Chicago's housing market: Barriers, benefits to homeownership

CHICAGO (WLS) -- Becoming a home buyer may seem like an overwhelming task for some, but Bank of America wants you to know it is possible. With Chicago having the 16th highest rent in the nation and houses not staying on the market for very long, it can seem near impossible to save up for a down payment.

Elia Reyes with Bank of America joined ABC7 Chicago in the studio to give us some insight into the housing market in Chicago and the surrounding suburbs.

Chicago remains a buyer's market, leading the nation in home affordability as interest rates continue to drop, Reyes said.

According to Bank of America's 2019 Fall Homebuyers Insight Report released on September 5, more than 90 percent of people said they are happier as a homeowner than they were as a renter. It also found most people believe that owning a home has changed them for the better and are more satisfied with their financial well-being than as a renter.

Reyes said overcoming homeownership barriers is tough, with many believing they cannot purchase a home. She said nearly 70 percent of home buyers think a down payment remains the most significant barrier achieving homeownership.

Individuals interested in owning their first home should speak with a lending specialist or visit bankofamerica.com/firsthome for more information.