Rent or Invest in Lakeview / Lincoln Park Chicago

[Ryan O.]

Hello BP,

I am about to graduate from school this upcoming May and am going to be moving to Chicago for my first ever full-time job. 

While I have rented for the past 3 years in college (been paying on average $600 / mth) I am not looking forward to renting for another couple years especially in Chicago where its almost guaranteed to be at least $1000 / mth. Thus, I was wondering if anyone on here has an opinion on whether it would be wise to look into investing in a house, duplex, triplex, etc. in the Chicago area or renting. I have not done much research as of yet, just looking to get the feelers out there and see what some other investors have to say on the subject. Also, this doesn't necessarily be a home run house. I really would be happy getting enough money to cover the mortgage, so if this is possible that would be great.

As for costs, I will let you guys help me with this a bit as I am sure some of you are very familiar with the average cost of the houses, duplexs, triplexs, etc. in the area. I will say that the salary offer was 75k with 7k signing bonus so that's about all the money I will have. As of now, I have very little money to put down too, but given its a good investment I think I'm confident I could get the money.