Renting versus Buying a Home: how much home can you afford?

Hey Chicago Renters, if you have a lease ending soon, you may want to consider your options in terms of a home purchase. You would be surprised at how much home you can afford that might actually be cheaper than your current monthly rent!

For example, the average rent price in Chicago for a 2-bed apartment is $2,200. For that same amount of monthly payment, you would be able to afford a 2-bedroom condo purchase in the range of $275,000, located in neighborhoods like the South Loop, UIC/Little Italy, West Town and Hyde Park. Lots of options indeed.

Lots of context here as everyone’s financial situation is different. So it’s important to talk to your lender to review the mortgage options that work best for you.

Ready to start window-shopping for a home? Let's grab a coffee and chat about your options.