As we are at the start of 2021, many people are looking to get a place for themselves and settle down in Chicago. Most of these people are young people aged around 18 to 34, and the chances are that you are too.
The most important question, however, is the question of whether to rent or buy an apartment.
There is no simple answer to this question that works for everyone because the financial situation differs from person to person. And there are other factors to consider, like having a permanent job or a temporary job. What this means is that the answer depends entirely on your situation.
Besides, the statistical answer varies from county to county. There are many counties in Chicago where it’s cheaper to buy a home than renting an apartment.
We are here to help you break down some important factors that will help you decide which option suits you best.
Buying a Home in Chicago
Most of the young people of this generation are carrying a huge burden of college loans and other debts. While most people prefer to buy a home rather than renting, not all can afford that. Buying a home is a viable option for people who can afford the down payment and the average monthly cost of maintaining a house.
Before looking at the pros and cons of buying a home, you need to look at the statistical data of the average cost of a home in the county you plan to move to.
While you might not have a high-paying job, you might find counties in Chicago with low housing costs, and buying a home might be an option to consider for you.
A home mortgage is also the cheapest loan available out there. There are no monthly payments other than the mortgage. But you will have to pay real estate taxes.
There are also other things to consider than the cost of buying a home. If you want to move in with your family and children, buying a home is the most suitable option.
You can also decorate your home any way you like to, no need to listen to an annoying landlord.
Now let’s talk about renting an apartment.
Renting an Apartment in Chicago
Renting an apartment is statistically more suitable for most young people in Chicago. The first and most important thing is that renting Chicago Apartments will be cheaper than a mortgage in most cases.
Besides, finding an apartment is a much easier task than choosing which home to buy
There are no maintenance costs because that’s the landlord’s job. There is also no need to make a huge down payment, but you will need to deposit a few month’s rent to the landlord.
You won’t need to worry about the price of your home going down because it’s not your home.
But the rent will keep increasing after certain periods.
While you’ll not have to face the responsibilities of owning a house like your landlord, you’ll have to endure your landlord’s behavior, which might be annoying. You’ll also have to abide by the rules that someone else makes.
We have only touched on a few important factors in this article, but we hope that those factors will help you get closer to a decision. Be sure to do a lot more research on the costs and everything of the area you plan to move to.