Don't want to pay high rent? Buy the place from your landlord. Okay, it may not be that simple but recent stats show that the market has already started moving that way.
The Wall Street Journal released third quarter stats showing that Chicago is one of 12 metro markets where the cost of ownership is actually lower than the price of renting.
The sky high rentals we saw this summer helped create this disparity. There are two other driving factors: The combination of Ludacris low mortgage interest rates and the bargain-basement price of housing.
For those of you fascinated with charts and graphs- you'll enjoy the WSJ interactive graphs almost as much as we enjoyed the @MayorEmanuel twitter feed. Oh Quaxelrod, how we miss thee...
That being said, the rent vs. own cost comparison doesn't have too many buyers taking the leap into home ownership. Whether it is bad credit, job security, or overall economic fears- what seems to be the hold up? Is now the right time?
Filed under: Uncategorized
Tags: Buying, rent, rent v own, stats, WSJ
