Since Chicago is one of the largest cities in the US, it isn’t surprising that people frequently move there. As of 2019, more than 2.7 million people are proud to call themselves Chicago residents. This is mainly because the city has plenty of career opportunities to offer, and covers many industries. Also, Chicago supports a variety of lifestyles, meaning everyone can find their own space. Younger people have a great nightlife scene, while nature lovers have plenty of green spaces to enjoy. The city is also a great mix of cultures, making it a great place to live in. But, before you call Golan’s Moving & Storage, you have to decide between buying vs renting your Chicago home. This is not an easy choice to make, so we have prepared a simple rundown for you. With it, you’ll be heading to the Windy City in no time.
The price of purchasing a house in Chicago
The housing market in Chicago has its ups and downs, just like in any other city. With that in mind, is it worth buying a Chicago home right now? As things stand at the moment, the average price of a home in Chicago is roughly $350.000, at around $230 per square foot. Use this information when contacting Chicago area movers, to better plan your moving budget. Don’t forget that this price may wary depending on the area you’re looking for. Downtown areas may be slightly more expensive than the more distant suburb neighborhoods. According to research, at the moment it is better to rent than buy in Cook county. However, this situation may change depending on the future economy and housing market status.
The price of renting a home in Chicago
Before you decide between buying vs renting your Chicago home, you have to know what you can afford on a monthly level. Currently, the average rent for a 750 square foot apartment in Chicago comes out at roughly $2000. But, again, this price may vary depending on the neighborhood the property is located in. For example, an apartment in North River can cost up to $2600, while renting a property in Hyde Park can be as low as $1400. This means that you’ll easily find a place to live in and get there safe and fast thanks to professional Glenview moving companies. Just as with buying a home, remember that prices can be much more expensive in the downtown area compared to other neighborhoods.
The pros of buying vs renting your Chicago home
Lastly, if you’re still not sure which solution is the best for you, we can give you a simple rundown of the pros of each action. This can paint a much better picture of the differences between the two.
Pros of buying
- Excellent for people looking to settle down and live in a neighborhood long term
- Buying offers a fixed mortgage that can protect you from inflation
- Purchasing a property is a great financial investment
- Buying gives you more freedom to personalize your home according to your tastes and likings
- Your mortgage and property interest can be tax-deductible
Pros of renting
- Excellent for people who need a temporary housing solution
- Renting is a much better option if you’re living on a tighter budget
- You don’t have to worry about home maintenance expenses
- It is often much cheaper to rent a property than buy it
- Allows you to save money for a future property investment
So, all things considered, it is currently better to rent a home in the city of Chicago than buying one. Do keep in mind that things may easily change in the future, so plan your investments for the future. We hope that this brief guide has helped you make a choice between buying vs renting your Chicago home. We’re sure that no matter what your choice is, you’re going to love your stay in the Windy City!