise at less than 7.0% a year; our figure of 3.3% is Illinois's rate over the long run.
- The mortgage rate remains higher than 1.78%.
- A home like this has a monthly rent below $3,580. The typical rent here is $1,999.
- If you move at any point during the next 30 years, owning won't catch up at these numbers.
Buying is cheaper when
- Home prices rise by more than 7.0% a year.
- You lock in a mortgage rate under 1.78% (the rate right now is 7.24%).
- Monthly rent for that same home would exceed $3,580.
How Arlington Heights compares with the other 812 cities
| Measure | Arlington Heights | Median city |
|---|---|---|
| Typical home value | $492,580 | $422,451 |
| Typical rent | $1,999 /mo | $1,837 /mo |
| Price-to-rent ratio | 20.5 (#308 of 813) | 18.5 |
| Home prices, last 10 years | 4.8% a year | 6.2% a year |
| Rents, last 5 years | 5.3% a year | 4% a year |
| Property tax | 2.11% | 0.87% |
| Households that rent | 26% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
Cities in Illinois apart from this one
- Toss-up. Chicago in Illinois. Toss-up, with buying ahead by $3k.
- Rent. Aurora in Illinois. Renting is ahead by $12k.
- Rent. Naperville in Illinois. Renting leads by $198k.
- Rent. Joliet in Illinois. Renting comes out ahead by $30k.
- Rent. Rockford in Illinois. Renting has the advantage by $22k.
- Rent. Elgin in Illinois. Renting is ahead by $58k.
- Rent. Springfield in Illinois. Renting leads by $13k.
- Buy. Peoria in Illinois. Buying is ahead by $15k.
- Rent. Champaign in Illinois. Renting has the edge by $29k.
- Rent. Waukegan in Illinois. Renting comes out ahead by $24k.
- Rent. Cicero in Illinois. Renting is ahead by $71k.
- Rent. Bloomington in Illinois. Renting has the advantage by $68k.