Median Home Price
$314,516.51
Median Rent
$2,113.41/mo
Price-to-Rent RatioBETTER
12.4
Property Tax RateTIE
2.27%
Price Change (1Y)
+2.9%
Price Change (5Y)
+14.4%
Break-Even YearsTIE
N/A
10-Year Wealth Difference
$90,658
Median Home PriceBETTER
$186,232.99
Median RentBETTER
$1,129.31/mo
Price-to-Rent Ratio
13.7
Property Tax RateTIE
2.27%
Price Change (1Y)BETTER
+7.1%
Price Change (5Y)BETTER
+35.5%
Break-Even YearsTIE
N/A
10-Year Wealth DifferenceBETTER
$8,273
Key Differences
Home Prices
Chicago's median home price of $314,516.51 is higher than Springfield's $186,232.99 by 69%.
Monthly Rent
Renting in Chicago costs $2,113.41/mo compared to $1,129.31/mo in Springfield—a difference of $984.1/mo.
Buy vs Rent Verdict
Chicago favors renting, while Springfield favors either option.
Break-Even Timeline
Break-even analysis varies based on market conditions in each city.