Are you on the fence about buying right now because the interest rates have increased? Well, your rent is about to skyrocket too. Not only are rents increasing at a fast pace, but Chicago just reached its highest average rent price ever.
According to Zillow’s data, the estimated average rent in Chicago is $1,925, as of November 2022 (the most recent rental data available at the time of writing). While that figure is certainly cheaper than the average rent in America’s largest city — New York City, with an average rent of $3,353 for that same month — as well as cheaper than the nation’s second largest city — Los Angeles, with an average rent of $2,915 — Chicago’s average rent is comparatively expensive for the Midwest region of the U.S.
Why pay someone else’s mortgage when you can pay your own, and build equity?
