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How much space swapping your rent for a mortgage gets you in Chicago

by Emily Mack

As any Chicagoan can tell you, rent is spiking in the city. According to a new study by Point2, the average monthly Chicago rent is now — a staggering — $2,215. For that price, many residents may consider swapping their rental payments for a mortgage.

So, what would $2,215 monthly get you?

Point2 looked at the 100 largest U.S. cities, and Chicago ranks at No. 13 in terms of space. In the Windy City, a monthly mortgage payment of $2,215 would afford you 1,156 square feet of space. That’s a median of $258 per square foot, assuming 20% down. That brings the hypothetical home price to $298,446 with a down payment of $59,689.

The top ten 10 cities with the highest square footage by the lowest price per square foot were, in order: Detroit; Cleveland; Philadelphia; Baltimore; Fort Wayne, Indiana; Chesapeake, Virginia; Toledo, Ohio; Milwaukee; Orlando, Florida; and Indianapolis.

In the majority of the 100 cities, however, trading up the average rent payment for a monthly mortgage would currently result in less than 1,000 square feet of space. Oana Solomon, the head analyst on the Point2 project, offered some context.

“It may seem like renters who are already dishing out astronomical amounts to cover the average rent would be favored in this scenario,” she said in a press release. “Unfortunately, the markets where the rents are high also have equally high home prices, driving up the price per square foot. Consequently, renters who want to become homeowners in these competitive markets have their work cut out for them.”

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