For a long time, low interest rates meant that buying a home usually resulted in a lower monthly payment than renting. Even with rising rents, this is no longer the case across most of the country. The average monthly rent payment is lower in all 50 of the largest U.S. metro areas in 2025 than the average mortgage payment. I wish I had better news, but in Chicago, owning a home is approximately 24% more expensive than renting one, and that still makes our metro area one of the most affordable in the country.

However, a home is typically the most significant asset a person owns, and its value appreciates over time. This has been especially true recently, as we are simply not building enough housing to keep up with demand (in fact, at the current rate of building in the Midwest, it would take 41 years to meet the current demand), leading to rising home prices.

Many buyers think they have two options when it comes to home buying: condos or singles family homes. Great news—this isn’t true! There is a third option that can be a great way to grow your wealth: purchasing a 2-4 unit apartment building. In cities like Chicago, we have a larger inventory of 2-4 unit buildings that qualify for residential loans. This means buyers have the option of purchasing an investment property with as little as 3.5% down (FHA) or 5% down (conventional).

Many people without W-2 jobs believe getting a mortgage will require a considerably higher down payment, if it’s even possible at all, but I’m here to tell you that self-employed, freelance, and seasonal workers are still evaluated on the same factors as other applicants: income, credit , debt, and assets. The difference is that buyers without W-2 jobs must provide more documentation to prove they have a stable income that is likely to continue in the future.

Some buyers worry that the PMI on their loan will balloon their monthly payment extraordinarily, but this is rarely the case. When you consider that a monthly mortgage payment adds to your net worth each month through home equity, paying a little extra for PMI is often a no-brainer.

Credit scores range from 300-850, and this isn’t golf, so higher is better. But don’t worry! Just like you can pass college with a C average, you can also buy a home with fair credit!

It’s a very common misconception that you aren’t ready to buy a home until you have saved at least 20% of the home’s price as a down payment. I believed this and waited and saved up a HUGE chunk of change, but this just is not true!

Just like in every other part of our lives, every person involved in a real estate transaction is bringing their own experiences—and preconceived notions—to the table. A huge part of my job as a real estate agent is helping people sort the facts from the fiction, especially when it comes to new buyers!