Renting vs. buying is an age old debate. More renters are looking to become first time buyers according to ATTOM Data Solutions, the company responsible for the 2021 Rental Affordability Report. In more than 60% of the 900+ U.S. counties ATTOM examined, owning a three-bedroom property is now easier to afford than renting.
Illinois, and Will County specifically, are in the heart of metro areas where buying is more affordable than renting. The demand for homes has peaked due in part by people in the city moving to the suburbs to seek more space amid the pandemic. Chicago and surrounding counties have been ranked #2 for top 10 markets that favor buying. The monthly cost to buy in Plainfield as of January 2021 is $1,691 where as the monthly cost of renting is $1,975.
| Rank | Metro Median Listing | Price | Buy (monthly) | Rent (monthly) |
| 1 | Cleveland-Elyria, OH | $198,000 | $967 | $1195 |
| 2 | Chicago-Plainfield, Joliet IL | $338,000 | $1691 | $1975 |
Before making a decision there are some things to consider first. Here are just a few pros and cons to buying vs renting in 2021.
RENTING
PROS
-Flexibility
-Not responsible for repairs & costs
CONS
-Rent can go up
-Not Building Equity
BUYING
PROS
-Sense of Stability
-Belonging to a Community
-Pride of Ownership
-Equity
CONS
-Responsible for Repair Costs
-Hidden Expenses
(Insurance, HOA Fees, Etc.)
No matter which situation ends up working best for you and your family, in certain areas, buying a home is becoming more financially feasible than of year’s past.
I have hand picked some helpful resources for first time buyers here:
Search homes in the area by price, subdivision or even new home models here:
If you have any questions concerning any facet of new home buying I am always happy to help.