Rent vs buy in Cicero, IL
In Cicero, Illinois, the typical rent is $1,322 a month and the typical home value is $278,173.
Over 7 years, renting comes out ahead by $71k
The figures use Cicero's typical rent and typical home value, with 20% down, at today's mortgage rate. No break-even point within 30 years.
An opinion, clearly labelled, with the math shown. These are estimates, not quotes. Swap a number and the stamp changes.
- Renting leads by
- $71k after 7 years
- Break-even point
- 30+ years owning never catches up sooner
- Actual cost of owning
- $2,745 /mo year 1, against $1,322 rent
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In Cicero, is renting or buying cheaper?
Over 7 years, renting costs less by $70,690 once you count the money you get back from selling. In every year shown, renting's net cost sits below owning's, and owning never catches up within 30 years.
Rent. Own. Net cost to date, year by year.
Average rent compared with the mortgage payment in Cicero
There's more to the story than rent and the mortgage: all the monthly costs at Cicero's typical price, in year 1.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,322 | All of it, every month |
| Mortgage payment | $1,517 | $1,337 of it is interest in year 1 |
| Property tax | $508 | 2.19% of the value a year |
| Insurance | $101 | Census median for the city |
| Upkeep | $232 | 1% of the value a year |
| Owning, cash out | $2,357 | $180 of it builds equity |
| Lost return on the down payment | $452 | What the cash would earn each year at 8.3% |
| Buying costs, spread out | $116 | 3.5% of the price over 7 years |
| True cost of owning | $2,745 | Cash paid out, minus the equity portion, plus the two amounts above |
The numbers behind the verdict in Cicero
- Typical home valueZillow ZHVI, September 2026
- $278,173
- Typical rentZillow ZORI, September 2026
- $1,322 /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, Cicero
- 2.19% of value
- Home insuranceCensus ACS 2020-2024, Cicero
- $101 /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 could change Cicero's result?
Each line marks the point that flips the 7-year verdict in Cicero, with everything else staying as it is.
When renting comes out ahead
- Home prices grow at less than 6.5% a year (we apply 3.3%, Illinois's long-run rate).
- A mortgage rate above 2.64% remains in place.
- A similar home rents for under $2,080 a month, while the typical rent here is $1,322.
- If you move at any time during the next 30 years, owning will never catch up with these figures.
When buying comes out ahead
- Home prices rise by more than 6.5% a year.
- Today's mortgage rate is 7.24%, while you lock in one below 2.64%.
- For the same home, renting would cost you more than $2,080 monthly.
Cicero compared with the other 812 cities
| Measure | Cicero | Median city |
|---|---|---|
| Typical home value | $278,173 | $422,451 |
| Typical rent | $1,322 /mo | $1,837 /mo |
| Price-to-rent ratio | 17.5 (#462 of 813) | 18.5 |
| Home prices, last 10 years | 7.7% a year | 6.2% a year |
| Property tax | 2.19% | 0.87% |
| Households that rent | 45% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
More cities in Illinois
- A toss-up: Chicago, IL: toss-up. Buying is ahead by $3k.
- In Aurora, IL, renting comes out ahead by $12k.
- In Naperville, IL, renting comes out ahead by $198k.
- In Joliet, IL, renting comes out ahead by $30k.
- In Rockford, IL, renting comes out ahead by $22k.
- In Elgin, IL, renting comes out ahead by $58k.
- In Springfield, IL, renting comes out ahead by $13k.
- Buy in Peoria, IL: buying wins by $15k.
- In Champaign, IL, renting comes out ahead by $29k.
- In Waukegan, IL, renting comes out ahead by $24k.
- In Bloomington, IL, renting comes out ahead by $68k.
- In Schaumburg, IL, renting wins by $42k.