Rent to Own Homes in Chicago, IL

Chicago was incorporated as a city in 1837. At some point in the 1830s, approximately 100 residents lived in the Windy City. It is now home to more than 2.5 million residents and encompasses 227.63 square miles. Chicago is the third-most populous city in the United States and has the second-largest transportation system in the country. Trains, buses, taxis, ridesharing such as Uber and Lyft, shuttles and limo service, water taxis, bike paths, and city parking lots make getting around the city a breeze. People who need to travel long distances can get from downtown Chicago to O'Hare International Airport in less than 30 minutes.

The city has a massive, diverse economy that includes industries such as car manufacturing, biotech, fabricated metals, energy, fintech, health services, and information technology. What do Boeing, State Farm Insurance, Archer Daniels Midland, Caterpillar Tractor, and United Continental Holdings have in common? They're just a portion of the group of Chicago-based Fortune 500 companies. In fact, the city has the third-to-most Fortune 500 companies in the nation, with an astronomical worth of $842.2 billion. If you're looking for a place that's easy to get around and has an abundance of opportunity to prosper, consider moving to Chicago.

Chicago, IL is a great place for affordable rent-to-own homes! With a median household income of over $62,097 and a median rent of $1,154, the Chicago, IL rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Chicago, IL. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.

Check out 300 Chicago, IL rent to own homes for sale, which may include auction properties, for sale by owner, and more.

Showing 1 - 44 of 300
956 W 115th Pl
2 Beds, 1.5 Bath
Rent To Own
Morgan Park
Townhouse/Condo
Chicago, IL 60643
731 Sqft | Built in 1966
1 of 18 200 N Dearborn St #3005
1 Bed, 1 Bath
Rent To Own
The Loop
Townhouse/Condo
Chicago, IL 60601
755 Sqft | Built in 1984
1 of 19 5000 N Marine Drive # 5c
1 Bed, 1.5 Bath
Rent To Own
Uptown
Single Family Home
Chicago, IL 60640
1,200 Sqft | Built in 1923
Hot
1 of 42 427 Elgin Ave
4 Beds, 2 Baths
Rent To Own
 
Single Family Home
Forest Park, IL 60130
1,875 Sqft | Built in 1902
1 of 29 111 E Chestnut St #21a
2 Beds, 2 Baths
Rent To Own
Near North Side
Townhouse/Condo
Chicago, IL 60611
1,600 Sqft | Built in 1974
1 of 20 5809 N Whipple Street # Garden
1 Bed, 1 Bath
Rent To Own
 
Single Family Home
Chicago, IL 60659
600 Sqft | Built in 1956
New
1 of 32 1239 N Rockwell St
7 Beds, 3 Baths
Rent To Own
Humboldt Park
Multifamily (2 - 4 Units)
Chicago, IL 60622
3,150 Sqft | Built in 1892
Hot New
1 of 32 1416 W Chase Ave Unit C
3 Beds, 1.5 Bath
Rent To Own
Rogers Park
Townhouse/Condo
Chicago, IL 60626
1,200 Sqft | Built in 1964
Rent to own homes offer low monthly payments and flexible terms
1 of 2 5739 S Calumet Ave #3n
3 Beds, 2 Baths
Rent To Own
Washington Park
Townhouse/Condo
Chicago, IL 60637
1,400 Sqft
4636 N Racine Ave Apt 2, Chicago, Il 60640
2 Beds, 1 Bath
Rent To Own
Uptown
Single Family Home
Chicago, IL 60640
1,200 Sqft | Built in 1906
7620 S Calumet Ave
3 Beds, 2 Baths
Rent To Own
Chatham
Single Family Home
Chicago, IL 60619
1,386 Sqft | Built in 1921
9519 S Forest Ave
3 Beds, 1 Bath
Rent To Own
Roseland
Single Family Home
Chicago, IL 60628
1,008 Sqft | Built in 1960
3017 E 78th St Apt 2b
1 Bed, 1 Bath
Rent To Own
South Shore
Single Family Home
Chicago, IL 60649
800 Sqft | Built in 1924
7115 S Saint Lawrence Ave
4 Beds, 1 Bath
Rent To Own
Park Manor
Single Family Home
Chicago, IL 60619
777 Sqft | Built in 1890
222 N Columbus Dr Apt 3203
2 Beds, 2 Baths
Rent To Own
The Loop
Townhouse/Condo
Chicago, IL 60601
1,225 Sqft | Built in 1999
5537 N Canfield Ave
3 Beds, 1 Bath
Rent To Own
Norwood Park
Single Family Home
Chicago, IL 60656
1,284 Sqft | Built in 1946
6704 W Forest Preserve Dr
3 Beds, 2 Baths
Rent To Own
Harwood Heights
Single Family Home
Harwood Heights, IL 60706
1,326 Sqft | Built in 1998
1 of 43 437 W Roslyn Pl
3 Beds, 2.5 Baths
Rent To Own
Lincoln Park
Single Family Home
Chicago, IL 60614
3,127 Sqft | Built in 1895
1 of 11 5424 W Ferdinand St Apt 102
2 Beds, 1.5 Bath
Rent To Own
Austin
Townhouse/Condo
Chicago, IL 60644
Built in 1968
5913 Monroe St
3 Beds, 1 Bath
Rent To Own
 
