The case for homeownership can be made very simply: whether you buy or rent, you have housing costs – but with homeownership, you get something to show for it! You also have the chance to profit from home equity when it’s time to sell.
Buying a home with a fixed-rate mortgage gives you reasonable control of your housing costs for years to come. For renters, housing costs can rise year after year. According to RentCafe, Chicago rents increased by an average of 5% last year.
In Chicago, the average rent for a 3-bedroom apartment is $1,893. Depending on your down payment and interest rate, you could potentially own a median-priced home for the same monthly cost! In most cases, homeowners are financially ahead of renters in just a few years. You can use “buy vs. rent” calculators online for your own comparisons!
Costs aside, studies point to the psychological, social, and emotional benefits of homeownership, such as a greater sense of well-being and personal control. The stability and independence offered by homeownership can improve quality of life.
Of course, not everyone has the desire or ability to take care of a home. When weighing your housing options, consider your long-term goals and lifestyle. Your Starck Advisor can help you explore your options! Ask for your personal home buying consultation today.