Britta Rivera Venture

CHICAGO REAL ESTATE NEWS & MORE

CHICAGO TOPS LIST; CHEAPER TO OWN THAN RENT HOUSING

OLD TOWN VILLAGE

According to new data released this week, Chicago is among the top U.S. cities where owning a home is now cheaper than renting.  As rents continue to climb and interest rates keep dropping, this combination makes most monthly mortgage payments lower than rent.

Renter’s interested in the downtown South Loop neighborhood have had sticker shock, finding one bedrooms going for $1350-$1700 (on average) and two bedrooms at about $1800-$3500.

Experts suggest at these current rental amounts, it is cheaper to own a home in Chicago and many other cities.  This news is buzzing so many are doing just that…new reports released today show an increase in October sales in the Chicagoland area.

With the high amount of short sales and foreclosures on the market, great deals are available and buyers are snatching them up.  In recent months multiple offer situations have become a regular occurrence as investor’s, move-up, and first-time buyers are competing for the same home.  However, if you are looking at short sales, patience and flexibility in price is needed to stomach the ride.  In some cases you may be responsible for unpaid assessments or repairs, and the banks keep changing the rules.   But if you are looking for incredible deals and have about 3 months to wait, it is well worth it.

If you are considering your rent vs. own scenario and would like a FREE consultation, please call Britta Rivera Venture at 312.475.4548.

If you are searching for an amazing deal in Chicago, start viewing incredible homes now.   Also register here for your FREE list of available residences or to attend our FREE upcoming Rent Vs. Own Seminar.

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November 28, 2011 - Posted by | CHICAGO REAL ESTATE | , , , , , , , ,

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