Single Family Home
Morton Grove, IL 60053
1,252 Sqft | Built in 1960
1 of 25 1624 Washington Street # 1n
4 Beds, 2 Baths
Rent To Own
 
Single Family Home
Evanston, IL 60202
1,200 Sqft | Built in 1894
12a Kingery Quarter Rd #104
1 Bed, 1 Bath
Rent To Own
 
Single Family Home
Willowbrook, IL 60527
800 Sqft | Built in 1981
1 of 25 7913 163rd Court # 1
3 Beds, 1 Bath
Rent To Own
 
Single Family Home
Tinley Park, IL 60477
1,200 Sqft | Built in 1971
7343 Country Creek Way Unit 4
2 Beds, 2 Baths
Rent To Own
 
Single Family Home
Downers Grove, IL 60516
972 Sqft | Built in 1975
1 of 30 5567 Court F
3 Beds, 2.5 Baths
Rent To Own
 
Townhouse/Condo
Hanover Park, IL 60133
1,464 Sqft | Built in 1972
1 of 26 505 E 53rd Ct
2 Beds, 1 Bath
Rent To Own
 
Single Family Home
Merrillville, IN 46410
1,260 Sqft | Built in 1962
5465 Maryland St
3 Beds, 1.5 Bath
Rent To Own
 
Single Family Home
Merrillville, IN 46410
1,512 Sqft | Built in 1957
541 W 67th Ln
3 Beds, 2 Baths
Rent To Own
 
Single Family Home
Merrillville, IN 46410
1,834 Sqft | Built in 1961
1 of 42 275 Wayne Ct
5 Beds, 2 Baths
Rent To Own
 
Townhouse/Condo
Bartlett, IL 60103
2,380 Sqft | Built in 1966
1 of 23 50 S Windsor Pl
3 Beds, 1 Bath
Rent To Own
 
Single Family Home
Mundelein, IL 60060
1,661 Sqft | Built in 1983
Hot
1 of 4 1143 Floyd St
2 Beds, 1 Bath
Rent To Own
Aetna
Single Family Home
Gary, IN 46403
800 Sqft | Built in 1953
1200 Westfield Way
3 Beds, 2.5 Baths
Rent To Own
 
Single Family Home
Mundelein, IL 60060
3,379 Sqft | Built in 1997
26 Bittersweet Ln
3 Beds, 1.5 Bath
Rent To Own
 
Single Family Home
Portage, IN 46368
1,950 Sqft | Built in 1948
Hot
2015 Rolling Ridge Ln
3 Beds, 1.5 Bath
Rent To Own
 
Single Family Home
Lindenhurst, IL 60046
1,036 Sqft | Built in 1961
1 of 6 1306 Baron Ct
3 Beds, 2.5 Baths
Rent To Own
 
Townhouse/Condo
Valparaiso, IN 46383
1,350 Sqft | Built in 2006
11214 E Riviera Dr
4 Beds, 2.5 Baths
Rent To Own
 
Single Family Home
Spring Grove, IL 60081
2,598 Sqft | Built in 1998
14701 W 93rd Ave
3 Beds, 2.5 Baths
Rent To Own
 
Single Family Home
Dyer, IN 46311
1,822 Sqft
Hot
1 of 7 6122 S Edgewood Ave
3 Beds, 2.5 Baths
Rent To Own
 
Single Family Home
La Grange Highlands, IL 60525
1,662 Sqft | Built in 1949
1 of 7 3110 N Kenmore Ave
6 Beds, 3 Baths
Rent To Own
Lakeview
Townhouse/Condo
Chicago, IL 60657
2,705 Sqft | Built in 1895
Hot
1 of 8 904 W Barry Ave
10 Beds, 4 Baths
Rent To Own
Lakeview
Townhouse/Condo
Chicago, IL 60657
3,375 Sqft | Built in 1900
1 of 8 4248-50 North Damen Avenue
6 Beds, 6 Baths
Rent To Own
North Center
Multifamily (2 - 4 Units)
Chicago, IL 60618
4,602 Sqft | Built in 1925
1 of 6 4800 S. Lake Park, #2107
2 Beds, 1 Bath
Rent To Own
Kenwood
Multifamily (2 - 4 Units)
Chicago, IL 60615
1,100 Sqft | Built in 1970
1 of 23 6501 W 126th Pl
5 Beds, 3 Baths
Rent To Own
 
