The Windy City is undoubtedly a buyer's a market.
Home prices in Chicago went through a slump during the second half of 2013 that left median home prices at $170,000 in January, about $10,000 below the national median.
Meanwhile, rents are well above national levels, having climbed some 7% over the past 12 months.
For buyers, the savings is significant. According to Trulia, buyers who stay in their home for seven years, will save about 47% compared with the cost of renting a comparable property.