Rent vs buy in Wheaton, IL
In Wheaton, Illinois, typical rent is $2,375 /mo and typical home is $507,044.
Over 7 years, renting wins by $122k.
Using Wheaton's typical home value and rent, plus 20% down at today's mortgage rate. Within 30 years, the two costs never reach a break-even point.
An opinion, clearly labelled, with the math shown. These are estimates, not quotes. Adjust any number and the stamp adjusts with it.
- Renting's lead
- $122k after 7 years
- Break-even point
- 30 years or more owning never catches up sooner
- Owning's true cost
- $4,884 a month year 1, against $2,375 rent
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Is renting or buying cheaper in Wheaton?
Renting costs $121,581 less over 7 years, counting the money you get back when you sell. Every year shown puts renting's net cost below owning's, and owning never catches up within 30 years.
Rent. Own. Running net cost, year by year.
Wheaton: average rent compared with the mortgage payment
Rent and the mortgage don't tell the whole story. Here are all the monthly costs for year 1, based on Wheaton's typical price.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $2,375 | All of it, every month |
| Mortgage payment | $2,764 | $2,437 of it is interest in year 1 |
| Property tax | $875 | 2.07% of the value a year |
| Insurance | $115 | Census median for the city |
| Upkeep | $423 | 1% of the value a year |
| Owning, cash out | $4,177 | $328 of it builds equity |
| Lost return on the down payment | $824 | The yearly return on that cash, at 8.3% |
| Buying costs, spread out | $211 | 3.5% of the price over 7 years |
| True cost of owning | $4,884 | Cash out, minus the equity part, and add the two lines above |
The numbers behind Wheaton's verdict
- Typical home valueZillow ZHVI, September 2026
- $507,044
- Typical rentZillow ZORI, September 2026
- $2,375 /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, Wheaton
- 2.07% of value
- Home insuranceCensus ACS 2020-2024, Wheaton
- $115 /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 Wheaton?
Each line shows the point at which Wheaton's 7-year verdict changes; everything else stays as it is.
When renting wins
- Home price growth stays under 6.3% a year (we apply Illinois's long-run rate of 3.3%).
- For mortgages, the rate stays above 2.90%.
- Renting a home like this costs less than $3,680 a month (typical rent here: $2,375).
- No matter when you move in the next 30 years, owning doesn't catch up at these numbers.
When buying wins
- Home prices rise faster than 6.3% each year.
- You secure a mortgage rate under 2.90% (today's is 7.24%).
- The same home would cost more than $3,680 a month to rent.
How Wheaton compares with the other 812 cities
| Measure | Wheaton | Median city |
|---|---|---|
| Typical home value | $507,044 | $422,451 |
| Typical rent | $2,375 /mo | $1,837 /mo |
| Price-to-rent ratio | 17.8 (#442 of 813) | 18.5 |
| Home prices, last 10 years | 4.6% a year | 6.2% a year |
| Rents, last 5 years | 5.3% a year | 4% a year |
| Property tax | 2.07% | 0.87% |
| Households that rent | 28% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
More cities in Illinois
- Toss-up. Chicago, IL. Too close to call, with buying ahead by $3k.
- Rent wins in Aurora, IL, by $12k.
- Rent wins in Naperville, IL, by $198k.
- Rent. Joliet, IL. Renting is ahead by $30k.
- Rent. Rockford, IL. Renting is ahead by $22k.
- Rent. Elgin, IL. Renting is ahead by $58k.
- Rent. Springfield, IL. Renting is ahead by $13k.
- Buy. Peoria, IL. Buying is ahead 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.