Recently, I consulted with a newlywed couple. Their rental contract in downtown Chicago is coming to an end, and since they are planning to have a child, they were looking into the school districts in Glenview. The issue was the home prices. They were weighing whether it was the right time to buy a house at this price or if it would be better to rent for a few more years and save for a down payment.

The median home value in Glenview is $551,142 as of May 2026. It has increased by 2.5 percent over the past year (Zillow). In contrast, the recent median sale price in the last three months has reached as high as $828,000, indicating significant price variation depending on the condition and location of the property. Looking at rentals, the average rent for an apartment is $2,436 (RentCafe, as of August 23, 2026), while renting a single-family home can average up to $3,350.

This is the point the couple was curious about. Are home prices rising while rents are also increasing, or are they moving independently? To conclude, both are rising gradually, but at different rates. A concept often referenced in such situations is the price-to-rent ratio, which is the home price divided by the annual rent. For Glenview apartments, this ratio is approximately 18.8. Generally, a ratio below 15 favors buying, while above 20 favors renting, placing Glenview somewhere in between.

However, numbers alone do not provide a complete picture. When comparing monthly expenses, buying a home priced around $550,000 at the current interest rates often results in mortgage payments, property taxes, and insurance being significantly higher than rent. Still, for couples like this one, who are planning to settle down with a long-term view for their child's schooling, the fact that their monthly payments contribute to their asset is a different perspective compared to renting. Conversely, if there is a possibility of changing jobs or moving again within three years, considering transaction costs and the risk of home price fluctuations, renting may be less burdensome.

For example, if they plan to make a down payment of about 20 percent on a $551,142 home, the amount financed through a loan would be around $440,000. When adding property taxes, homeowners insurance, and maintenance fees, the monthly expenses often start at a significantly higher level than the apartment rent of $2,436. However, this difference includes the portion of the principal being paid down each month, which is different in nature from rent that simply disappears. On the other hand, renting offers the advantage that if something like a roof or boiler breaks, the landlord takes care of it, providing peace of mind for newlyweds who may not have ample initial funds.

When choosing to buy, one must also consider the time and additional costs involved from contract to closing. There are expenses that only occur during the purchase, such as inspection fees, loan origination fees, and title-related costs, which can result in losses if one has to move again within a few years. The couple ultimately considered not just one number but whether they could realistically stay in the neighborhood for at least five years.

One reason many Korean families are drawn to Glenview is the school district. Nearby high schools like Glenbrook South receive high ratings on GreatSchools, but school district boundaries can vary significantly by address, so it's advisable to check the assigned school before signing a contract. For those coming from out of state, it's also important to factor in that property tax rates in Illinois can feel quite high.

In desirable suburban areas like Glenview with good school districts, available properties are scarce, and it's common to miss out on a preferred home by delaying a decision. However, rather than acting hastily, it's better to narrow down a few neighborhoods that fit the budget within the desired school district and proceed from there. For couples with time to spare, like this one, it's not a bad choice to experience the neighborhood while renting before transitioning to buying.

Ultimately, how much of a down payment one has and how many years they plan to stay in the area are the practical criteria that determine whether to rent or buy. This article is not investment or legal advice, and it's recommended to consult a real estate professional before making any contracts.