Currently looking at buying a condo in Chicago but am not convinced it's the right move. Looking through Zillow it seems there is a ton of supply, and the price histories don't show a ton of appreciation over time. This coupled with recent outflows of large companies has me wanting to continue renting, as I could see many more properties come on the market over the next few years. I'm tempted to buy a place in Florida as a vacation home, and continue to rent in Chicago.
Thoughts / experiences?
Rent in Chicago, EZ. As you mentioned, the price appreciation just isn’t there to make the rent vs own analysis fall in favor of owning
+1, would absolutely not consider buying in Chicago, from both a short and long-term perspective. Biased too as Ive lived here all my life
I'm renting in Chicago currently with a plan to get a condo/town house in west loop in a couple years. It's crazy right now, I was touring here and there this summer and every place is 95% occupied. Having a Florida vacation home is a solid idea. Personally, I was looking at Wellington area as they have the big equestrian hub there with many opportunities to rent out a place during polo season. It's about 25-30 mins from Palm Beach and 1hr 15 from Miami.
The taxes in Chicago are a major concern. The city is bankrupt and will continue jacking up taxes to make up ground.
I agree, but renting doesn’t solve this because it’s reflected in your rent the next time you renew. Death and taxes….
Just need to use your best judgement honestly. What is your time horizon? Condos in high rises typically don’t see a lot of price appreciation. I’ve owned my condo since 2019 and although I’m not expecting to see a ton of price appreciation when I sell next year, it is nice to see that my home equity has grown and I can take that with me to my next home. Plus there’s the comfort that my mortgage is a fixed cost and I’m not at the mercy of a landlord jacking up rent.
But at the same time, your RE taxes are not a fixed cost - how have you seen these change during the past couple years?
Honestly I have not seen any change in my property taxes since I purchased my place. If anything they went down a little bit after I applied for my homeowner’s exemption after the first year of ownership.
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