property
Renting Two-Bedroom Logan Square Apartments Now Costs Less Than Buying
Monthly payments for two-bedroom units in Logan Square now run below the full cost of ownership on comparable homes.
How we reported this
Renting a two-bedroom apartment in Logan Square currently carries lower monthly outlays than buying an equivalent property, according to fresh calculations that factor in current mortgage rates and property taxes.
The gap has widened in recent months as 30-year fixed rates hover near 6.8 percent while local rents have risen only modestly. Home prices in the neighborhood have stayed elevated, pushing total ownership costs above typical lease payments once taxes, insurance and maintenance enter the picture.
Local Market Snapshot
Along Milwaukee Avenue near the Logan Square Blue Line stop, a two-bedroom unit listed for rent at $2,150 a month sits across from a comparable condo priced at $465,000. Further west on Kedzie Avenue, the Logan Square Neighborhood Association tracks listings where similar homes carry annual property taxes of $7,800. Those figures push the full monthly ownership tab past $3,000 when a standard down payment and current lending terms apply.
Buyers eyeing properties near the Logan Square Farmers Market site face the same math. Local agents report that even modest condos in the $400,000 range now require carrying costs that exceed rents in the same buildings.
Numbers Behind the Comparison
A July 2026 analysis from the Chicago Association of Realtors placed the median sale price for two-bedroom homes in Logan Square at $475,000. At prevailing rates that produces a principal-and-interest payment of roughly $3,100 before taxes and insurance. Average asking rents for the same size units reached $2,175 last month, according to data compiled by the Logan Square Chamber of Commerce.
The difference leaves renters with several hundred dollars more each month for other expenses, though ownership still builds equity over longer time horizons.
Prospective buyers should run their own numbers with a local lender before deciding, and renters weighing a move should check lease terms that lock in rates through at least mid-2027. Checking current listings on Milwaukee Avenue and consulting the Logan Square Neighborhood Association for upcoming inventory can clarify whether the rent-buy spread narrows in the coming quarter.
This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.