Like many old Midwestern towns, Chicago's growth has stagnated over the past decade.
Tepid demand for housing has kept values reasonable, with the median home price in the area at just $170,000.
Rental costs, however, are comparatively high, at nearly $1,600 a month. That means a prospective buyer would need to have a very short time horizon and a bad credit history for it to make more sense to rent.
After only three years, a homeowner would pay 33% less in housing costs than a renter and 50% less after seven years, according to Trulia.
From Los Altos, Calif. to Brooklyn, N.Y., these 20 cities had the highest number of home sales exceeding $1 million during the 12 months ended June 30, 2013.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||4.48%||4.38%|
|15 yr fixed||3.49%||3.42%|
|30 yr refi||4.47%||4.37%|
|15 yr refi||3.48%||3.41%|
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