Chicago Agent Magazine: Renting is More Popular than Buying in Chicago

The renting trend is on the rise in major metropolitan areas across the country.

Home ownership rates are falling across the country, and Chicago is no exception. According to a recent Redfin study cited by Chicago Agent Magazine, more residents are making the decision to sign rental agreements.

While home sales jumped in 2016 and are expected to continue climbing by three percent this year, the study of home ownership rates in the nation’s 100 largest cities shows that the number of residents looking to rent is on the rise. 52 of those cities are now majority renters, including Chicago. 44.3 percent of residents are homeowners in the Windy City, which is down from 48.6 percent in 2009.

Redfin suggests that the renting trend is on the rise because home prices in major metropolitan areas are going up as they rebound from the recession. Millennials are also drawn to renting over buying in major cities as they continue moving into urban environments.

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