In a recent article by Alby Gallun that appeared in Crain’s Chicago, renting can cost about $300 more than owning in one River North tower.
While there are a lot of variables including the terms of the mortgage and neighborhood, rents have certainly gone up quite steeply in the last few years, mortgage rates remain low and property prices are still depressed compared to the peak.
The oft-quoted rule of thumb has often been that if you are going to live in a place 3-4 years or more, you’re better off buying. If less, better stick to renting. I would assert that you might come out ahead for as little as one year. In a period where prices are started to rise again, I had a client make 30% recently for a property owned less than 1.5 years.
In any case, whether you are looking to buy or rent, I am eager to help you find the perfect match.