The great debate: Renting vs. buying in Illinois

Are you looking to rent a place to live in? Or do you think you’re ready to buy a place? Do you know the advantages and disadvantages to either option?

Renting doesn’t require a long-term commitment to an area or a home if your income, job or preferences change. Renting can help build credit to qualify for a mortgage, and renters are not responsible for dealing with the physical upkeep of their homes. Buying, however, allows owners to create an investment and build equity in their home, and there are certain tax deductions allotted for home owners. Plus, you can choose exactly how you want your home to look inside and out.

If you’re still debating which option is best, perhaps it’s best to know what other people in your area usually do. We took a look at the 10 largest Illinois cities to see whether the majority of people rented or bought their living unit. These answers might surprise you, but also might give you a clearer picture of whether you should rent or buy.

In case you decide you want to rent, you should know what the median rent is in these 20 major Illinois communities.

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