Buying Beats Renting in These Chicago Suburbs as Prices Shift

For the first time in years, aspiring homeowners in the Chicago area may find themselves better off buying than renting — at least in several near-west and southwest suburbs. In Berwyn and Oak Lawn, average monthly mortgage payments are now running lower than local median rent, reshaping the decision-making calculus for thousands of residents.

The timing is no coincidence. As rents pushed upward across Cook County this spring — with some neighborhoods like Uptown and Logan Square seeing 8% hikes year-over-year, according to the Chicago Association of Realtors — interest rates have stabilized and home prices in select pockets have plateaued. The situation has local housing counselors urging renters to revisit the math before renewing another lease.

Berwyn and Oak Lawn Lead the Way

On Cermak Road in Berwyn, the typical two-bedroom apartment commands $1,750 per month, based on midyear MLS figures. But buyers putting down 10% on a $240,000 bungalow, a common listing price for the area, face total monthly payments — including taxes and insurance — just below $1,670 at current mortgage rates. Oak Lawn tells a similar story: as of June, median rents stood at $1,900 for a comparable unit on 95th Street, while homebuyers could secure a monthly nut of $1,690 on a $255,000 ranch home, says local brokerage Dream Town Realty.

These numbers represent a reversal from just two years ago, when surging home prices and higher borrowing costs gave renters a rare financial edge. "Last year, renting was obviously cheaper everywhere but now, the shift is in the southwest and inner-ring suburbs more than anywhere else," said a property analyst at Neighborhood Housing Services of Chicago (NHS), an organization that tracks affordability trends on the city’s periphery.

Rents Up, Home Prices Level Off

Data from CoStar Group and Illinois Realtors corroborate the sharp changes. Cook County’s median rent hit $2,050 in May, a 6% uptick since New Year’s Day,, while average sale prices for entry-level single-family homes in Berwyn and Oak Lawn have held steady — rising less than 2% in the same span. Mortgage rates, pegged at 6.1% for 30-year fixed loans as of late June, are actually down slightly from their 2025 peak. As a result, the monthly outlay for buyers is finally dipping below that of rental payments in these targeted markets.

Local homeownership programs are hustling to get the word out. The Illinois Housing Development Authority has seen a 14% increase in applications to its Opening Doors down payment assistance program from zip codes 60453 (Oak Lawn) and 60402 (Berwyn) just since March. "This is the first time in a decade we’ve seen this kind of alignment in some Chicago suburbs," an agency spokesperson told The Daily Chicago.

For households with solid credit and a stable job, housing counselors say it’s time to run the numbers closely. Would-be buyers should factor in not only mortgage, taxes and insurance, but also expected maintenance and association fees. With rents still climbing and a new wave of move-in specials already winding down after May’s pre-summer rush, the window for getting ahead in Berwyn, Oak Lawn, and a handful of similar suburbs may remain open — but not forever. NHS and local real estate brokers advise interested buyers to act before the next round of rent increases hits this fall, when lease renewals along Ogden Avenue and Southwest Highway come due. For many, 2026 could be the rare year when owning a home in the Chicago suburbs makes pure financial sense again.