Rent vs Buy in Bloomington, IL
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Renting looks favorable in Bloomington, IL
Price-to-rent ratio is 26.3 (under 15 favors buying, over 21 favors renting). Renting costs $853/mo; owning runs about $2,011/mo — $1,158/mo more to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 6.95% rate) | $1,427 |
| Property tax | $247 |
| Home insurance | $112 |
| Maintenance | $225 |
| Total to own | $2,011 |
| Average 2BR rent | $853 |
Based on a median home value of $269,429 with a $53,886 down payment. Owning also builds equity over time, which a monthly comparison doesn't capture. Estimates use national averages for taxes, insurance and maintenance — your actual costs will vary.