Rent vs buy in Joliet, IL
In Joliet, Illinois, the typical rent is $1,675 /mo and the typical home value is $267,651.
Renting comes out ahead by $30k over 7 years
Using today's mortgage rate and a 20% down payment, the figures reflect Joliet's typical rent and home value. In year 19, costs reach the break-even point.
An opinion, clearly labeled, with the math shown. These are estimates, not quotes. If you change a number, the stamp changes with it.
- Renting is ahead by
- $30k after 7 years
- Break-even point
- year 19 when owning catches up
- Actual cost of owning
- $2,636 /mo year 1, against $1,675 rent
Change my numbers
For this stamp, we use Joliet's typical home value and rent. You can change the result with your rent, price and years.
Do your numbers differ from the city's?
Enter the rent, price and down payment you want to use. The stamp changes as those figures change.
Is it cheaper to rent or buy in Joliet?
Renting costs $29,848 less over 7 years, including the money you get back when you sell. For the first 18 years, renting costs less. In year 19, owning catches up.
Renting. Owning. Net cost to date, by year.
Average rent compared with mortgage payment in Joliet
Year 1 includes more than rent and mortgage payments. At Joliet's typical price, the list below shows all monthly costs.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,675 | All of it, every month |
| Mortgage payment | $1,459 | $1,286 of it is interest in year 1 |
| Property tax | $477 | 2.14% of the value a year |
| Insurance | $103 | Census median for the city |
| Upkeep | $223 | 1% of the value a year |
| Owning, cash out | $2,263 | $173 of it builds equity |
| Lost return on the down payment | $435 | Annual return on the cash at 8.3% |
| Buying costs, spread out | $112 | 3.5% of the price over 7 years |
| True cost of owning | $2,636 | Cash out minus the equity portion, plus the two lines above |
The figures behind Joliet's verdict
- Typical home valueZillow ZHVI, September 2026
- $267,651
- Typical rentZillow ZORI, September 2026
- $1,675 /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, Joliet
- 2.14% of value
- Home insuranceCensus ACS 2020-2024, Joliet
- $103 /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 Joliet?
Each line marks where the 7-year verdict for Joliet changes, while everything else remains as it is.
Renting is cheaper when
- Home prices grow by less than 4.8% a year. Our calculation uses 3.3%, Illinois's long-run rate.
- For mortgages, the rate holds above 5.25%.
- A similar home costs less than $1,990 in monthly rent. The typical rent here is $1,675.
- Before year 19, you make the move.
Buying is cheaper when
- Each year, home prices grow faster than 4.8%.
- You fix your mortgage rate below 5.25% (today's rate is 7.24%).
- You'd pay more than $1,990 monthly to rent the same home.
- You remain there for 19 years or more.
Joliet compared with the other 812 cities
| Measure | Joliet | Median city |
|---|---|---|
| Typical home value | $267,651 | $422,451 |
| Typical rent | $1,675 /mo | $1,837 /mo |
| Price-to-rent ratio | 13.3 (#711 of 813) | 18.5 |
| Home prices, last 10 years | 6.2% a year | 6.2% a year |
| Rents, last 5 years | 6.9% a year | 4% a year |
| Property tax | 2.14% | 0.87% |
| Households that rent | 26% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
More cities in Illinois
- Toss-up. Chicago IL. Buying is ahead by $3k.
- Rent. Aurora IL. Renting is ahead by $12k.
- Rent. Naperville IL. Renting is ahead by $198k.
- Rent. Rockford IL. Renting is ahead by $22k.
- Rent. Elgin IL. Renting is ahead by $58k.
- Rent. Springfield IL. Renting is ahead by $13k.
- Buy. Peoria IL. Buying is ahead by $15k.
- Rent. Champaign IL. Renting is ahead by $29k.
- Rent. Waukegan IL. Renting is ahead by $24k.
- Rent. Cicero IL. Renting is ahead by $71k.
- Rent. Bloomington IL. Renting is ahead by $68k.
- Rent. Schaumburg, IL. Renting is $42k ahead.