If you’re looking for a home in Chicago’s North Shore suburbs, one of the biggest questions on your mind is likely: “Is it cheaper to rent or buy today?” The answer depends on your time horizon, your financial situation, and your lifestyle goals—but new data shows some clear trends worth watching.
North Shore Home Prices: Still Competitive
There are several sources, and depending on which one you look at, the median sale price on the North Shore is about $800,000, up 8 - 9% year-over-year. Homes are still moving quickly—averaging 44 days on market—and well-priced homes often attract multiple offers. This means buyers have to be prepared, but also that homeownership here continues to build equity at a healthy clip.
Renting on the North Shore: Hotter Than Ever
Chicago Agent Magazine recently ranked suburban Chicago as the second-hottest rental market in the U.S. In some North Shore towns like Evanston, Glenview, Deerfield, and Highland Park, rental competition is intense, with limited supply and multiple offers per unit in many cases. These rentals also often come with high renewal rates. In other words, renting here is not only expensive but also hard to secure.
National Perspective: The Rent vs. Buy Gap
Across U.S. metros, buying is cheaper than renting in only 18 of 50 markets, but Chicago makes that list—homeownership here can save about $495/month versus renting according to a recent analysis. Even though mortgage rates are coming down somewhat, recent higher mortgage rates have pushed up monthly costs, but haven’t erased the long-term benefits of ownership in markets where home prices continue to rise steadily.
What This Means for North Shore Buyers & Renters
Home Buyers - With tight supply and rising prices, monthly costs are significant but equity potential remains strong. Buying makes the most sense for those planning to stay 5–7+ years.
Renters - High competition and rising rents make short-term leasing challenging. Renting may still be less expensive upfront, but scarcity can limit choices.
Long Term Horizon - Nationally, the “breakeven” point for buying versus renting is often around 6 years—meaning after 6 years, buyers typically come out ahead financially.
Bottom Line
On the North Shore, the rent-versus-buy gap is narrower than in many parts of the country. While renting may appear cheaper month-to-month in some cases, the area’s tight rental market and steady home price appreciation mean that long-term ownership often makes more financial and lifestyle sense.
Curious about your own rent vs. buy scenario on the North Shore? I’d be happy to walk you through the numbers and help you weigh the options—no pressure, just clear information to help you make the right call.
