Chicago - IL vs Detroit - MI: 2026 Housing Comparison

What this means for buyers

Chicago - IL is roughly 35% more expensive than Detroit - MI in typical home value.

Chicago vs Detroit: 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 $1,464 in Detroit, a gap of $506 a month.

Typical rent runs $2,163 in Chicago and $1,514 in Detroit, so the mortgage payment alone is 0.9 times rent in Chicago and 1.0 times rent in Detroit, before taxes and insurance.

Home prices are 13.7 years of rent in Chicago and 14.5 in Detroit; 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 +5.2% in Detroit; over just the last three months the change was +1.5% in Chicago and +0.3% in Detroit.

Homes sell for 100.5% of list price in Chicago and 99.5% in Detroit, after 14 and 15 days on the market, with price cuts on 28% and 29% of listings. All three signs point the same way: buyers have more room to negotiate in Detroit.

The number of homes for sale is up 1% on a year ago in Chicago and up 10% on a year ago in Detroit.

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.