Home » How to decide between buying vs renting your Chicago home

How to decide between buying vs renting your Chicago home

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 bean statue in downtown Chicago — Chicago is a beautiful city with plenty of career paths to offer

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.

a street in downtown Chicago — The Downtown area may be a bit more expensive to live in, no matter your choice

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

people trying to decide decide between buying vs renting a Chicago home — Consider the pros of both renting and buying and decide what works best for you

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!

What People Say About Us?

The four men who did my move were courteous, professional, good humored, and SO strong. They did an outstanding job. This is the second time I’ve used Golan and I wouldn’t hesitate to call upon them for any future moves. I’ve recommended Golan’s to both family and friends.

Jenny D.

Skokie, IL

Your guys are great. The foreman I had was actually the foreman I had when I originally moved into my place. The level of service was just as good as the first time. The team was, in fact, early. They made the whole experience enjoyable.

Alcott C.

Chicago, IL

Golan’s always does a fantastic job with my moves. The team is professional and friendly, and makes my move as stress free as possible. I will absolutely use Golan in the future and am constantly recommending them to my friends.

Jillian B.

Evanston, IL