Chicago - IL vs Cleveland - OH: 2026 Housing Comparison

What this means for buyers

Chicago - IL is roughly 42% more expensive than Cleveland - OH in typical home value.

Chicago vs Cleveland: what the numbers say

At today's 7.40% average 30-year rate with 20% down, the typical home would cost about $1,970 a month in principal and interest in Chicago and $1,385 in Cleveland, a gap of $585 a month.

Typical rent runs $2,163 in Chicago and $1,440 in Cleveland, so the mortgage payment alone is 0.9 times rent in Chicago and 1.0 times rent in Cleveland, before taxes and insurance.

Home prices are 13.7 years of rent in Chicago and 14.5 in Cleveland; the lower ratio in Chicago means buying there is cheaper relative to renting.

Over the last 23 months typical values moved +8.3% in Chicago and +8.4% in Cleveland; over just the last three months the change was +1.5% in Chicago and +1.0% in Cleveland.

Homes sell for 100.5% of list price in Chicago and 100.1% in Cleveland, after 14 and 13 days on the market, with price cuts on 28% and 26% of listings. The signs are mixed: Chicago has more price cuts and longer time on the market, while Cleveland has sales further below list.

The number of homes for sale is up 1% on a year ago in Chicago and up 16% on a year ago in Cleveland.

Payments assume a 30-year fixed loan at the Freddie Mac weekly average rate (2026-10-15), 20% down, principal and interest only. Home values, rents and market figures are Zillow Research metro data.