Rent vs buy in Oak Park, IL
In Oak Park, Illinois, the typical rent is $2,044 /mo and the typical home price is $480,361.
Renting comes out ahead by $137k over 7 years
Using the typical rent and home value for Oak Park's market, plus 20% down and today's mortgage rate. There's no break-even point within 30 years.
An opinion, clearly labelled, with the math shown. These are estimates, not quotes. Adjust a number and the stamp adjusts too.
- Renting is ahead by
- $137k after 7 years
- Break-even point
- 30 years or more owning never catches up sooner
- What owning really costs
- $4,659 each month year 1, against $2,044 rent
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In Oak Park, is renting or buying cheaper?
Over 7 years, renting is $137,391 cheaper once you count what 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. Buying. Net cost to date, by year.
Average rent compared with mortgage payment in Oak Park
Rent and the mortgage don't tell the whole story, so here are all the monthly costs for year 1, using Oak Park's typical price.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $2,044 | All of it, every month |
| Mortgage payment | $2,619 | $2,308 of it is interest in year 1 |
| Property tax | $861 | 2.15% of the value a year |
| Insurance | $109 | Census median for the city |
| Upkeep | $400 | 1% of the value a year |
| Owning, cash out | $3,989 | $311 of it builds equity |
| Lost return on the down payment | $781 | The yearly return on that cash at 8.3% |
| Buying costs, spread out | $200 | 3.5% of the price over 7 years |
| True cost of owning | $4,659 | Cash out, minus the equity part, and the two lines above added back |
The numbers that support the Oak Park verdict
- Typical home valueZillow ZHVI, September 2026
- $480,361
- Typical rentZillow ZORI, September 2026
- $2,044 /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, Oak Park
- 2.15% of value
- Home insuranceCensus ACS 2020-2024, Oak Park
- $109 /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 Oak Park result?
Each line shows when the 7-year Oak Park verdict flips, and everything else stays put.
Renting is the better choice when
- Our calculation uses 3.3%, Illinois's long-run rate, for annual home price growth below 6.8%.
- The mortgage rate remains above 2.03%.
- Such a home rents for under $3,520 a month; the typical figure here is $2,044.
- If you move at any time in the next 30 years, owning still never catches up at these numbers.
Buying comes out ahead when
- Home prices grow at more than 6.8% a year.
- You fix a mortgage rate below 2.03% (the rate today is 7.24%).
- Renting that same home would run you more than $3,520 a month.
How Oak Park compares with 812 other cities
| Measure | Oak Park | Median city |
|---|---|---|
| Typical home value | $480,361 | $422,451 |
| Typical rent | $2,044 /mo | $1,837 /mo |
| Price-to-rent ratio | 19.6 (#354 of 813) | 18.5 |
| Home prices, last 10 years | 3.8% a year | 6.2% a year |
| Rents, last 5 years | 4.6% a year | 4% a year |
| Property tax | 2.15% | 0.87% |
| Households that rent | 40% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
More cities in Illinois
- Toss-up. Buying leads by $3k in Chicago, IL.
- In Aurora, IL, renting comes out ahead by $12k.
- In Naperville, IL, renting comes out ahead by $198k.
- In Joliet, IL, renting comes out ahead by $30k.
- In Rockford, IL, renting comes out ahead by $22k.
- In Elgin, IL, renting comes out ahead by $58k.
- In Springfield, IL, renting comes out ahead by $13k.
- In Peoria, IL, buying comes out ahead by $15k.
- In Champaign, IL, renting comes out ahead by $29k.
- In Waukegan, IL, renting comes out ahead by $24k.
- In Cicero, IL, renting comes out ahead by $71k.
- In Bloomington, IL, renting comes out ahead by $68k.