Does the state of the housing market make it smarter to rent than to buy?
In a word, no. In three words, not at all. In fact, as the financial crisis has played out, the costs of buying have dropped dramatically, while the costs of renting have surged as demand for rental units has exploded. According to the New York Times, if you plan to live in the same place for at least six years, your average savings if you buy instead of rent will be over $10,000. That’s nearly $2,000 per year. In fact, even if you own a home for just four years, you save money:
Don’t want to use a national average? No problem. Trulia, an online hub for real estate information, has gathered plenty of data on the total costs of renting versus owning. And the results for the Chicago metropolitan area put it in the green for choosing to buy a home over renting a residence:
The numbers are clear—if you want the most bang for your buck, it’s time to buy low. And few properties offer the chance to get in on premier waterfront housing like Newport Cove, where owning land on Illinois’ “Chain’o’Lakes” provides some of the best upside potential in the country.