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Here’s what consumers hear: renting is cheaper than mortgage payments in 50 of the largest metros. Here’s what you need to know: everyone who lives indoors pays a mortgage. The question is whether you’re paying yours or your landlord’s.
First American’s data: If you bought in 2006 and stayed, home- ownership put $181,000 in your pocket. Renting cost you $268,000.
You’re considering this in the highest appreciating metro in the United States. The equity gains available to Chicago homeowners right now are exceptional. The biggest misconception? Most Americans think it takes 20% down to buy. It doesn’t. Having the right mortgage professional who knows actual products available—not just conventional wisdom— makes all the difference.
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