What's Better: Buying or renting a home? - Houston weather, traffic, news | FOX 26 | MyFoxHouston

What's Better: Buying or renting a home?

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CHICAGO (FOX 32 News) -

As the cost of renting and owing a home in Chicago continues to rise, the question being asked by many first time potential home owners is obvious: rent or buy?

FOX 32 News spoke with Dennis Rodkin Thursday, he covers residential real estate for Crain’s Chicago Business. FOX 32 asked him about renting versus buying. He said that if you have the funds available, it's a no brainer.

"Now is a very good time to buy. It's difficult to buy because inventory is so low, but it's a good time to buy because you are locking in prices that are going to continue to go up. They have come up quite a bit, but they have more room to grow," Rodkin said.

However, if you have to rent, Rodkin said options in Chicago for young people on a budget are far and few between. He said that developers are focused on building new, high end, high rent apartments and condos. But, renting is still a popular option for young people, which in turn has an effect on the overall cost.

"One of the things that's making renting more appealing, or even more necessary right now is that more young people or potential first time buyers are saddled with a lot of student debt or credit debt, they are under employed, so they are not in a position to buy. They stay in the rental market which then of course swells the rental market," Rodkin added.

Rodkin also said a major issue in Chicago is that new construction is focused on high end properties. He said that few developers are building new rentals for Chicago’s middle class. That is forcing many to relocate out of Chicago and into the suburbs.

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