Rent vs buy in Champaign, IL
In Champaign, Illinois, a typical rent runs $1,466 /mo while a typical home costs $236,141.
Over 7 years, renting comes out ahead by $29k
Based on Champaign's typical rent and home value, this uses 20% down plus today's mortgage rate. You reach break-even in year 21.
Our opinion, clearly labelled, with the math shown. These are estimates, not quotes. Adjust any one number and the stamp shifts.
- Renting leads by
- $29k after 7 years
- Break even point
- Year 21 when owning catches up
- What owning really costs
- $2,344 /mo year 1, against $1,466 rent
Change my numbers
Champaign's typical rent and home value are what the stamp uses. Your rent, price and years can flip the result.
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Enter a rent, price and down payment of your own. Those numbers change the stamp.
In Champaign, is it cheaper to rent or to buy?
Counting the money that comes back to you when you sell, renting is cheaper by $29,047 over 7 years. For the first 20 years, renting is the cheaper option. In year 21, owning catches up.
Rent. Buy. The net cost to date for each year.
Champaign: average rent compared with the mortgage payment
Rent and mortgage payments tell only part of the story, so here are all the monthly costs at Champaign's typical price in year 1.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,466 | All of it, every month |
| Mortgage payment | $1,287 | $1,135 of it is interest in year 1 |
| Property tax | $433 | 2.2% of the value a year |
| Insurance | $97 | Census median for the city |
| Upkeep | $197 | 1% of the value a year |
| Owning, cash out | $2,014 | $153 of it builds equity |
| Lost return on the down payment | $384 | What your cash would earn each year at 8.3% |
| Buying costs, spread out | $98 | 3.5% of the price over 7 years |
| True cost of owning | $2,344 | Cash out, with the equity part removed, plus the two lines above |
How the Champaign verdict adds up
- Typical home valueZillow ZHVI, September 2026
- $236,141
- Typical rentZillow ZORI, September 2026
- $1,466 /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, Champaign
- 2.2% of value
- Home insuranceCensus ACS 2020-2024, Champaign
- $97 /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 make the Champaign result flip?
Each line shows the point at which Champaign's 7-year verdict changes, while all other conditions remain unchanged.
Renting wins if
- A yearly growth rate under 4.9% for home prices (our 3.3% comes from Illinois's long-run average).
- The mortgage rate remains above 5.05%.
- A home like this costs under $1,780 a month to rent (typical here: $1,466).
- You move before you reach year 21.
Buying wins if
- Home prices rise by more than 4.9% each year.
- A mortgage rate below 5.05% is what you lock in; today's is 7.24%.
- If you rent the same home, your monthly rent would be more than $1,780.
- Your stay lasts 21 years or more.
Champaign compared with the other 812 cities
| Measure | Champaign | Median city |
|---|---|---|
| Typical home value | $236,141 | $422,451 |
| Typical rent | $1,466 /mo | $1,837 /mo |
| Price-to-rent ratio | 13.4 (#706 of 813) | 18.5 |
| Home prices, last 10 years | 4.5% a year | 6.2% a year |
| Rents, last 5 years | 6.9% a year | 4% a year |
| Property tax | 2.20% | 0.87% |
| Households that rent | 56% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
More cities in Illinois
- It's a toss-up, though buying leads by $3k in Chicago, IL.
- Renting leads by $12k in Aurora, IL.
- Renting leads by $198k in Naperville, IL.
- Renting leads by $30k in Joliet, IL.
- Renting leads by $22k in Rockford, IL.
- Renting leads by $58k in Elgin, IL.
- Renting leads by $13k in Springfield, IL.
- Buying leads by $15k in Peoria, IL.
- Renting leads by $24k in Waukegan, IL.
- Renting leads by $71k in Cicero, IL.
- Renting leads by $68k in Bloomington, IL.
- Renting leads by $42k in Schaumburg, IL.