[bwc150]

I'm also in Chicago and have done a similar analysis. But I'd argue there are two main reasons for the per-month costs for owning are cheaper than for renting:

- Illinois is broke and is going to increase real estate taxes every year for the foreseeable future. So while you can also sell to escape the tax bill, the value will just drop to compensate. - There are many fixed costs to buying a place that aren't reflected in the monthly bills. Such as closing costs on both the purchase and sale (including chicago's lovely transfer stamp tax, realtor commissions, etc).

Also keep in mind how many high-rise condo buildings are going up right now. This can only be bad for prices of "old" condos around the city.