Rent vs buy in Des Plaines, IL
In Des Plaines, Illinois, the typical home is $356,247 and typical rent is $2,079 /mo.
Over 7 years, renting comes out $43k ahead.
These calculations use Des Plaines's typical home value and rent, with 20% down and today's current mortgage rate. Costs balance in year 22.
Clearly labeled opinion with the math shown. These are estimates, not quotes. Adjust one number, and the stamp adjusts with it.
- Rent leads by
- $43k after 7 years
- When costs balance
- At year 22 when owning catches up
- Actual cost to own
- $3,390 each month year 1, against $2,079 rent
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In Des Plaines, is renting or buying cheaper?
After counting the money you get back when you sell, renting costs $43,183 less over 7 years. For the first 21 years, renting costs less. By year 22, owning catches up.
Renting. Owning. Net cost to date, by year.
Comparing average rent and mortgage payments in Des Plaines
Rent and mortgage payments aren't the full picture. Here are all monthly costs for year 1 based on Des Plaines's typical price.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $2,079 | All of it, every month |
| Mortgage payment | $1,942 | $1,712 of it is interest in year 1 |
| Property tax | $561 | 1.89% of the value a year |
| Insurance | $93 | Census median for the city |
| Upkeep | $297 | 1% of the value a year |
| Owning, cash out | $2,893 | $230 of it builds equity |
| Lost return on the down payment | $579 | What cash would earn yearly at 8.3% |
| Buying costs, spread out | $148 | 3.5% of the price over 7 years |
| True cost of owning | $3,390 | Cash paid out, minus the equity portion, plus the two items above |
The numbers behind the verdict for Des Plaines
- Typical home valueZillow ZHVI, September 2026
- $356,247
- Typical rentZillow ZORI, September 2026
- $2,079 /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, Des Plaines
- 1.89% of value
- Home insuranceCensus ACS 2020-2024, Des Plaines
- $93 /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 the result in Des Plaines?
Each line marks where the 7-year result for Des Plaines changes. Everything else stays the same.
When renting wins
- Home prices rise by under 4.9% each year; our rate is 3.3%, Illinois's long-run rate.
- A mortgage rate above 5.08% continues.
- A similar home rents for under $2,540 each month (typical here: $2,079).
- Before year 22, you move.
When buying wins
- Home prices increase by more than 4.9% each year.
- You secure a mortgage rate under 5.08% (today's is 7.24%).
- Monthly rent for the same home would exceed $2,540.
- You remain there for 22 years or more.
How Des Plaines compares with 812 other cities
| Measure | Des Plaines | Median city |
|---|---|---|
| Typical home value | $356,247 | $422,451 |
| Typical rent | $2,079 /mo | $1,837 /mo |
| Price-to-rent ratio | 14.3 (#668 of 813) | 18.5 |
| Home prices, last 10 years | 5.3% a year | 6.2% a year |
| Rents, last 5 years | 5.8% a year | 4% a year |
| Property tax | 1.89% | 0.87% |
| Households that rent | 22% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
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