RENT IN CHICAGO
$3,095/mo · three bedrooms
LOOK TO BUY NEAR METRA UP-NW
Palatine, IL
Purchase price ceiling for an estimated payment within 20% of city rent: $478,000
City apartment size reference: approximately 1,180 sq ft.
At a 7% mortgage rate, buying may be closer to three-bedroom city rent than you think. These are search budgets based on estimated costs. A specific home needs its own taxes, insurance, HOA and commute check.
Four cities, four places to search
RENT IN LOS ANGELES
$4,282/mo · three bedrooms
LOOK TO BUY NEAR METROLINK
Covina / West Covina, CA
Purchase price ceiling for an estimated payment within 20% of city rent: $734,000
City apartment size reference: approximately 1,154 sq ft.
RENT IN DENVER
$2,872/mo · three bedrooms
LOOK TO BUY NEAR RTD G LINE
Olde Town Arvada, CO
Purchase price ceiling for an estimated payment within 20% of city rent: $518,000
City apartment size reference: approximately 1,380 sq ft.
RENT IN AUSTIN
$2,454/mo · three bedrooms
LOOK TO BUY NEAR CAPMETRO RED LINE
Leander, TX
Purchase price ceiling for an estimated payment within 20% of city rent: $402,000
City apartment size reference: approximately 1,385 sq ft.
City three-bedroom apartment rent estimates: Chicago $3,095; Los Angeles $4,282; Denver $2,872; Austin $2,454. The ceiling assumes 20% down, 30 years at 7%, plus the editable local tax, insurance and HOA estimates shown in the calculator. Maintenance, closing costs, utilities and commuting costs are excluded; 20% down means no mortgage insurance in the ceiling.
MAKE IT YOURS
Rent vs. own calculator
Choose a market, then replace our estimates with the numbers for a home you like.
ESTIMATED FULL HOME PAYMENT
$2,838/mo
City rent$3,095/mo
Owning costs less by$257/mo
Difference as % of rent−8.3%
Home price that matches your rent$388,000
Where that payment goes
Principal & interest $1,863
Estimated property tax $525
Insurance $150
HOA $300
Down payment: $70,000. Loan amount: $280,000 (80% LTV). With 20% down or more, no mortgage insurance applies. Closing costs and maintenance are additional. This estimate is not a loan quote or approval.
The monthly payment is only part of the choice
Commute
Add the trip to the station, train schedule, last mile, fares and parking. Leander’s train ride alone is around an hour.
Cash to close
Think about down payment, closing costs and reserves, not just the monthly bill.
The exact address
Confirm assigned schools, property taxes, HOA rules and current local safety data for any home you consider.
Rent vs. buy questions
How does this rent vs. buy calculator work?
Enter a home price, down payment, mortgage rate, loan term, property tax rate, insurance and HOA. The calculator estimates the full monthly home payment (principal, interest, property tax, mortgage insurance when the down payment is under 20%, insurance and HOA) and compares it with the rent you enter, both in dollars and as a percentage of rent. It updates as you type.
Is mortgage insurance (PMI) included in the estimate?
Yes, whenever the down payment is under 20%. PMI is estimated from published Arch MI borrower-paid rates for the loan-to-value and credit score band you select, at standard coverage, shown as an annual premium divided by 12. Maintenance, utilities, closing costs and commuting costs are not included.
What does the "price that matches your rent" number mean?
It is the highest home price whose estimated full monthly payment equals the rent you entered, using your down payment, rate, term, tax, insurance and HOA inputs. It is a search budget, not a loan approval.
Why compare city rent with a suburban home near commuter rail?
Three-bedroom rent in a big city can be close to the full payment on a suburban home. Looking near a commuter rail line keeps a path to downtown, but the commute adds time and cost, so check the schedule, fares and parking for the exact station.
What mortgage rate does the calculator use?
It starts at 7% as an example, close to the national average for a 30-year fixed loan in September 2026. Replace it with the rate you are quoted; your rate depends on credit, down payment, loan type and the day you lock.
Are the city examples real listings or a loan quote?
No. They are illustrative examples built from published average rents and estimated local costs. They are not live listings, a loan quote or a loan approval.
LET’S LOOK AT YOUR OPTIONS
Could you buy a home? I’d love to help you find out.
Tell me what you pay in rent, the payment you are comfortable with and where you need to commute. We can look at what buying might mean for you, including your monthly payment and cash needed.
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