Hey everyone,
I keep hearing the classic question: Should I rent or buy a home?
It’s a tough decision and honestly depends on a lot of money, lifestyle, plans, and even where you live.
Renting is great if you want flexibility, lower upfront costs, and don’t want to worry about repairs. But you’re basically paying someone else’s mortgage and can face rent hikes.
Buying means building equity and having control over your space, but it comes with big upfront costs, maintenance, and less freedom to move quickly. What’s worked for you?
Are you renting now and thinking about buying? Or did you buy and wish you’d rented longer? Especially if you’re in Illinois, local taxes and programs can tip the scales. Would love to hear your experiences and advice!
I agree with your take. I would lean toward renting if it’s for a short-term, 1-2 year temporary situation. For example, if you are in medical school in your last year, you wouldn’t want to buy a home since you don’t know if you will still be in that city or state the next year. Another time to rent would be if you are building up your buyer’s profile and you need to fix things in your credit report, or increase your income on your tax returns.
Otherwise, buying typically wins because of two things people don’t think about; Amortization and Appreciation. You’re paying down your own mortgage and your home is gaining equity. In the future you can utilize the equity you have to do many things. Buying a house is like having extra tools in your box.
Good question
Renting vs. buying isn’t emotional, it’s financial and personal. Run the numbers. Factor in opportunity cost, local taxes, expected years in the home, and your own goals.
In some Illinois towns, buying is a steal. In others, taxes wipe out all the equity you think you’re building. It’s not one-size-fits-all.
If you’re under 35 and not settled into a career or family setup yet, I personally think renting and investing aggressively on the side is underrated.
I thought that I’d rent forever until my landlord raised my rent 15% in one year. So I bought a small condo in 2022, and now my mortgage is actually lower than my old rent, and fixed! It’s not perfect, but the stability is worth it.