Rent vs Buy in Decatur, IL
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Buying looks favorable in Decatur, IL
Price-to-rent ratio is 9.0 (under 15 favors buying, over 21 favors renting). Renting costs $1,000/mo; owning runs about $804/mo — $196/mo less to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 6.95% rate) | $571 |
| Property tax | $99 |
| Home insurance | $45 |
| Maintenance | $90 |
| Total to own | $804 |
| Average 2BR rent | $1,000 |
Based on a median home value of $107,783 with a $21,557 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.