Should I rent or buy?
Hi, Terry –
I have learned more from you on WGN radio in the last 2 years than I knew for the previous 70 years! Thank you for your down-to-earth and clear explanations.
I am a 72 year old woman who retired from a full time position at XXX University in 2018 but came back for an adjunct position in 2019. I plan to fully retire this spring. I have been renting in Chicago since June 2009 and need to move now. My question is: should I rent or buy? Which option would work out best for me? I realize you probably need more financial information from me which I am happy to share. Thank you for your consideration and I look forward to hearing from you.
Terry Says
That depends a lot on where you ultimately want to live for the next 15-20 years. Is there a point at which you might consider moving into a congregate living scenario? Renting give you a lot more flexibility.
Yes, rents will rise with inflation and property taxes. But property taxes will also impact home (or condo)ownership. Still, rates are pretty low right now, so if you think you would stay in your place for at least 10 years, I would think you could consider buying now.
