Rent vs buy in Orland Park, IL
A typical home in Orland Park, Illinois costs $410,573, and typical rent there is $2,713 /mo.
Over 7 years, renting comes out $25k ahead.
Today's mortgage rate and 20% down apply, and the typical rent and home value come from Orland Park's data. The break-even point arrives in year 12.
Clearly labeled opinion with the math shown. These are estimates, not quotes. Adjust a number, and the stamp updates.
- Renting is ahead by
- $25k after 7 years
- Break-even point
- year 12 when owning catches up
- Real cost of owning
- $3,962 /mo year 1, against $2,713 rent
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For rent and home value, the stamp draws on Orland Park's typical figures. You can change the result with your rent, price and years.
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In Orland Park, which costs less, renting or buying?
When you include the money returned after the sale, renting costs $25,243 less over 7 years. For the first 11 years, renting remains cheaper. Year 12 is when owning catches up.
Renting option. Owning option. Net cost by year so far.
Average rent compared with mortgage payments in Orland Park
Rent and mortgage payments aren't the whole story. Here is each monthly cost for year 1, based on Orland Park's typical price.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $2,713 | All of it, every month |
| Mortgage payment | $2,238 | $1,973 of it is interest in year 1 |
| Property tax | $701 | 2.05% of the value a year |
| Insurance | $107 | Census median for the city |
| Upkeep | $342 | 1% of the value a year |
| Owning, cash out | $3,389 | $265 of it builds equity |
| Lost return on the down payment | $667 | What the cash would earn yearly at 8.3% |
| Buying costs, spread out | $171 | 3.5% of the price over 7 years |
| True cost of owning | $3,962 | Take the cash out, subtract the equity part, then add the two lines above. |
The Orland Park verdict in numbers
- Typical home value: Zillow ZHVI, September 2026
- $410,573
- Typical rent: Zillow ZORI, September 2026
- $2,713 /mo
- Down payment: 20% means no private mortgage insurance, and the engine doesn't model it.
- 20%
- Rate used: Freddie Mac Primary Mortgage Market Survey (FRED MORTGAGE30US)
- 7.24%
- Growth in home prices: FHFA house price index for Illinois, 1995 to 2025
- 3.3% each year
- Growth in rent: CPI rent of primary residence, growth each year 2006 to 2026
- Each year: 3.5%
- Savings return: 60% S&P 500 with dividends plus 40% 10-year Treasuries, rebalanced each year, 1928 to 2025
- Each year: 8.3%
- Tax on the property: Census ACS 2020-2024, Orland Park
- 2.05% of the value
- Home insurance cost: Census ACS 2020-2024, Orland Park
- Monthly cost: $107
- Upkeep: Fannie Mae, bottom of the 1% to 4% range
- 1% of the value each year
- Cost of buying: Freddie Mac, midpoint of 2% to 5%
- The amount equals 3.5% of the price.
- Selling costsAgent commission and closing costs
- The amount equals 6% of the price.
What would change the result in Orland Park?
Each line is where the Orland Park verdict for 7 years changes; everything else stays as it is.
Renting is cheaper when
- Home prices grow by under 4.1% a year (our figure: 3.3%, Illinois's long-run pace).
- The mortgage rate remains above 6.15%.
- Such a home has a monthly rent below $2,980 (the local typical figure is $2,713).
- You move before you reach year 12.
Buying comes out ahead when
- Home prices rise more than 4.1% a year.
- You secure a mortgage rate under 6.15% (today's is 7.24%).
- The same home would cost more than $2,980 a month to rent.
- You remain there for 12 years or more.
How Orland Park compares with the other 812 cities
| Measure | Orland Park | Median city |
|---|---|---|
| Typical home value | $410,573 | $422,451 |
| Typical rent | $2,713 /mo | $1,837 /mo |
| Price-to-rent ratio | 12.6 (#736 of 813) | 18.5 |
| Home prices, last 10 years | 4.9% a year | 6.2% a year |
| Property tax | 2.05% | 0.87% |
| Households that rent | 14% | 42% |
Data from: Zillow ZHVI and ZORI, Census ACS 2020-2024.
More cities in Illinois
- Toss-up. Chicago, IL. It's close, but buying leads by $3k.
- Rent. Aurora, IL. Renting leads by $12k.
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- Rent. Joliet, IL. Renting leads by $30k.
- Rent. Rockford, IL. Renting leads by $22k.
- Rent. Elgin, IL. Renting leads by $58k.
- Rent. Springfield, IL. Renting leads by $13k.
- Buy. Peoria, IL. Buying leads 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.