Manage episode 151921310 series 1043192
Selling a home? Click here for a FREE Home Value Report
The first thing to consider is rental affordability. A recent Zillow survey published in Crain's magazine revealed that in Chicago, renters typically pay 31% of their total income, while homeowners pay 14% of total income. Rental demand is skyrocketing, but percentage-wise, the monthly payments are considerably higher than mortgage payments.
Finally, whether you're renting or buying, you are paying a mortgage anyway. Renters pay the mortgage by paying a landlord. If you're going to pay a mortgage, it might as well be your own. That way, you can build wealth and reap the tax benefits.
As you can see, there is an advantage to owning a home here in Chicago. If you have any questions on today's video, give me a call or send me an email. I would be happy to help you!