If you are looking to move to beautiful Chicagoland soon, then this article is for you. Chicago is one of the largest cities in the United States of America. So it’s no surprise that so many people are moving to the city every year. As of 2021, there are 2.7 million people living in Chicago. When talking about renting vs. buying a home in Chicago, there are many things to take into consideration. Today, we’ll cover all of the things you need to know about renting and buying property in Chicago. Whatever you choose to do, know you’ll also need some professional help with your move. We at US Moving Experts are here to answer all your questions.
Why do so many people move to Chicago?
What is so special about Chicago and why do so many people want to move there? To begin with, Chicago has a lot to offer in terms of job and career opportunities. Chicago is a city that supports a wide range of industries. Everything from finance to art & entertainment, technology, education, health, and more. Moreover, Chicago has one of the highest GDPs with $689 billion in the previous year.
Some of the largest corporations in the U.S are settled right here. Boeing, Allstate, Exelon, McDonald’s, and United Airlines, only to name a few. The city of Chicago also supports a wide variety of lifestyles and there is something for everyone. In case you too already have your heart set on Chicago, our best advice to you right now is not to move during the summertime. This time of year is the most expensive time to move for a variety of reasons so avoid it if you’re on a budget.
Renting vs. buying a home in Chicago
Chicago is one of the larger US cities, so investing in a property here is definitely a good choice. However, it all depends on your budget. Renting vs buying a home in Chicago is a complicated calculation with no one-size-fits-all solution. Chicago is still far more affordable than some coastal metropolitan cities like New York or San Francisco. However, some reports have found that it’s still more affordable to rent than buy here in Chicago compared to the situation in the other cities mentioned above. Where it would, no doubt, pay off more to buy than rent. We will now go over the pros of both renting and buying so that you can see what’s best for you.
Pros of renting
- It’s great for people who don’t like the idea of settling in one place
- You’ll have greater freedom to move around
- It’s a better option if you are on a tighter financial budget
- You’ll be able to save up money for a future home purchase
- You won’t have to worry about home maintenance expenses
Pros of buying
- It’s a good option for people who want to settle down long-term
- You’ll have more freedom to personalize, customize, and transform your home
- A fixed mortgage will protect you from inflation which tends to lead to higher rent rates
- Buying a home is a great financial investment
- You get the opportunity to build equity when the value of your home goes up
How to rent a home in Chicago?
If you’ve never gone apartment hunting, then it can be a bit overwhelming at first. Nothing to worry about. We are happy to walk you through the process of renting a house in Chicago. Firstly, you’ll need to look for something you like. Nowadays, you can easily search through apartments online. If you have trouble finding the right one, check out our article on how to find your first Chicago apartment. After you’ve found the one you like, it’s time to go check it out and meet the landlord.
You should know that once you state that you are interested in renting an apartment, the landlord will ask you for both a background check and a credit check. Oftentimes they will also ask you for several pay stubs, your current bank statement, and a statement from your employer about your salary. When you pass your background and credit check, next comes the signing of the lease agreement. Make sure to read through your lease agreement twice!
Is now a good time to buy a house in Chicago?
Buying a house anywhere, but especially in the US, can be a bit of a hassle. You guessed it…just like any other real estate market over here, Chicago’s market has its ups and downs. So, are you wondering if now is a good time to buy in Chicago? Prices always vary depending on the neighborhood and the area you are looking in.
Like always, the more populated downtown area is more expensive compared to neighborhoods further away. At the time of writing, the average sale price for all of Chicago is $335K at $223 per sqft. To answer your question, a report from Attom Data Solutions found that it is currently more affordable to rent than buy in Cook County. So, keeping in mind the current market conditions, it might be smarter to rent. Nonetheless, all of this can change in the future or near-future even, depending on the overall economy and market.
However you choose to move, we sincerely hope that you will like it here in Chicagoland. And feel free to contact our residential movers if you need any help with your upcoming relocation. Whether you’re interested in renting or buying in Chicago, one thing’s for sure. Soon enough you’ll be able to enjoy the holiday season from the comforts of your new Chicago home. This time of year is truly something special in Chicago. We have no doubts that you will be able to fit into the Chicago lifestyle perfectly.
