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Vermilion County, IL

Rent vs Own in Vermilion County, Illinois

Owning the median home in Vermilion County clears the monthly bar: about $666/mo versus HUD's $974/mo 2-bedroom rent. The stack below shows which line items create that edge. Owner-occupied homes: 21,129.

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Buying is cheaper in Vermilion County

Owning runs about $666/mo here, under $974/mo to rent a comparable 2-bedroom. That is a $308/mo difference.

Based on 20% down, 6.5% rate, 30-year mortgage. Adjust below.

What This Data Tells Us About Renting vs Owning in Vermilion County

Primary driver

The tax rate is a national headwind

Vermilion County's 1.81% effective rate is among the highest of 3,135 tracked counties: only about 96% pay more. Treat that recurring tax line separately from principal and interest.

Decision signal 2

Buying compares well inside the state

Using the assumptions above, Vermilion County ranks 8 of 102 Illinois counties for buy-vs-rent value (rank 1 = the best relative deal for buying). It sits ahead of 94 other Illinois counties on this measure.

Decision signal 3

Income supports the median purchase price

Median household income is $56,877, and the 1.7x home-price-to-income ratio leaves room for the ownership stack (property tax alone is 3.1% of median income). The monthly gap above is more about mortgage rate and insurance assumptions than about the purchase price being out of reach.

Decision signal 4

Owning clears the monthly bar here

Vermilion County's median home ($97,200) carries $1,757/yr in property tax at 1.81%. Under a 20% down, 6.5%, 30-year stack the all-in ownership bill is about $666/mo, which undercuts HUD's $974/mo 2-bedroom Fair Market Rent by roughly $308/mo before maintenance, HOA, or closing costs.

Decision signal 5

HUD moved the rent benchmark down

HUD cut its 2-bedroom Fair Market Rent for Vermilion County from $1,001/mo in FY2025 to $974/mo in FY2026: it decreased by $27/mo (-2.7%). A falling benchmark narrows the case for buying here, and it usually reflects HUD re-estimating the local market rather than existing rents being cut.

Methodology & disclaimer

This calculator is for informational purposes only and is not tax, legal, or financial advice. Property tax figures come from the U.S. Census Bureau ACS 5-Year Estimates and rent figures come from HUD Fair Market Rents; both describe area medians, not individual transactions. Insurance is estimated at 0.35% of home value annually and closing costs, maintenance, HOA, and PMI are not included. Consult a licensed mortgage, tax, or real-estate professional before making a buy-or-rent decision based on these numbers.

Monthly Cost Breakdown

Estimated Monthly Ownership
$666
Mortgage (P&I) $491
Property Tax $146
Insurance (est.) $28
Monthly Rent (2-BR FMR)
$974
Studio$672
1-Bedroom$742
2-Bedroom$974
3-Bedroom$1,179
4-Bedroom$1,306

Adjust Your Scenario

Affordability Context

Median Household Income
$56,877
$4,740/mo
Home Price / Income
1.7x
Affordable (≤3x)
Tax-to-Income Ratio
3.1%
National benchmark: 2-4%

Who actually pays it here

In Vermilion County, once the mortgage ends staying put is close to free: the largest cluster of debt-free households faces a yearly charge under $800, so insurance and upkeep, not the tax office, set what the home costs to keep.

Vermilion County matches the national pattern: six-figure earners between $100,000 and $200,000 account for more of these write-offs than any other local group.

Against that holding-cost profile, the monthly ownership stack already undercuts HUD rent here, so the long-run tax bill is an ownership feature more than a reason to keep renting.

Bill bands are Census ACS counts of owner-occupied homes without a mortgage. Income brackets are IRS Statistics of Income county data for tax year 2022, counted over FILERS reporting real-estate taxes on Schedule A, which is a smaller group than homeowners: most filers take the standard deduction.

Nearby Counties

Cook County
Home: $324,500 Tax: $6,191/yr
DuPage County
Home: $391,400 Tax: $8,007/yr
Will County
Home: $319,600 Tax: $7,173/yr
Lake County
Home: $345,700 Tax: $8,923/yr
Kane County
Home: $327,000 Tax: $7,382/yr
McHenry County
Home: $308,100 Tax: $7,274/yr

Frequently Asked Questions

Is it cheaper to rent or buy in Vermilion County, Illinois? ▼
On the standard 20%-down / 6.5% stack, owning the median Vermilion County home undercuts HUD's 2-bedroom rent by about $308/mo. Change the down payment, rate, or time horizon in the calculator and that gap can flip - owning also builds equity that rent never does.
What is the average rent in Vermilion County? ▼
HUD prices a 2-bedroom unit at $974/mo here. Sizing up matters: going from a studio to a 4-bedroom adds about $634/mo, so the per-bedroom jump is worth checking against your actual space needs before assuming the 2-BR figure applies to your situation.
How much house can you afford in Vermilion County? ▼
On the common 3x-income guideline, a $56,877 household here can afford up to $170,631, which comfortably covers this county's $97,200 median home price -- a healthier affordability picture than many of the counties tracked on this site.
What is the median home price in Vermilion County? ▼
$97,200, per the Census Bureau's ACS 5-Year Estimates. What stands out more than the price itself is the tax load on it: this county's 1.81% effective rate sits near the high end of the 3,135 counties tracked here.
How does Vermilion County compare to other Illinois counties for renting vs buying? ▼
Out of 102 Illinois counties ranked here on buy-vs-rent value, Vermilion County lands at spot 8, putting it in the more buy-favorable quarter of the state. The <a href="/states/illinois">Illinois state page</a> lists every peer county's tax bill beside this one.
Is rent going up or down in Vermilion County? ▼
HUD's 2-bedroom Fair Market Rent figure has fallen 2.7% between the FY2025 and FY2026 publications, the two most recent years tracked here.

Read our methodology - how this data is sourced, computed, and verified.

Data sourced from the U.S. Census Bureau (American Community Survey). See our methodology for details. Retrieved and formatted by PlainPropertyTax

Source: U.S. Census Bureau, Government Finances State and local property tax revenue by jurisdiction · 2025

Verify with HUD →