Chicago Relocation

Pondering over whether to rent or buy?

February 26, 2010

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Some comments from our resourceful intern, Maija – This is the time when many people are pondering over whether to buy or rent a property. While great amount of prospective buyers are deciding to rent there is also some encouraging facts that support buying. Forbes Magazine just published an article Ten Cities To Go From Renting To Buying where top10 areas to buy are listed. It’s definitely good news for Chicago relocation as we can be found in the third place.

In short, think how much money you pay for your rental and compare it with the amount you’d pay for mortgage each month. At the moment the premium is way smaller than the average of the past 15 years. And the areas that made to the top 10 are the places home prices are going to climb the most in the next 5 years according to Forbes.

Basically this means that in these areas it is cost-effective to buy a house instead of keep paying rent. Maybe it is a good time to upgrade — especially since many of the prospective buyers could benefit from the extended first-time home buyers’ tax credit.