Rent vs buy in Evanston, IL
In Evanston, Illinois, the typical rent is $2,438 /mo and the typical home is $491,476.
Renting comes out ahead by $96k over 7 years
The figures use Evanston's typical home value and rent, plus 20% down and today's mortgage rate. No break-even point occurs within 30 years.
Clearly labelled opinion, with the math shown. These figures are estimates, not quotes. Adjust one number and the stamp shifts.
- Renting leads by
- $96k after 7 years
- Break-even point
- At least 30 years owning never catches up sooner
- What owning really costs
- $4,635 each month year 1, against $2,438 rent
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Is renting or buying cheaper in Evanston?
Over 7 years, renting costs you $95,959 less, and that counts the money you get back when you sell. In every year shown, renting's net cost sits below owning's, and owning never catches up within 30 years.
Rent option Ownership option Year-by-year net cost so far
Evanston: average rent against the mortgage payment
Rent and mortgage payments don't tell the whole story. Here's every monthly expense during year 1 at Evanston's typical price.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $2,438 | All of it, every month |
| Mortgage payment | $2,680 | $2,362 of it is interest in year 1 |
| Property tax | $754 | 1.84% of the value a year |
| Insurance | $106 | Census median for the city |
| Upkeep | $410 | 1% of the value a year |
| Owning, cash out | $3,949 | $318 of it builds equity |
| Lost return on the down payment | $799 | The amount the cash would earn at 8.3% each year |
| Buying costs, spread out | $205 | 3.5% of the price over 7 years |
| True cost of owning | $4,635 | Subtract equity from cash out, then add the two rows above. |
The Evanston verdict, in numbers
- Typical home valueZillow ZHVI, September 2026
- $491,476
- Typical rentZillow ZORI, September 2026
- $2,438 /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, Evanston
- 1.84% of value
- Home insuranceCensus ACS 2020-2024, Evanston
- $106 /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 result in Evanston?
For each line, Evanston's 7-year verdict changes at that point. Everything else stays the same.
When renting wins
- Annual home price growth is under 5.8%; the calculation uses 3.3%, Illinois's long-run rate.
- A mortgage rate remains above 3.73%.
- For a home like this, the monthly rent is less than $3,470 (typical here: $2,438).
- If you move at any point during the next 30 years, owning still never catches up at these numbers.
When buying wins
- Annual home price growth runs faster than 5.8%.
- You lock in a mortgage rate under 3.73% (today's is 7.24%).
- You'd pay more than $3,470 a month to rent that same home.
Evanston compared with the other 812 cities
| Measure | Evanston | Median city |
|---|---|---|
| Typical home value | $491,476 | $422,451 |
| Typical rent | $2,438 /mo | $1,837 /mo |
| Price-to-rent ratio | 16.8 (#503 of 813) | 18.5 |
| Home prices, last 10 years | 3.4% a year | 6.2% a year |
| Rents, last 5 years | 5.5% a year | 4% a year |
| Property tax | 1.84% | 0.87% |
| Households that rent | 44% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
More cities in Illinois
- Too close to call. Chicago, IL. Too close to call, with buying ahead by $3k.
- Renting. Aurora, IL. Renting wins by $12k.
- Renting. Naperville, IL. Renting wins by $198k.
- Renting. Joliet, IL. Renting wins by $30k.
- Renting. Rockford, IL. Renting wins by $22k.
- Renting. Elgin, IL. Renting wins by $58k.
- Renting. Springfield, IL. Renting wins by $13k.
- Buying. Peoria, IL. Buying wins by $15k.
- Renting. Champaign, IL. Renting wins by $29k.
- Renting. Waukegan, IL. Renting wins by $24k.
- Renting comes out ahead in Cicero, IL, by $71k.
- Renting leads in Bloomington, IL by $68k.