Explore Homewood
Frequently Asked Questions
How much does it cost to rent a condo in Homewood, IL?
The median rent for a condo in Homewood, IL is $1,750 per month, though prices vary by neighborhood, size, and property type. As of September 2026, condos tend to be the most affordable option while single-family homes are currently more expensive.
How much do you need to make to afford rent in Homewood, IL?
To comfortably afford the median rent in Homewood, IL, a household needs to earn roughly $85,880 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 $2,147 per month in Homewood, IL, renters typically need to show $6,441 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 Homewood, IL?
In Homewood, IL, the price-to-rent ratio is 9.5, 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 Homewood, IL are best for renting a condo?
The best neighborhood for renting in Homewood, IL depends on your priorities: commute, walkability, budget, and lifestyle all play a role. Popular areas for renting a condo include Centennial Park and West Pullman, each with its own character and price range.
