Median Home PriceBETTER
$314,516.51
Median RentBETTER
$2,113.41/mo
Price-to-Rent RatioBETTER
12.4
Property Tax Rate
2.27%
Price Change (1Y)BETTER
+2.9%
Price Change (5Y)BETTER
+14.4%
Break-Even YearsTIE
N/A
10-Year Wealth DifferenceBETTER
$90,658
Median Home Price
$1,182,635.83
Median Rent
$4,367.24/mo
Price-to-Rent Ratio
22.6
Property Tax RateBETTER
1.72%
Price Change (1Y)
+1.4%
Price Change (5Y)
+7.2%
Break-Even YearsTIE
N/A
10-Year Wealth Difference
$967,229
Key Differences
Home Prices
Chicago's median home price of $314,516.51 is lower than New York's $1,182,635.83 by 73%.
Monthly Rent
Renting in Chicago costs $2,113.41/mo compared to $4,367.24/mo in New York—a difference of $2,253.83/mo.
Buy vs Rent Verdict
Both cities currently favor renting.
Break-Even Timeline
Break-even analysis varies based on market conditions in each city.