Rent vs buy in Hoffman Estates, IL
In Hoffman Estates, Illinois, the typical rent is $2,039 /mo and the typical home costs $404,075.
Over 7 years, renting comes out ahead by $91k.
With a 20% down payment plus today's mortgage rate, the math starts from Hoffman Estates's typical figures for rent and home value. No break-even point occurs within 30 years.
An opinion, clearly labeled, with the math shown. Estimates, not quotes. Adjust a number, and the stamp changes.
- Renting is ahead by
- $91k after 7 years
- Break-even point
- 30 years or more owning never catches up sooner
- Actual cost of owning
- Per month: $3,975 year 1, against $2,039 rent
Change my numbers
Behind the stamp sit Hoffman Estates's typical figures for rent and home value. Change your rent, your price or your number of years, and the result can flip.
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In Hoffman Estates, would you save more by renting or buying?
After counting the money returned when you sell, renting costs $90,868 less over 7 years. In every year shown, renting has a lower net cost than owning, and owning never catches up within 30 years.
Renting. Owning. Running net cost, organized by year.
In Hoffman Estates: average rent compared with the mortgage payment
Rent and the mortgage don't cover every monthly cost in year 1. Here's the full breakdown at Hoffman Estates's typical price.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $2,039 | All of it, every month |
| Mortgage payment | $2,203 | $1,942 of it is interest in year 1 |
| Property tax | $774 | 2.3% of the value a year |
| Insurance | $97 | Census median for the city |
| Upkeep | $337 | 1% of the value a year |
| Owning, cash out | $3,411 | $261 of it builds equity |
| Lost return on the down payment | $657 | The amount the cash would earn yearly at 8.3% |
| Buying costs, spread out | $168 | 3.5% of the price over 7 years |
| True cost of owning | $3,975 | Cash out minus equity, plus the two lines above |
Hoffman Estates verdict numbers
- Typical home value from Zillow ZHVI, September 2026
- $404,075
- Typical rent from Zillow ZORI, September 2026
- Per month: $2,039
- Private mortgage insurance is avoided with 20% down, but the engine does not model it.
- 20%
- Growth in home pricesFHFA house price index, Illinois, 1995 to 2025
- Each year: 3.3%
- Rent growth from CPI yearly growth in primary-residence rent, 2006 to 2026
- Each year: 3.5%
- Savings return60% S&P 500 including dividends and 40% 10-year Treasuries, rebalanced each year, 1928 to 2025
- Each year: 8.3%
- Property tax data from Census data, ACS 2020-2024, Hoffman Estates
- 2.3% of the value
- Home insurance data from Census data, ACS 2020-2024, Hoffman Estates
- $97 /mo
- Maintenance from Fannie Mae, 1% to 4%, low end
- Each year, 1% of value
- Buying costs from Freddie Mac, 2% to 5%, middle
- 3.5% applies to the price.
- Sale expensesAgent commission and closing costs
- 6% applies to price.
Which changes could reverse the Hoffman Estates result?
Each line marks the point where the Hoffman Estates 7-year verdict changes. Everything else stays as it is.
When renting wins
- For home prices, growth stays under 6.2% a year (we apply 3.3%, the long-run rate for Illinois's market).
- The mortgage rate remains above 3.18%.
- For a home like this, rent is less than $3,010 each month, while the typical amount here is $2,039.
- Owning stays behind at these figures whenever you move during the next 30 years
When buying wins
- Home prices increase by more than 6.2% a year.
- You secure a mortgage rate under 3.18% (today's is 7.24%).
- Your monthly rent for that same home would exceed $3,010.
How Hoffman Estates compares with the other 812 cities
| Measure | Hoffman Estates | Median city |
|---|---|---|
| Typical home value | $404,075 | $422,451 |
| Typical rent | $2,039 /mo | $1,837 /mo |
| Price-to-rent ratio | 16.5 (#515 of 813) | 18.5 |
| Home prices, last 10 years | 5.4% a year | 6.2% a year |
| Rents, last 5 years | 6.2% a year | 4% a year |
| Property tax | 2.30% | 0.87% |
| Households that rent | 26% | 42% |
Data from Zillow ZHVI and ZORI, Census ACS 2020-2024.
Cities elsewhere in Illinois
- Toss-up. Chicago, IL: buying leads by $3k
- In Aurora, IL, renting leads by $12k
- In Naperville, IL, renting leads by $198k
- In Joliet, IL, renting leads by $30k
- In Rockford, IL, renting leads by $22k
- In Elgin, IL, renting leads by $58k
- In Springfield, IL, renting leads by $13k
- In Peoria, IL, buying leads by $15k
- In Champaign, IL, renting leads by $29k
- In Waukegan, IL, renting leads by $24k
- In Cicero, IL, renting comes out ahead by $71k.
- In Bloomington, IL, renting comes out ahead by $68k.