Millennials Face Housing Dilemma – Should I Buy or Rent in Chicago?

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For as long as we can remember, owning a home has been part of the American Dream. Yet many millennials are reaching out to us at Key City Lending questioning whether buying a home is the right decision for them. While often these young buyers have reached the financial ability to purchase, fear of either making a mistake or the process itself is almost as big a question as whether it’s the right move for their lifestyle. Some common considerations are:

  • Upkeep - Chicago offers potential buyers some wonderful options. Often part of the reluctance to enter the housing market is the perceived burden a house can bring. With so many townhomes, condos and high-rise living options, home owners can easily choose a low/no-maintenance option.
  • Mobility – A renter can move easily and quickly from place-to-place. With all that Chicago has to offer the younger resident, before rejecting ownership and the financial advantages, consider whether a move in the next 5 years is really a consideration.
  • Financial Advantages – Yes, there are great financial advantages. Owning an asset which is appreciating is one of the main benefits; but in addition, a mortgage offers a stable payment for the life of the loan vs rising rental rates and the best tax deductions still available.
  • Lending is a Hassle – This is one of the biggest myths in real estate. Working with the team at Key City Lending can make all the difference. It starts with a quick pre-qualification appointment so the lender can recommend the right loan based on income, employment, down payment and credit. Michael Malyszko of Key City Lending states that by getting a prequalification letter, “buyers can shop for a home in their budget with the confidence that when the right home appears, they can write the offer.”

Buying a home is not right for everyone and a generation which is accustomed to questioning the status quo will naturally consider all the angles. Fortunately by working with a Key City Lending and real estate agent, understanding the pros and cons of home ownership in Chicago will help potential millennials decide the best housing options for them. Michael and his team are ready to answer your questions; please contact us at (888) 343-1790 or www.KeyCityLending.com.


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