Rent vs buy in Aurora, IL
In Aurora, Illinois, typical rent is $2,294 /mo and typical home value is $323,277.
Over 7 years, renting comes out ahead by $12k
The calculation uses Aurora's typical rent and typical home value, assuming 20% down and today's mortgage rate. The break-even point is year 10.
A clearly labelled opinion with the math shown. These are estimates, not quotes. Adjust any number, and the stamp updates.
- Amount by which renting is ahead
- $12k after 7 years
- Break-even point
- The 10th year when owning catches up
- Full cost of owning
- $3,197 each month year 1, against $2,294 rent
Change my numbers
The stamp takes its figures from Aurora's typical rent and home value. The result can change based on your rent, price and years.
Are your numbers different from the city's?
Enter your own rent, price and down payment. Those inputs change the stamp.
Would renting or buying cost less in Aurora?
After counting the money you receive when you sell, renting costs $12,213 less over 7 years. Renting costs less during the first 9 years. By year 10, owning has caught up.
Rent. Buy. Net cost up to now, by year.
Average rent compared with mortgage payment in Aurora
Rent and the mortgage payment don't tell the full story. Here are all monthly costs for year 1 at Aurora's typical price.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $2,294 | All of it, every month |
| Mortgage payment | $1,763 | $1,554 of it is interest in year 1 |
| Property tax | $614 | 2.28% of the value a year |
| Insurance | $100 | Census median for the city |
| Upkeep | $269 | 1% of the value a year |
| Owning, cash out | $2,746 | $209 of it builds equity |
| Lost return on the down payment | $525 | Annual earnings on the cash at 8.3% |
| Buying costs, spread out | $135 | 3.5% of the price over 7 years |
| True cost of owning | $3,197 | Cash paid out, minus the equity portion, plus the two items listed above |
The figures behind Aurora's verdict
- Typical home valueZillow ZHVI, September 2026
- $323,277
- Typical rentZillow ZORI, September 2026
- $2,294 /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, Aurora
- 2.28% of value
- Home insuranceCensus ACS 2020-2024, Aurora
- $100 /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 change the Aurora result?
Each line marks the point where Aurora's 7-year verdict changes, while all other factors remain the same.
When renting wins
- Annual home price growth stays below 3.8%; our calculation uses 3.3%, Illinois's long-run rate.
- A mortgage rate above 6.57% remains in place.
- A home of this type rents for less than $2,420 each month (typical here: $2,294).
- Your move comes before year 10.
When buying wins
- Home prices rise by more than 3.8% a year.
- You lock in a mortgage rate below 6.57%, and today's rate is 7.24%.
- That home would cost more than $2,420 a month to rent.
- You remain there for 10 years or more.
Aurora compared with the other 812 cities
| Measure | Aurora | Median city |
|---|---|---|
| Typical home value | $323,277 | $422,451 |
| Typical rent | $2,294 /mo | $1,837 /mo |
| Price-to-rent ratio | 11.7 (#765 of 813) | 18.5 |
| Home prices, last 10 years | 6.3% a year | 6.2% a year |
| Rents, last 5 years | 6% a year | 4% a year |
| Property tax | 2.28% | 0.87% |
| Households that rent | 34% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
More cities in Illinois
- Toss-up. Chicago, IL. It's close, but buying leads by $3k.
- Rent. Naperville, IL. Renting leads by $198k.
- Rent. Joliet, IL. Renting leads by $30k.
- Rent. Rockford, IL. Renting leads by $22k.
- Rent. Elgin, IL. Renting leads by $58k.
- Rent. Springfield, IL. Renting leads by $13k.
- Buy. Peoria, IL. Buying leads by $15k.
- Rent. Champaign, IL. Renting leads by $29k.
- Rent. Waukegan, IL. Renting leads by $24k.
- Rent. Cicero, IL. Renting leads by $71k.
- Rent. Bloomington, IL. Renting leads by $68k.
- Rent. Schaumburg, IL. Renting leads by $42k.