Is It Better to Rent or Buy in Chicago?
By S.E. Slack
Renting right now but looking to buy a home? Real estate firm Zillow tackled this question with a few more for renters considering jumping into home ownership. Depending on the housing market in your area, renting could very well be the way to go for two years or so.
Zillow says the buy-rent breakeven algorithm is detailed and comprehensive with many moving parts, there are really only a few key elements that significantly drive the results. First is the price-to-rent ratio. This ratio measures how expensive home purchasing is relative to renting by comparing the value of a house with annual rental payments. The higher this value is, the longer it will take rents to exceed the costs of buying.
“The faster home values ap