Q: Why is it cheaper to own a house than to rent one?
A: In many areas right now it is cheaper to own than it is to rent. Property values and interest rates have fallen quite a bit over the last several years, and homeownership is the most affordable it has been in decades. Rents are going up because many people have lost their homes due to foreclosure, and many other would-be buyers are delaying their purchase due to the economy, job market, student & consumer debt, etc, creating more demand for rental properties. In recent months, however, the trend is beginning to change as more buyers enter the market - we're seeing prices starting to rise in many neighborhoods around Chicagoland.
I'm happy to meet you for a quick one-on-one, no obligation chat about the buying process or recommend some mortgage lenders if you'd like to explore the loan & down payment options as well as down payment/closing cost assistance that may be available to you.