We calculate the free energy and other basic thermodynamic properties of water within a model in the chemical picture. The respective mass‐action laws between several molecular, atomic, and ionic species are solved analytically, and purely temperature‐dependent partition functions are used for all species. It is shown that such an ideal gas‐like model is able to describe the thermodynamic properties in relatively good agreement with ab initio simulations, provided that the density of the system is sufficiently low. (© 2013 WILEY‐VCH Verlag GmbH & Co. KGaA, Weinheim)