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Purchase only if annual rent >= HOA dues + mortgage interest + property tax + 6% of condo price / min # years you plan on living there.
Personally if it were me I’d probably continue renting because the Chicago housing market is flat so unless you stay a really long time you’ll likely break even at best compared with renting. If you’re feeling bored during stay at home then maybe move back home temporarily?
Thanks SC1!!!
Rent. Highly unlikely the place you buy now will still be the right place for you in 5-7 years. What if you meet someone? What if you get a job with a different commute or in a different city? Decide to go back to school? Those are all highly likely things to happen to a consultant before they turn 30.
Sure, maybe you will make a lucky buy and see big gains after 5 years, but statistically you are better off renting, investing the down payment/difference, and only upgrading your place when you actually need it (vs buying more condo than you need today because you might need more space in a few years).
All great answers, and this one resonates very closely with me. At 23, I was convinced I'd stay in Chicago for at least 5 years. 2 years later, and I'm looking to move to NYC later this year.
I'd rather pay a "flexibility premium" right now than be locked down somewhere during my 20s when it's the best time to explore and try out new cities.
If you do buy I’d make sure that whatever place you get has really good rental appeal. That way it can become a nice income generator for you when you no longer want to live in the city or in that particular condo.