Single Family Home
Palos Heights, IL 60463
3,234 Sqft | Built in 1952
1 of 6 1828 N Long
4 Beds, 3 Baths
Rent To Own
Austin
Multifamily (2 - 4 Units)
Chicago, IL 60304
2,248 Sqft | Built in 1928
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Buying a Home in Chicago, IL

Chicago, IL is seeing rapid growth and Chicago, IL's' housing market remains not optimal with an average home price that is 23% above the 2022 national average. Chicago, IL is part of Cook county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2022 for county Cook is 1.38% which is above the national average, which is 0.99%.

Median Home Price in Chicago, IL

Median Rent in Chicago, IL

Rent to own homes offer low monthly payments and flexible terms

Average Cost of Living in Chicago

The average cost of living in Chicago is 6.9% higher than the national average and 13.5% more than the state average. There are cheaper places to live nearby. For example, Cicero's cost of living is 8% lower than Chicago, but other neighboring towns, such as Oak Park, are more expensive at 25.3% above the national average. What makes the city more expensive than other cities in Illinois is transportation costs, which are 32% more than average for the state and 38.5% more than the rest of the country. Otherwise, Chicago is more affordable than average and is exceptionally low for a large city with such an impressive economy and array of amenities.

Average Home Prices in Chicago

The median cost of a home in Chicago is $229,100, which is almost 30% higher than the Illinois average but nearly 1% lower than the national average. Homes not far from Chicago vary significantly in price. In Berwyn, the average cost is almost 9% lower at $208,900, while average home prices in Lincolnwood are $366,500 - nearly 60% above the value of a house in Chicago. Considering the job opportunities in the area, housing prices in the city are very reasonable, which makes Chicago an excellent opportunity for a rent-to-own home.

Chicago Statistics

If you're interested in Chicago rent-to-own homes, don't forget to consider important factors in addition to monthly living costs, such as average commute, taxes, crime rates, etc. The following are some common Chicago statistics compared to the U.S. national average.

Chicago Averages National Averages
One-Way Commute 34.6 minutes 26.4 minutes
Violent Crime 49.9 22.7
Property Crime 46.3 35.4
Unemployment Rate 4.5% 3.9%
Income Tax Rate 5.0% 4.6%
Air Quality 48 58
Water Quality 31 55
Median Household Income $47,831 $53,482
Median Property Taxes $4,800 $2,200
Utilities $150/month $112/month
Monthly Rent $1,943 $1,470
Median Home Cost $229,100 $231,200
Median Home Age 67 years 40 years

Popular Amenities and Attractions in Chicago

There's never a dull moment in sports in Chicago. The Bulls in the NBA, the Bears in the NFL, the Cubs and White Sox in MLB, the Blackhawks in the NHL, the Fire FC in MLS, and the Sky in the WNBA provide year-round sporting events and rivalries for loving Chicago fans.

The city is located along a portion of Lake Michigan - one of the Great Lakes. You can take advantage of various types of water sports, walking and biking paths, lakefront restaurants, and picnic areas if you enjoy the water. You can also try sailboating, speedboating, joining a boat tour, and even enjoying a meal on a cruiser. Just off the water, you can enjoy all 7.08 acres of Lake Shore Park's tennis courts, running track, playground, gym, and fitness center.

If you like animals, you can enjoy a free visit to the Lincoln Park Zoo, located in the middle of the city, or check out the Shedd Aquarium. Stop off at the Richard H. Driehaus Museum, restored to its original form, to check out its 19th-century art, design, and architecture. When you're done there, you can walk over to the Magnificent Mile to spend the rest of your day dining and shopping at its restaurants and stores, or visit some of the other many parks and recreational areas, museums, and other attractions in the city.

Chicago has a vibrant downtown with plenty of shops and a variety of late-night eateries. You can find housing types ranging from condos to single-family homes in the city. Whatever your preference, there's a home and a neighborhood that's ready to welcome you. When you're ready to move to a rent-to-own home, make sure to put the Windy City high on the list of cities to consider.

Chicago, IL Frequently Asked Questions

Chicago, IL has a walk score of

Chicago, IL has a bike score of

The state tax rate is 4.95% on top of the federal tax rate of 10 to 37%.

This product uses the Census Bureau Data API but is not endorsed or certified by the Census Bureau.
Some data might be from tax-rates.org
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