Published September 25, 2025

From Rental to Home Ownership

Written by Daniel Fitch

From Rental to Home Ownership header image.

🏡 From Rental to Home Ownership: Your Step-by-Step Guide

Why Make the Move from Renting to Owning?

Renting may feel convenient, but month after month, you’re building someone else’s wealth—not your own. Transitioning from rental to home ownership offers:

Equity Growth: Each mortgage payment builds your ownership stake.
Stability: Lock in a monthly payment instead of facing rising rent.
Tax Benefits: Mortgage interest and property tax deductions can save money.
Freedom: Renovate, decorate, and truly make the home yours.

For many Chicago residents, owning a home means not only financial security but also becoming part of a neighborhood community.

Steps to Transition from Rental to Home Ownership

1. Assess Your Finances

Review your credit score (aim for 620+, ideally higher).
Calculate your savings for a down payment—options start as low as 3–5% for first-time buyers.
Consider closing costs (about 2–5% of the purchase price).

2. Get Pre-Approved for a Mortgage

Pre-approval shows sellers you’re serious and helps define your budget. Work with a lender who understands the Chicago market for the best loan programs.

3. Define Your Needs and Wants

Do you want a condo in Lincoln Park, a single-family in Naperville, or a townhome in Bronzeville? Knowing your priorities saves time during the search.

4. Partner with a Local Expert

A real estate professional like The Saladino Sells Team can guide you through neighborhoods, market trends, and negotiations.

5. Make the Move

Once you find your home, it’s time to write an offer, complete inspections, and close. Before you know it, you’ll have keys in hand!

Renting vs. Buying in Chicago: The Numbers

Average Rent in Chicago (2025): $2,450/month
Median Home Price: $356,000
Mortgage Estimate: A $356K home with 5% down = ~$2,300/month (including taxes & insurance)

👉 In many neighborhoods, buying costs the same—or less—than renting.

How The Saladino Sells Team Helps First-Time Buyers

Transitioning from rental to ownership can feel overwhelming, but you don’t have to do it alone. The Saladino Sells Team specializes in guiding first-time buyers with: