Rent vs buy in Mount Prospect, IL
In Mount Prospect, Illinois, the typical rent is $1,835 /mo and the typical home is $449,386.
Renting comes out ahead by $135k over 7 years
The calculation uses Mount Prospect's typical rent, plus its typical home value. It assumes 20% down and today's mortgage rate. Within 30 years, no break-even point occurs.
This opinion is clearly labeled and shows the math. The figures are estimates, not quotes. If you change a number, the stamp changes.
- Renting is ahead by
- $135k after 7 years
- Break-even point
- 30+ years owning never catches up sooner
- What owning really costs
- $4,348 each month year 1, against $1,835 rent
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The stamp draws on the home value and rent typical for Mount Prospect's market. Changing your rent, price and number of years can flip the result.
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In Mount Prospect, is it cheaper to rent or buy?
Count the money that comes back to you when you sell, and renting comes out $134,698 cheaper over 7 years. Across all the years shown, renting remains cheaper on a net basis. Within 30 years, owning never reaches the same cost.
Renting. Home ownership. Net costs to date, shown by year.
Average rent compared with the mortgage payment in Mount Prospect
At Mount Prospect's typical price, rent and the mortgage don't cover everything. Here are all monthly costs in year 1.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,835 | All of it, every month |
| Mortgage payment | $2,450 | $2,160 of it is interest in year 1 |
| Property tax | $794 | 2.12% of the value a year |
| Insurance | $102 | Census median for the city |
| Upkeep | $374 | 1% of the value a year |
| Owning, cash out | $3,720 | $291 of it builds equity |
| Lost return on the down payment | $730 | The amount the cash would earn yearly at 8.3% |
| Buying costs, spread out | $187 | 3.5% of the price over 7 years |
| True cost of owning | $4,348 | Take cash out, subtract the equity part, then add the two lines above. |
The figures behind the Mount Prospect verdict
- Value of a typical homeZillow ZHVI, September 2026
- $449,386
- Monthly rent, typicalZillow ZORI, September 2026
- $1,835 each month
- Down payment20% avoids private mortgage insurance, and the engine doesn't model it
- 20%
- Freddie Mac Primary Mortgage Market Survey (FRED MORTGAGE30US) for the mortgage rate
- 7.24%
- FHFA house price index, Illinois, 1995 to 2025 for home price growth
- A yearly rate of 3.3%.
- Rent growthYearly growth in the CPI rent of primary residence, 2006 to 2026
- A yearly rate of 3.5%.
- Return on savings60% S&P 500, including dividends, plus 40% 10-year Treasuries; rebalanced yearly from 1928 to 2025
- A yearly rate of 8.3%.
- Property tax: Census ACS 2020-2024, Mount Prospect
- 2.12% based on value
- Home insurance: Census ACS 2020-2024, Mount Prospect
- $102 a month
- Maintenance: Fannie Mae, low end of 1% to 4%
- Each year, 1% of value.
- Buying costs: Freddie Mac, middle of 2% to 5%
- 3.5% based on price
- Selling costsAgent commission and closing costs
- 6% of the price
What would change the result in Mount Prospect?
Every line marks a threshold for changing the 7-year verdict in Mount Prospect, while all other inputs stay the same.
Renting comes out ahead when
- Home prices rise by less than 7.0% a year (the calculation uses Illinois's long-run rate of 3.3%).
- The mortgage rate remains above 1.77%.
- Monthly rent for a similar home is less than $3,280; the typical amount here is $1,835.
- If you move at any time within the next 30 years, owning still doesn't catch up at these numbers.
When buying comes out ahead
- The yearly growth rate for home prices is above 7.0%.
- You lock in a mortgage rate under 1.77% (today's is 7.24%).
- That same home would need monthly rent above $3,280.
Mount Prospect compared with the other 812 cities
| Measure | Mount Prospect | Median city |
|---|---|---|
| Typical home value | $449,386 | $422,451 |
| Typical rent | $1,835 /mo | $1,837 /mo |
| Price-to-rent ratio | 20.4 (#315 of 813) | 18.5 |
| Home prices, last 10 years | 4.7% a year | 6.2% a year |
| Rents, last 5 years | 6.2% a year | 4% a year |
| Property tax | 2.12% | 0.87% |
| Households that rent | 31% | 42% |
Sources: Zillow ZHVI, ZORI, Census ACS 2020-2024.
Other Illinois cities
- Toss-up in Chicago, IL, buying ahead by $3k.
- Renting comes out ahead by $12k in Aurora, IL.
- Renting comes out ahead by $198k in Naperville, IL.
- Renting comes out ahead by $30k in Joliet, IL.
- Renting comes out ahead by $22k in Rockford, IL.
- Renting comes out ahead by $58k in Elgin, IL.
- Renting comes out ahead by $13k in Springfield, IL.
- Buying comes out ahead by $15k in Peoria, IL.
- Renting comes out ahead by $29k in Champaign, IL.
- Renting comes out ahead by $24k in Waukegan, IL.
- Rent. Cicero, IL. Renting comes out ahead by $71k.
- Rent. Bloomington, IL. Renting comes out ahead by $68k.