Let's say a family has been assigned to the Chicago area. When they first settled in Arlington Heights, they started with renting. As their one-year lease was nearing its end, they received a renewal notice and decided to also look into buying a home. Let's follow the numbers this family actually checked.

First, here's the rent they are currently paying. According to RentCafe, the average rent in Arlington Heights is $1,980 per month. This is a 0.33% increase from a year ago. The increase itself is not significant. Next, they looked into home prices. Based on Zillow, the average home value in Arlington Heights is $401,290, which is a 2.4% increase from a year ago. This confirms that home prices are rising faster than rent.

This family calculated the price-to-rent ratio. This is the home price divided by the annual rent. Dividing $401,290 by $1,980 multiplied by 12, which equals $23,760, gives a ratio of 16.9. This is slightly above average. Given that the rent increase is not substantial right now, maintaining the rental option appears to be a reasonable choice.

They also confirmed one more thing. While rent disappears every month, the portion of the mortgage payment that goes toward the principal remains as an asset. There are loan programs available that allow for purchasing with less than a 20% down payment, but this also means that mortgage insurance will be added, increasing the monthly payment burden.

Next, they looked into mortgages. Based on a 30-year fixed rate of 6.65% (Freddie Mac PMMS, as of August 20, 2026), if they put down 20%, the monthly principal and interest payment would be about $2,061. This is slightly higher than the current rent of $1,980. Adding Illinois' notably high property taxes would widen the gap even further.

The family ultimately checked property tax data as well. Illinois is known for having higher property tax rates than other states. The exact rate varies depending on Cook County and the specific township, so if you are interested in a property, it's best to check the actual property tax bill for that address. Arlington Heights is a popular suburban area close to Chicago O'Hare Airport and has good school districts, making it appealing for commuting families and those with children, but this also means that home prices and property taxes are higher than in other suburban areas.

This family also looked into several nearby suburbs in addition to Arlington Heights. Compared to other townships with similar school district ratings, Arlington Heights' property tax rate was not particularly high, but due to the high home prices, the actual amount paid in property taxes was larger. Ultimately, they confirmed that the level of home prices influences the total burden more than the tax rate itself. Property tax bills can change annually due to reassessments, so it's safer not to assume that the tax amount at the time of purchase will remain the same in the future. It's also worth noting that if the tax amount increases significantly due to reassessment, there is a process to appeal it.

The conclusion this family reached is as follows. Since the current rent increase is manageable and they are not yet sure how long they will stay in the area, they decided to continue renting for a bit longer while monitoring the property tax and down payment situation. Conversely, if they have enough for a down payment and are certain about long-term residency due to school districts for their children, there is sufficient reason to consider buying even at the current price-to-rent ratio.

Arlington Heights is one of the areas where Korean families prefer school districts. For school district ratings, refer to GreatSchools or Niche, but keep in mind that school boundaries change frequently, so it's advisable to check the assigned school for that address before signing a contract. This article is not investment or legal advice, and it is recommended to consult with a professional before making any actual agreements.