Switched from leasing downtown to buying in Corktown after running the numbers

I spent 3 years paying $4,200 a month for 1,200 square feet on Woodward, but when I finally added up what I'd spent versus what a small building in Corktown would cost to own, the math made no sense to keep renting. Has anyone else here made the jump from lease to ownership and regretted it?

3 comments

3 Comments

terryk106d ago

Did you see that piece in the Freep a couple months back about people leaving downtown rentals for the neighborhoods? Claimed the average renter downtown was paying nearly 50% of their income to landlords. That stat kind of stuck with me. I know a buddy who bought a fixer in Woodbridge last year after renting in Midtown for way too long, and he keeps saying the mortgage feels less painful than rent ever did, even with the repairs. The big thing is not getting stuck if you need to move quick, but if you plan to stay a while, I think you made the right call.

keith_rivera196d ago

That 50% stat is misleading, my cousin pays less than 30% downtown with roommates lol.

the_lucas1d ago

My buddy and I both bought houses in the same month last year, him in Woodbridge and me in the west side near Grandmont. My mortgage payment is literally $200 less than my old rent for a Midtown one-bedroom, and I got a whole house with a yard. Yeah, I had to replace a water heater three months in and the furnace is probably on its last legs, but I sleep better knowing that money is going to a house I OWN. The trick is just being real about how long you plan to stay and having a small emergency fund so those surprises don't wreck you.