Rent vs buy in Springfield, IL
In Springfield, Illinois, typical rent is $1,178 /mo and a typical home costs $174,110.
Renting comes out $13k ahead over 7 years
The estimate applies 20% down and today's mortgage rate to Springfield's typical rent and typical home value. The break-even point is year 13.
An opinion that's clearly labeled and shows the math. These are estimates, not quotes. If you change a number, the stamp changes.
- Renting is ahead by
- $13k after 7 years
- Break-even point
- year 13 when owning catches up
- Actual cost of owning
- $1,740 /mo year 1, against $1,178 rent
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Based on Springfield's typical rent and typical home value, the stamp shows the result. Your rent, price and time period can change the result.
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Is renting or buying cheaper in Springfield?
Over 7 years, renting saves $13,162 when you include the money returned after selling. For the first 12 years, renting costs less. By year 13, owning catches up.
Renting. Owning. Net cost to date, by year.
Average rent compared with mortgage payment in Springfield
Rent and mortgage don't tell the whole story. At Springfield's typical price, these are all monthly costs during year 1.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,178 | All of it, every month |
| Mortgage payment | $949 | $837 of it is interest in year 1 |
| Property tax | $300 | 2.07% of the value a year |
| Insurance | $102 | Census median for the city |
| Upkeep | $145 | 1% of the value a year |
| Owning, cash out | $1,497 | $113 of it builds equity |
| Lost return on the down payment | $283 | What the cash would earn each year at 8.3% |
| Buying costs, spread out | $73 | 3.5% of the price over 7 years |
| True cost of owning | $1,740 | Cash out minus the equity portion, plus the two costs listed above |
The figures behind Springfield's result
- Typical home valueZillow ZHVI, September 2026
- $174,110
- Typical rentZillow ZORI, September 2026
- $1,178 /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, Springfield
- 2.07% of value
- Home insuranceCensus ACS 2020-2024, Springfield
- $102 /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 Springfield?
Each line marks where Springfield's 7-year verdict switches, while all other factors stay unchanged.
Renting comes out ahead when
- Home prices rise at less than 4.3% a year; the rate used here is 3.3%, Illinois's long-run rate.
- A mortgage rate above 5.90% remains in place.
- For a home like this, monthly rent is less than $1,320 (typical here: $1,178).
- Your move takes place before the start of year 13.
When buying comes out ahead
- Home prices increase by more than 4.3% each year.
- You lock a mortgage rate under 5.90%, while today's rate is 7.24%.
- You would pay more than $1,320 a month to rent the same home.
- You stay for 13 years or more.
Springfield compared with the other 812 cities
| Measure | Springfield | Median city |
|---|---|---|
| Typical home value | $174,110 | $422,451 |
| Typical rent | $1,178 /mo | $1,837 /mo |
| Price-to-rent ratio | 12.3 (#753 of 813) | 18.5 |
| Home prices, last 10 years | 3.9% a year | 6.2% a year |
| Rents, last 5 years | 6.4% a year | 4% a year |
| Property tax | 2.07% | 0.87% |
| Households that rent | 36% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
More cities in Illinois
- The result in Chicago, IL is a toss-up, with buying ahead by $3k.
- Renting leads by $12k in Aurora, IL.
- Rent. Rent vs buy in Naperville, IL. renting wins by $198k.
- Rent. Rent vs buy in Joliet, IL. renting wins by $30k.
- Rent. Rent vs buy in Rockford, IL. renting wins by $22k.
- Rent. Rent vs buy in Elgin, IL. renting wins by $58k.
- Buy. Rent vs buy in Peoria, IL. buying wins by $15k.
- Rent. Rent vs buy in Champaign, IL. renting wins by $29k.
- Rent. Rent vs buy in Waukegan, IL. renting wins by $24k.
- Rent. Rent vs buy in Cicero, IL. renting wins by $71k.
- Rent. Rent vs buy in Bloomington, IL. renting wins by $68k.
- Renting leads by $42k in Schaumburg, IL.