$3,150 Per Month
- 2 Beds
- 2 Baths
- 1,262 Sq Ft
- Apartment for Rent
5001 Prospect Ave Unit 3C, Downers Grove, IL 60515
5001 Prospect Ave Unit 3C, Downers Grove, IL 60515
Frequently Asked Questions
How much does it cost to rent a home in Downers Grove, IL?
The median rent for a home in Downers Grove, IL is $2,600 per month, though prices vary by neighborhood, size, and property type. As of September 2026, condos tend to be the most affordable option while townhouses and single-family homes are currently more expensive.
How much do you need to make to afford rent in Downers Grove, IL?
To comfortably afford the median rent in Downers Grove, IL, a household needs to earn roughly $104,000 per year. This is based on the common guideline that households should spend no more than 30% of gross income on housing. Most landlords require monthly household income of at least 3x the monthly rent, and with a median rent of $2,600 per month in Downers Grove, IL, renters typically need to show $7,800 per month in gross income to qualify. Actual affordability will vary depending on household debts, other living expenses, and overall budget.
Is it more affordable to rent or buy in Downers Grove, IL?
In Downers Grove, IL, the price-to-rent ratio is 16.0, which generally favors renting. This ratio divides the median home price by the annual median rent: below 15 typically favors buying, 15 to 20 is balanced, and above 20 typically favors renting. Your finances, how long you plan to stay, and costs like mortgage rates, taxes, and maintenance all factor into the decision.
What neighborhoods in Downers Grove, IL are best for renting a home?
The best neighborhood for renting in Downers Grove, IL depends on your priorities: commute, walkability, budget, and lifestyle all play a role. Popular areas for renting a home include South Downers Grove, South Westmont, North Westmont, Hawthorne Hill and South Lombard, each with its own character and price range.
