Rent vs buy in Rockford, IL
The typical rent is $1,227 /mo, and the typical home is $185,067 in Rockford, Illinois.
Renting saves $22k over 7 years
Today's mortgage rate and 20% down are used with Rockford's typical rent and home value. Break-even arrives in year 20.
Clearly labeled opinion with the math shown. These are estimates, not quotes. The stamp changes when you change a number.
- Renting leads by
- $22k after 7 years
- Break-even point
- year 20 when owning catches up
- Full cost of owning
- $1,908 /mo year 1, against $1,227 rent
Change my numbers
The stamp draws on Rockford's typical rent and typical home value. Your rent, price and time period can change the result.
Do your numbers differ from the city's?
Enter the rent, price and down payment that apply to you. Your figures change the stamp.
Is it cheaper to rent or buy in Rockford?
Over 7 years, renting costs $22,004 less after counting the money you get back when you sell. For the first 19 years, renting costs less. In year 20, owning catches up.
The rent option. The ownership option. Net cost up to each year.
Rockford: average rent compared with mortgage payment
Rent and the mortgage don't tell the whole story. Here are all monthly costs for year 1 at Rockford's typical price.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,227 | All of it, every month |
| Mortgage payment | $1,009 | $889 of it is interest in year 1 |
| Property tax | $398 | 2.58% of the value a year |
| Insurance | $89 | Census median for the city |
| Upkeep | $154 | 1% of the value a year |
| Owning, cash out | $1,650 | $120 of it builds equity |
| Lost return on the down payment | $301 | Annual return on the cash at 8.3% |
| Buying costs, spread out | $77 | 3.5% of the price over 7 years |
| True cost of owning | $1,908 | Cash out, after subtracting the equity part and adding the two lines above. |
Rockford verdict numbers explained
- Typical home valueZillow ZHVI, September 2026
- $185,067
- Typical rentZillow ZORI, September 2026
- $1,227 /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, Rockford
- 2.58% of value
- Home insuranceCensus ACS 2020-2024, Rockford
- $89 /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 flip the result in Rockford?
Each line shows where the 7-year result in Rockford changes, with everything else staying the same.
Renting wins if
- With home price growth below 4.9% annually, our 3.3% figure reflects Illinois's long-run rate.
- The rate for a mortgage stays above 5.12%.
- Such a home rents below $1,460 monthly (typical here: $1,227).
- Moving happens before year 20.
Buying comes out ahead when
- Home prices rise more than 4.9% a year.
- Today's rate is 7.24%. You lock a rate below 5.12%.
- For the same home, your monthly rent would exceed $1,460.
- You stay for 20 years or longer.
Rockford compared with the other 812 cities
| Measure | Rockford | Median city |
|---|---|---|
| Typical home value | $185,067 | $422,451 |
| Typical rent | $1,227 /mo | $1,837 /mo |
| Price-to-rent ratio | 12.6 (#741 of 813) | 18.5 |
| Home prices, last 10 years | 9.5% a year | 6.2% a year |
| Rents, last 5 years | 8.4% a year | 4% a year |
| Property tax | 2.58% | 0.87% |
| Households that rent | 45% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
More cities in Illinois
- Buying is ahead by $3k in Chicago, IL, which is a toss-up.
- Renting wins by $12k in Aurora, IL.
- Renting wins by $198k in Naperville, IL.
- Renting wins by $30k in Joliet, IL.
- Renting wins by $58k in Elgin, IL.
- Renting wins by $13k in Springfield, IL.
- Buying wins by $15k in Peoria, IL.
- Renting wins by $29k in Champaign, IL.
- Renting wins by $24k in Waukegan, IL.
- Renting wins by $71k in Cicero, IL.
- Renting wins by $68k in Bloomington, IL.
- Renting wins by $42k in Schaumburg, IL.