Housing Costs in Des Plaines, IL: Complete 2025 Guide

The Housing Market in Des Plaines Today

Des Plaines, a suburb northwest of Chicago, has a housing market shaped by its proximity to the city and O’Hare International Airport. As a major transportation hub, Des Plaines attracts residents who value easy access to downtown Chicago while enjoying the benefits of suburban living. The city’s diverse economy, anchored by healthcare, retail, and manufacturing employers, contributes to a stable housing demand.

Compared to nearby suburbs like Arlington Heights and Mount Prospect, Des Plaines offers a more affordable entry point into the housing market. However, property taxes and HOA fees can catch new residents off guard. Understanding these costs is crucial for making informed housing decisions in Des Plaines.

Renting in Des Plaines: Typical Costs and Trends

Renting is a popular choice in Des Plaines, particularly among young professionals and families who value the flexibility and lower upfront costs. A typical one-bedroom apartment in Des Plaines ranges from $1,100 to $1,500 per month, while two-bedroom units can cost between $1,400 and $1,900. These prices are influenced by factors like proximity to downtown Des Plaines, access to public transit, and apartment amenities.

Neighborhoods closer to the Des Plaines Metra station and the city center tend to have higher rents, as do newer apartment complexes with modern finishes and community amenities. More affordable options can be found in the northern and western parts of the city, although commute times may be longer.

Owning a Home in Des Plaines: Prices, Taxes, and HOA Fees

The median home price in Des Plaines is around $300,000, making it an attractive option for first-time homebuyers and those looking to get more space for their money compared to Chicago. However, property taxes in Des Plaines can be substantial, with an average rate of 2.5% of a home’s assessed value. For a $300,000 home, this translates to approximately $7,500 in annual property taxes.

Many neighborhoods in Des Plaines have homeowners associations (HOAs) that charge monthly or annual fees. These fees typically cover services like landscaping, snow removal, and community amenities such as pools or fitness centers. HOA fees in Des Plaines can range from $100 to $500 per month, depending on the community and its offerings. It’s important to factor in these costs when budgeting for homeownership in Des Plaines.

Apartment vs House in Des Plaines: Side-by-Side Costs

Utility & Upkeep Differences

Utility costs tend to be higher for houses in Des Plaines due to the larger square footage and the need to maintain individual systems like HVAC and water heaters. Homeowners also need to budget for ongoing maintenance expenses, such as roof repairs, exterior painting, and appliance replacements. These costs can add up over time, making homeownership more expensive than renting on a monthly basis.

Apartments in Des Plaines often have more predictable and lower utility costs, as the smaller space requires less energy to heat and cool. Renters also benefit from having maintenance and repairs handled by the property management, reducing the need for unexpected expenses.

5-Year Rent vs Buy Outlook

Over a five-year period, the cost difference between renting and buying in Des Plaines becomes more pronounced. Assuming a 2% annual rent increase and a 3% annual home price appreciation, a renter would spend approximately $112,000 on housing costs over five years, while a homeowner would spend around $196,000 (including the down payment).

However, homeownership comes with the potential for building equity and benefiting from tax deductions. As a homeowner pays down their mortgage and home values appreciate, they are effectively building wealth. Renters, on the other hand, do not have this opportunity for long-term financial gain.

FAQs About Housing Costs in Des Plaines

• How much are HOA fees in Des Plaines?
  HOA fees in Des Plaines typically range from $100 to $500 per month, depending on the community and its amenities.
• What is the property tax rate in Des Plaines?
  The average property tax rate in Des Plaines is 2.5% of a home’s assessed value.
• Is renting cheaper than buying long-term in Des Plaines?
  Over a five-year period, renting is generally cheaper than buying in Des Plaines. However, homeownership provides the opportunity to build equity and potentially benefit from tax deductions.
• Do houses have higher utility costs than apartments?
  Yes, houses in Des Plaines tend to have higher utility costs than apartments due to their larger size and the need to maintain individual systems.
• What’s the monthly cost difference between apartments and houses in Des Plaines?
  On average, the monthly cost difference between renting a 2-bedroom apartment and owning a 3-bedroom house in Des Plaines is approximately $1,300.

Making Smart Housing Choices in Des Plaines

When deciding whether to rent or buy in Des Plaines, it’s essential to consider your long-term goals and financial situation. Renting offers flexibility and lower upfront costs, making it an attractive option for those who may need to relocate for work or who are not yet ready to commit to homeownership. On the other hand, buying a home in Des Plaines can provide stability, the potential for building equity, and more control over your living space.

As you evaluate your housing options in Des Plaines, be sure to factor in the full range of costs, including property taxes, HOA fees, and maintenance expenses. Our monthly budget breakdown for living in Des Plaines can help you plan for these expenses and make informed decisions. Additionally, our comprehensive cost of living guide for Des Plaines provides insights into other essential expenses like groceries, transportation, and healthcare.

If you’re considering a move to Des Plaines, working with a knowledgeable local real estate agent can help you navigate the market and find the right home for your needs and budget. Our guide to the best moving companies can also simplify the process of relocating to this welcoming Chicago suburb.