Is Now the Right Time to Buy a Home? Or Is Renting Really the Smarter Choice?
- grace264
- Jul 3
- 2 min read
With today’s high home prices and stubborn mortgage rates, it’s no surprise many are wondering:Is now the right time to buy?Would continuing to rent be the safer bet?
In the short term, renting may seem more manageable—especially in areas where rent feels cheaper than a monthly mortgage. But there’s one key thing to keep in mind:
💡 Rent may feel less burdensome now, but in the long run, it can cost far more.
Rent Might Feel Easy Now — But What About the Future?
According to a recent Bank of America survey, 70% of future homebuyers believe long-term renting will negatively impact their financial future. And they’re not wrong.
Homeownership isn’t just about having a place to live—it’s one of the most powerful tools for building long-term wealth.
Homes Become Assets Over Time

Nationwide—and even here in Chicago and across Illinois—home prices have steadily risen over time. So while buying a home today might feel like a stretch, there's a strong chance its value will grow in the coming years.
Plus, with each mortgage payment, you build equity—your share of ownership in the home.
That equity becomes a part of your net worth.
Did You Know?

On average, U.S. homeowners have nearly 40 times more wealth than renters.
That’s a staggering difference—and it’s not by accident.
The Biggest Loss in Renting? Nothing to Show for It

Rent helps cover your monthly expenses—but that money is gone. You’re not building anything. You’re helping your landlord build wealth instead.
Buying a home might feel like a financial burden at first,but that “burden” turns into your future asset.
That’s why many experts say:Even if you’re not ready to buy now, you need to start planning today.
If you consider the equity growth and generational wealth potential of owning a home,the long-term benefits of buying almost always outweigh renting.
Chicago Isn’t an Exception
As of 2025, Chicago rental prices remain high, and many buyers are still hesitant due to interest rates.
But we’re also seeing more opportunities:
Sellers offering price reductions
Credit incentives at closing
Rate buydown options to lower monthly payments
Even if you’re not ready to buy right now, the time to start asking,“When will it be most favorable to buy?”is now.
In Summary
Buying a home may feel overwhelming today.But if you keep renting without a long-term plan, your assets won’t grow.
So ask yourself: Whose mortgage are you paying—yours, or your landlord’s?
We’re not saying you have to buy today.But we are saying that you need a clear plan to own one day.
🏡 Ready to Start Your Homeownership Journey in Chicago?
Let’s build a custom strategy that fits your timeline and your budget.
📞 Contact Hans Han (한상철) at 773-717-2227📧 Email: ChicagoBDB@gmail.com

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