Monday, July 13, 2015

Smoking vs Buying a Chicago Condo

Uptown Chicago cig sign
cig sign @Lawrence & Marine, Chicago

Okay, I'm not a tobacco user so I have no dog in that fight (see above pix). To each his/her own, etc. However, simple math reveals that the money spent on a two pack a day habit ($11.80 per pack + tax in the city...geez) would easily cover the principle, interest & PMI payment on most two bed/one bath condos currently for sale in the Uptown neighborhood of Chicago. And...quitting for 18 months would cover most of the necessary 10% down payment. Simply put, quit smoking and buy some property, fellow hipsters. Even in the worst real estate market, it won't kill you.

Condo Sale Price      = $150,000

10% Down Payment  = $  15,000

Monthly P&I @4%     = $       665

Monthly PMI            = $         56

ps...quit drinking, too...and you can probably buy a Lexus.