Is it Better to Rent or Buy in Chicago?

Is it Better to Rent or Buy in Chicago?Chicagoland residents often wonder if it is better to rent or better to buy a home.  According to the latest information from Trulia, it still remains far cheaper to buy a home rather than rent one across most of the country, and certainly, overwhelmingly, in the city of Chicago.

Here are some compelling statistics that CNN provided on the matter.

The % that Chicago residents saved buying vs. renting: 47%

Median home price: 170,000

Median rent: $1,700

With a 47% savings percentage, Chicago is far and away a buyers market!.

On a national scale, Chicago rents are well above national levels.  They have climbed over 7% in the last 12 months alone.  This is particularly significant; an the national rent average has been steadily climbing as well:

 

The bottom line?

Chicago is a city where buying is highly preferable to renting.  As mortgage interest rates are expected to increase this year, those looking to buy property in Chicago are urged to buy sooner rather than later as affordability will decrease as 2014 continues.

If you're thinking about purchasing a home in Chicago and are unsure where to begin your process, don't hesitate to send us an email or give us a call.  We'll be happy to help you find your new home.

Real Group Real Estate

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