Renting vs. Buying in 2025: What Makes Sense in Central Illinois?

🏠 Renting vs. Buying in 2025: What Makes Sense in Central Illinois?

If you’re currently renting in Peoria, Tazewell, or Woodford County, you’re not alone—but you may be asking the big question:

“Should I keep renting, or is it finally time to buy?”

With mortgage rates still fluctuating and rent prices continuing to climb, many Central Illinois renters are stuck in analysis paralysis. I get it—it’s not always a simple decision.

But I’ve been doing this long enough to see the long-term math, and right now, buying is a smart move for many renters—especially in our market.

Let’s break it down.

💸 What You’re Really Paying for When You Rent

You’re not “throwing money away,” but you’re also not building equity.

Here’s the real cost of renting:

You’re paying 100% interest—with no asset to show for it
Rent prices go up almost every year
You’re not gaining tax benefits
You’re limited in what you can customize or improve

In Peoria and surrounding areas, rents have increased faster than wages over the past 5 years. In some cases, renters are paying as much or more than a mortgage would cost for a similar home.

🏡 What Buying Offers in Central Illinois

In 2025, buying a home in Central IL still offers huge advantages:

Stable monthly payments (with a fixed-rate mortgage)
Equity growth over time
Tax deductions for interest and property taxes
Freedom to renovate, improve, and personalize
Long-term wealth building

In many cases, you can own a home in Washington, Pekin, Morton, or North Peoria for less than what you’d pay in rent for a comparable space.

Here’s a real example from this summer:
A renter in East Peoria was paying $1,350/month for a 3BR apartment. They just bought a 3BR ranch in Creve Coeur with a mortgage (including taxes and insurance) of $1,120/month. Plus, they’re now building equity every month.

🧾 “But What About the Down Payment?”

Ah yes, the most common fear—and one that often holds renters back unnecessarily.

You do not need 20% down to buy a home.

In fact, many local buyers:

Qualify for 3–5% down conventional loans
Use FHA financing with 3.5% down
Take advantage of first-time buyer assistance programs (some offering up to $10K!)

I work with lenders in Peoria and Tazewell counties every week who can walk you through your options and find a payment plan that makes sense for your budget.

🧠 When Renting Does Make Sense

In some cases, renting can be the better short-term move. If you:

Plan to move in less than 1–2 years
Have unpredictable job or life changes coming
Are still rebuilding credit or saving for a specific goal

Then renting may be the better fit for now—and I’ll still be here when the time is right to buy.

But if you’re stable, motivated, and ready to put your money to work? It’s time to at least explore your options.

Let’s Run the Numbers Together

I’ve helped hundreds of renters become confident buyers—and the first step is just a simple conversation.

📞 309-200-5480
🌐 CallDuvall.com

I’ll connect you with a trusted local lender, help you map out a realistic monthly payment, and give you honest advice about whether buying makes sense for you.

No pressure. No hard sales. Just straight talk and smart guidance.

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