Chicago’s Smallest Ownership Gap

Chicago households had the smallest rent-versus-owning gap among the 20 biggest US cities, with ownership costs running ~30% above median monthly rent.
Median Chicago rent was ~$2.2K, while a typical monthly mortgage payment, including taxes and fees, reached ~$2.9K, leaving ownership about $714 pricier.
Chicago rents kept climbing as the construction pipeline stayed slow, financing for new residential buildings remained soft, and office-to-apartment conversions expanded too slowly downtown.
The relatively smaller ownership premium may help explain why Chicago metro home prices climbed strongly yearly, as tight rental inventory pushed demand into sellers' market.
For Chicago residents weighing options, owning still cost more monthly, but the gap remained far narrower than in many peer US cities.