Check the chart – Chicago is “cheaper to buy” than rent

Time to Rent or Buy? Depends Where You Live

This chart shows the percentage difference between the average monthly rent and mortgage payment for a median-priced, single-family home in communities across America. For example, in San Jose, Calif., the monthly mortgage payment averages $2,600, while rent is about $1,000 less. That’s about 60 percent cheaper. But in Cleveland, it’s the opposite. The average rent is about $750 per month, while the cost of buying is $420, or about 44 percent less.

http://www.npr.org/2011/06/08/137029194/for-many-its-still-a-good-time-to-buy-a-homeMicrosoft%20Office%20Word%202007.lnk