Rent vs buy in Chicago in 2023
After the recent pandemic that we went through, the economy is very unstable. But no matter what is going on, people still need a roof over their heads, and there are only two choices – renting or buying a home. Both have good sides and drawbacks, you just need to decide based on your unique situation. Same as when you hire a Chicago moving and storage company, you shouldn’t choose the cheapest option, but consider everything. But generally, some places are better for one of the two options, and we will go through the rent vs buy in Chicago dilemma.
Before deciding whether to rent vs buy in Chicago, keep the following in mind
Renting is the choice that many young single people make, and it is a temporary solution for many. Same as renting some storage units Skokie, you need to pay for it as long as you use it. Some benefits that renting a home bring are:
- No commitment, you can leave whenever you want
- Rent is usually lower than paying for a home
- Moving is simpler
- Maintenance and repairs are not yours to worry about
Like everything, renting also comes with drawbacks, like:
- No freedom to redecorate or renovate
- Rent can become higher at any time
- Many rental properties have a no-pet policy
Buying a home is an enormous commitment, but it brings many benefits
In today’s economy, many people cannot afford a home, but those that do can enjoy the benefit of the:
- Renovating and redecorating when they want
- A rising home value
- Calling a property their own
- Building credit
As good as owning a home sounds, there are also certain things that people do not like about it, like the fact that:
- It is a big investment that not many people can afford
- Relocation is more difficult, but it can be facilitated by hiring residential movers Chicago
- Commitment is required
So, what is the better option in Chicago?
With the way that today’s society runs, it can be difficult to afford it at home. People aged between 18 and 34 are the ones who are expected to make big housing decisions and move to their homes assisted by moving services Chicago providers. But with the student debt still not paid off, many people allocate more than $300 a month for that. It might not seem as much, but with rising costs, every dollar counts. Many people are struggling to make ends meet at the moment, so it is unrealistic to talk about buying a home.
Chicago, like any other big city, has a problem with high housing costs, where the median home value is above the national average, $277,000, and rent is closer to the average, $1,200. When looking at the statistic for Chicago, 54% of the population rent their homes. This is mostly because many young professionals live in the area, and they are either here temporarily, or they just don’t want to commit yet.
Whatever you decide, our team can help you relocate
The answer to the dilemma of rent vs buy in Chicago is no easy one. It highly depends on each person’s unique situation. The ones that can afford it should certainly invest, because of the unstable prices. People that cannot afford this at the moment, should rent and be on the lookout for price trends and affordable housing options. It is a big decision, so don’t rush to make it. We wish you good luck!