Renting in Chicago costs about $2,125 a month, and the typical home is listed at $493,000. That puts the price-to-rent ratio at 19.3: a typical home costs as much as 19.3 years of rent.
Chicago now and in 2031
| Now | 2031 (projected) | |
|---|---|---|
| Typical asking rent | $2,125/mo | $2,330/mo |
| Typical list price | $493,000 | $666,000 |
| Price-to-rent ratio | 19.3 | — |
Rent is projected at +1.9% a year, the trend in RentCast's median rents for these ZIP codes since mid-2024. For home values: The first 2 years follow this year's change in list prices (+5.4%); later years use the Federal Housing Finance Agency's house price index average for these ZIP codes from 2020 to 2025 (+6.7% a year). These are trends carried forward, not predictions of the next market turn.
How to read the price-to-rent ratio
The ratio divides the typical list price by a year of typical rent. A higher ratio means buying is expensive relative to renting; a lower one means monthly rent is high compared with what a home costs. It's a quick way to compare cities, not a verdict for your situation.
By ZIP code
| ZIP | Median rent | Rental listings | Median list price | Sale listings |
|---|---|---|---|---|
| 60629 | $1,395/mo | 109 | $345,000 | 148 |
| 60618 | $2,200/mo | 419 | $699,900 | 226 |
| 60632 | $1,450/mo | 54 | $374,900 | 148 |
| 60647 | $2,095/mo | 878 | $725,000 | 221 |
| 60639 | $1,650/mo | 131 | $410,000 | 127 |
| 60608 | $1,995/mo | 273 | $405,000 | 136 |
| 60617 | $1,490/mo | 133 | $209,900 | 290 |
| 60625 | $1,895/mo | 476 | $394,900 | 135 |
| 60623 | $1,600/mo | 167 | $259,900 | 165 |
| 60634 | $2,350/mo | 144 | $455,000 | 199 |
| 60657 | $2,150/mo | 1,608 | $589,000 | 246 |
| 60614 | $2,595/mo | 873 | $779,000 | 284 |
What this doesn't account for
Mortgage rates, your down payment, property taxes, insurance, HOA fees, maintenance, and how long you'll stay decide more than any city-wide figure. These are area numbers built from active listings; they don't know the specific home or your finances.
Source: RentCast market data for 12 of Chicago's 56 ZIP codes (the most populous, home to 37% of residents in the city's ZIP codes, per the Census Bureau's ACS 2023). A ZIP counts only with at least 20 active listings. Retrieved October 14, 2026. Figures are listing-weighted averages of ZIP medians, not an appraisal. How Predictye calculates this.
Frequently asked questions
How much is rent in Chicago, IL?
Typical asking rent is $2,125 a month, across 5,265 active rental listings in 12 ZIP codes.
How much do homes cost in Chicago, IL?
The typical list price is $493,000, across 2,325 active sale listings in 12 ZIP codes. List prices are asking prices, not final sale prices.
What is the price-to-rent ratio in Chicago, IL?
About 19.3: the typical list price equals 19.3 years of typical rent. The higher the ratio, the more buying costs relative to renting.