Profile picture for JORDANFSTEIN

Should I lease or buy in Lincoln Park Budget is 500k to 725K

Hi,

I currently live in Milwaukee and will be moving to Chicago in the next few months. IM interested in an apartment or condo style home. Id like between 1500-1800 sq ft 2/3 bedrooms and 2 baths. I really like the Lincoln Park area and north side of city.  What are thoughts on this? Should I lease or buy? What can I get in this price range?
  • December 16 2013 - Lincoln Park
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Answers (7)

Best Answer

Hello Jordan, There are 36 condos in Lincoln Park, priced within your budget and size requirements; a great selection of properties in one of Chicago's most popular neighborhoods.  There are 39 rental properties, priced between $2000 and $3500; also a great selection.  Given the cost to own is about the same as to rent a similar property, even before you consider the tax advantages, it doesn't make financial sense to rent. Hope this is helpful, Debra
  • December 16 2013
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Profile picture for pchrys3
Even at that price point, when you factor tax write offs, appreciation, etc , it will be cheaper in the long run to purchase. I would say at $700k range, you're options aren't "decent" but great. 
  • January 06 2014
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Profile picture for John R Lyons
Hi Jordan,

Congrats on your move to Chicago! I hope you grow to love this city as much as I do. 

What a great time to buy! Housing affordability is the highest it has been in decades. That said, I would highly recommend buying.

If there is anything I can do to help please do not hesitate to call or email. 

All the best, 

John 



  • December 19 2013
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Profile picture for Matt Laricy
Buy Your throwing big money away on rent. Talk with some agents one on one. This way you have someone to walk you through the process at no cost.
  • December 16 2013
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Profile picture for bjtregoning
You will have decent options at that price point. Let me know if you need any help.
  • December 16 2013
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Hi Jordan,

The way I see it, if you decide to rent, you throw your money away by paying rent each month. If you were to buy, your payments would get you one step closer to owning your home free and clear. Others may have different views, but that's the way I look at it.

You should contact a lender to give you a professional assessment. Feel free to contact me via my profile if you have any questions, or to get started!


Thank you,

Ashley 
  • December 16 2013
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Home ownership is king. Contact me if you need help.
  • December 16 2013
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