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 Chicago, IL rent to own homes for sale, which may include auction properties, for sale by owner, and more.
Showing 1 - 44 of 440
7350 N RIDGE BLVD #22C
Rent To Own
West Rogers Park
Townhouse/Condo
Chicago, IL 60645
3
2
0 ft2
1930
5739 S CALUMET AVE #3N
Rent To Own
Washington Park
Townhouse/Condo
Chicago, IL 60637
3
2
1400 ft2
1901
1355 N SANDBURG TER #407D
Rent To Own
Near North Side
Townhouse/Condo
Chicago, IL 60610
1
1
0 ft2
1964
New
6334 N SHERIDAN RD #3C
Rent To Own
Edgewater
Townhouse/Condo
Chicago, IL 60660
1
1
800 ft2
1928
4636 N Racine Ave APT 2, Chicago, IL 60640
Rent To Own
Uptown
Single Family Home
Chicago, IL 60640
2
1
1200 ft2
1906
5856 S PRAIRIE AVE #3
Rent To Own
Washington Park
Townhouse/Condo
Chicago, IL 60637
3
2
1250 ft2
2004
7620 S CALUMET AVE
Rent To Own
Chatham
Single Family Home
Chicago, IL 60619
4
4
1386 ft2
1921
838 S SCOVILLE AVE #1
Rent To Own
 
Townhouse/Condo
Oak Park, IL 60304
1
1
800 ft2
1923
1550 S INDIANA AVE #412
Rent To Own
South Loop
Townhouse/Condo
Chicago, IL 60605
2
2
1100 ft2
1905
1 of 5 1517 W Jonquil Ter
Rent To Own
North Shore
Multifamily (2 - 4 Units)
Chicago, IL 60626
2
1
1100 ft2
2000
Hot
7115 S SAINT LAWRENCE AVE
Rent To Own
Park Manor
Townhouse/Condo
Chicago, IL 60619
6
4
2773 ft2
1890
3017 E 78th St APT 2B
Rent To Own
South Shore
Single Family Home
Chicago, IL 60649
1
1
800 ft2
1924
Hot
1 of 10 9519 S FOREST AVE
Rent To Own
Roseland
Single Family Home
Chicago, IL 60628
3
2
1100 ft2
1960
5537 N CANFIELD AVE
Rent To Own
Norwood Park
Single Family Home
Chicago, IL 60656
2
2
1284 ft2
1946
1 of 18 6704 W FOREST PRESERVE DR
Rent To Own
Harwood Heights
Single Family Home
Harwood Heights, IL 60706
3
3
1326 ft2
1998
2745 N HAMPDEN CT #2E
Rent To Own
Lincoln Park
Townhouse/Condo
Chicago, IL 60614
3
1
1100 ft2
1916
2906 W WILCOX ST
Rent To Own
East Garfield Park
Townhouse/Condo
Chicago, IL 60612
9
3
2832 ft2
1905
Hot
222 N COLUMBUS DR #3203
Rent To Own
The Loop
Townhouse/Condo
Chicago, IL 60601
2
2
1225 ft2
2001
1 of 38 8724 S ESSEX AVE
Rent To Own
South Chicago
Single Family Home
Chicago, IL 60617
5
3
1987 ft2
1924
5913 MONROE ST
Rent To Own
Morton Grove
Single Family Home
Morton Grove, IL 60053
3
2
1830 ft2
1960
12A Kingery Quarter Rd #104
Rent To Own
 
Single Family Home
Willowbrook, IL 60527
1
1
800 ft2
1981
1 of 14 8809 West Golf Road
Rent To Own
North Shore
Multifamily (2 - 4 Units)
Niles, IL 60714
2
2
1600 ft2
1976
812 N RIVER RD #2A
Rent To Own
 
Townhouse/Condo
Mount Prospect, IL 60056
2
1
1000 ft2
1983
7343 Country Creek Way UNIT 4
Rent To Own
 
Single Family Home
Downers Grove, IL 60516
2
2
972 ft2
1975
14701 W 93rd Ave
Rent To Own
 
Single Family Home
Dyer, IN 46311
3
3
1822 ft2
New
7544 Bristol Ln
Rent To Own
Tri Village
Townhouse/Condo
Hanover Park, IL 60133
2
1
1000 ft2
1977
5465 MARYLAND ST
Rent To Own
 
Single Family Home
Merrillville, IN 46410
3
2
1512 ft2
1957
541 W 67TH LN
Rent To Own
 
Single Family Home
Merrillville, IN 46410
4
2
1834 ft2
1961
1200 WESTFIELD WAY
Rent To Own
Town And Country
Single Family Home
Mundelein, IL 60060
4
3
3379 ft2
1997
3648 WHITE EAGLE DR
Rent To Own
White Eagle Club
Single Family Home
Naperville, IL 60564
5
3
2896 ft2
1996
1609 EDINBURGH DR #117-5
Rent To Own
Tri Village
Townhouse/Condo
Bartlett, IL 60103
3
3
1826 ft2
2005
2301 SUMMERLIN DR
Rent To Own
 
Single Family Home
Aurora, IL 60503
2
2
0 ft2
26 BITTERSWEET LN
Rent To Own
 
Single Family Home
Portage, IN 46368
4
3
1966 ft2
1948
1408 KENMORE AVE
Rent To Own
Round Lake Beach Ridgewood
Single Family Home
Round Lake Beach, IL 60073
3
1
968 ft2
1955
Hot
636 PEARCES FRD
Rent To Own
 
Single Family Home
Oswego, IL 60543
5
4
2800 ft2
1988
84 PUEBLO RD
Rent To Own
Boulder Hill
Single Family Home
Montgomery, IL 60538
3
1
988 ft2
1960
Hot
2015 ROLLING RIDGE LN
Rent To Own
Lindenhurst
Single Family Home
Lindenhurst, IL 60046
2
2
1475 ft2
1961
260 GREGORY M SEARS DR
Rent To Own
 
Single Family Home
Gilberts, IL 60136
4
3
1801 ft2
2003
19 Saint Thomas Colo
Rent To Own
Brophy Farm
Single Family Home
Fox Lake, IL 60020
1
1
504 ft2
1970
Hot
2008 TYLER TRL
Rent To Own
Mchenry
Single Family Home
Mchenry, IL 60051
3
3
1981 ft2
2006
New
1 of 17 23709 IVY ST
Rent To Own
 
Single Family Home
Schneider, IN 46376
3
1
1120 ft2
1911
11214 E RIVIERA DR
Rent To Own
 
Single Family Home
Spring Grove, IL 60081
5
4
3200 ft2
1998
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Rent to own Homes in Cities Near Chicago, IL

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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 2024 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 2024 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.