I think your numbers are off in a big way....
The rent for the home owner is usually only covering part of the homeowners expenses, repairs, empty months with no rent, and insurance and taxes.... and the homeowners and the rental market is always based on supply and demand in each of the market areas...
Those who cannot buy, because they do not have a reasonable enough down payment available or
credit issues etc. their only choice is to rent!
But when looking at how much it will cost a buyer to own a property, that is very different from paying
rent, as all other expenses to insure, maintain, repair, and pay the mortgage all needs to be added, in rents often water or electricity or landscaping is included, when you become the homeowner it is all
out of YOUR pocket, as well as all the repairs!!!
So careful with the numbers!!!!!!!
Edith YourRealtor4Life & Chicago and Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
And always with a SMILE ïŠ
Covering for @Properties the city of Chicago, all N and NW suburbs, the fine homes on the
North Shore, and many of the W and SW suburbs, and with her trusted Partner Agents all of
the US and worldwide properties. Edith speaks French, German, some Spanish and other.....
@Properties Brokerage, 30 Green Bay Road, Winnetka, Illinois 60093
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HAVE THE MOST WONDERFUL DAY :)