Rent vs buy in Waukegan, IL
In Waukegan, Illinois, typical rent is $1,660 /mo and the typical home is $247,411.
Over 7 years, renting comes out $24k ahead.
Using Waukegan's typical rent and home value, it assumes 20% down and today's mortgage rate. The break-even point is year 16.
A clearly labelled opinion with the math shown. These are estimates, not quotes. When you change a number, the stamp changes.
- Rent leads by
- $24k after 7 years
- Break-even point
- In year 16 when owning catches up
- What owning really costs
- $2,510 each month year 1, against $1,660 rent
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For Waukegan's market, the stamp applies typical rent and home value figures. Your rent, price and years can flip the result.
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Would it cost less to rent or buy in Waukegan?
After counting the money returned to you when you sell, renting costs $23,929 less over 7 years. Renting costs less during the first 15 years. In year 16, owning catches up.
Rent. Own. Net cost up to now, year by year.
Comparing average rent with mortgage payments in Waukegan
Rent and mortgage payments cover only part of the picture. At Waukegan's typical price, these are all monthly costs for year 1.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,660 | All of it, every month |
| Mortgage payment | $1,349 | $1,189 of it is interest in year 1 |
| Property tax | $513 | 2.49% of the value a year |
| Insurance | $96 | Census median for the city |
| Upkeep | $206 | 1% of the value a year |
| Owning, cash out | $2,164 | $160 of it builds equity |
| Lost return on the down payment | $402 | What the cash would earn each year at 8.3% |
| Buying costs, spread out | $103 | 3.5% of the price over 7 years |
| True cost of owning | $2,510 | Add the two lines above to cash out, then subtract the equity part. |
The figures behind the Waukegan verdict
- Typical home valueZillow ZHVI, September 2026
- $247,411
- Typical rentZillow ZORI, September 2026
- $1,660 /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, Waukegan
- 2.49% of value
- Home insuranceCensus ACS 2020-2024, Waukegan
- $96 /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 reverse the result in Waukegan?
Each line shows when the 7-year verdict in Waukegan changes. All other factors stay as they are.
Renting comes out ahead when
- Home prices grow at a rate below 4.6% a year; our estimate uses Illinois's long-run rate of 3.3%.
- The mortgage rate remains above 5.52%.
- A similar home rents for under $1,920 each month. The typical rent here is $1,660.
- Before year 16, you move.
Buying comes out ahead when
- Annual home price growth runs above 4.6%.
- You secure a mortgage rate under 5.52% (today's is 7.24%).
- For the same home, renting would cost over $1,920 monthly.
- You remain there for at least 16 years.
How Waukegan compares with the other 812 cities
| Measure | Waukegan | Median city |
|---|---|---|
| Typical home value | $247,411 | $422,451 |
| Typical rent | $1,660 /mo | $1,837 /mo |
| Price-to-rent ratio | 12.4 (#745 of 813) | 18.5 |
| Home prices, last 10 years | 8.3% a year | 6.2% a year |
| Rents, last 5 years | 6.6% a year | 4% a year |
| Property tax | 2.49% | 0.87% |
| Households that rent | 50% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
Other Illinois cities
- Toss-up for Chicago, IL, with buying ahead by $3k.
- Aurora, IL favors renting by $12k.
- Naperville, IL favors renting by $198k.
- Joliet, IL favors renting by $30k.
- Rockford, IL favors renting by $22k.
- Elgin, IL favors renting by $58k.
- Springfield, IL favors renting by $13k.
- Peoria, IL favors buying by $15k.
- Champaign, IL favors renting by $29k.
- Cicero, IL favors renting by $71k.
- Bloomington, IL favors renting by $68k.
- Schaumburg, IL favors renting by $42k.