Asked by Brad Wible, Washington, DC • Tue Jul 15, 2008
Moving from DC to Chicago for a job, after being in Chicago from '97 - '04. I have no debt, above average credit, will make $80K. But unsure about whether to rent or buy, largely because I'm not sure whether I'll be in Chicago for longer than 3 years, thus will home value likely increase enough in this market to break even or make a profit compared to renting. Would want to live north (e.g., Uptown, Edgewater, Lincoln Square, Ravenswood, Andersonville, Rogers Park), wouldn't need anything fancier than modest 1 BR. Hope to spend not much more on mortgage than I'd spend on rent (is $1500/month realistic?). My question: Are those north side housing markets, for 1 BR units, healthy enough to grow enough to make it worthwhile if I need to skip town in 3 years? I'm a data driven guy, so if you can throw some numbers, I'd appreciate it. Thanks!
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