It’s true: more and more people are starting to rent their homes all over the country, and this is especially prominent in big cities like Chicago. But why are people opting for renting over buying, and is this a better choice?
Renting Allows for Flexibility
Many people who choose to rent do so because this option allows for much more flexibility. Some individuals don’t want to settle down in one place, and because the concept of changing jobs more frequently has become more popular, many do not want to be tied to a specific property or even a certain city. This affects both younger and older renters who all want to have the flexibility renting can give them and owning a home cannot.
Renting Is Easier
Many people are starting to realize that renting is a much easier option, especially early on in one’s life when income and other factors are still very much in flux. In addition, one does not have to fix an air conditioner or pay to have a septic tank repaired when renting; these issues are taken care of by the landlord and the maintenance team. Especially to those who have never lived on their own before, renting can be easier. However, it isn’t just millennials and young individuals renting in the Windy City…
Renting Is Less Expensive than Owning a Home… and More Expensive than It Used to Be
A large number of Chicago natives are renting now because, though less expensive than buying a home, renting has become more expensive over time. According to the Chicago Tribune, rental prices rose twice as fast as inflation in 2014, and a large amount of individuals flocking to this option has only driven the price higher.
This may seem like a reason for individuals in Chicago to stop renting, but it’s hard to save up for a home when you’re paying extremely high rental prices. This is one reason even older individuals with stable jobs are unable to buy homes and instead continue to rent.
Why Are Chicagoans Renting?
Generally, people in Chicago are renting more and more because people all over the country are also doing so. It’s difficult to afford a home because of the increasing rental prices as well as this disparity between minimum wage and the country’s inflation rate. Many also prefer to rent because of the flexibility and ease it offers. With so many reasons, it’s no wonder many Chicago natives are renting today.
For more information about rent prices in Chicago, check out our most recent blog article that evaluates rents for Chicago neighborhoods that run along Lake Michigan.
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