Showing results for Illinois (IL)
Calculators/Real Estate & Mortgages
Rent vs Buy Calculator
Compare the true long-term cost of renting vs buying — including equity, appreciation, taxes, and opportunity cost.
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Renting wins over 7 years
-$73,538
Total Buy Cost
$305,194
Total Rent Cost
$151,200
How to Use This Calculator
1
Enter the home price you're considering
Use the price of homes you've been looking at. Be realistic — include the full asking price you'd pay.
2
Set your down payment percentage
The down payment is a large upfront cost. 20% is ideal to avoid PMI. This is factored into the total buy cost.
3
Enter your current or expected monthly rent
What you currently pay or would pay for a comparable rental. This is your "cost of renting" baseline.
4
Set the comparison period (years)
How long do you plan to stay? Buying almost always wins at 10+ years. At 2–3 years, renting often wins due to closing costs.
5
Enter the expected home appreciation rate
Texas has averaged 4–6% annually. Be conservative — use 3–4% for a realistic long-term estimate.
Real-World Examples
Austin — 7 Year Comparison
Home Price
$420,000
Monthly Rent
$2,200
Appreciation
4.5%
Time Frame
7 years
ResultBuying wins by ~$68,000
Despite high Austin property taxes, appreciation and equity buildup tip the scales toward buying after year 5.
Houston — 3 Year Comparison
Home Price
$290,000
Monthly Rent
$1,650
Appreciation
3.5%
Time Frame
3 years
ResultRenting wins by ~$22,000
Closing costs (~$8,700) and transaction costs dominate at 3 years. If unsure you'll stay, rent.
Frequently Asked Questions
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