There’s a question that buyers and renters have been asking themselves for a long time: is it better to buy or rent? Like the real estate market itself, the answer to this question changes over time. Ultimately, and objectively, the answer is “it depends.”
At the time of writing this article the real estate industry in my market (Chicago area) has rebounding from the 2008 collapse, values have increased quite a bit (but still not to the exaggerated values they were in 2007), and the market has stabilized with an expected 3.5% appreciation in 2015. The investors that flooded the market after the crash are now beginning to exit, leaving a great on-market inventory for home buyers to choose from.
Furthermore, and due to many factors, the demand for rentals grew over the last 5 years. With this surge of renters came a surge in rental prices.
As the market sits right now, the benefits of buying outweigh the benefits of renting. Here are 4 reasons why it’s better to buy