Chitownproperty

From Sunday’s New York Times, an interesting analysis of the benefits of renting vs. owning in markets where the costs of buying a home can outstrip rental costs. Their findings contradict the old adage that renting a home is a waste of money for those who can afford to buy. By comparing the costs of ownership, including mortgage, property taxes, insurance, and repairs, with rental costs (rent, insurance, and a credit for savings), the Times found that in exceedingly expensive markets like New York and San Francisco, people can actually save money by renting. However in Chicago, where the costs of owning are still lower than renting, buying a home is the best investment.