A couple who bought their house in a city known for cheap housing has found a bargain: they are leasing it for just $5.50 per month.
Karen and Mike Kannemeyer, of Arlington Heights, Illinois, are renting the modest home for three months on the city’s lower east side, just off of I-90.
Their lease is $3,500 per month, so the couple’s monthly rent is $500 less than the market rate.
But the home is far from cheap.
For example, the Kannemseyers’ two-bedroom unit rents for $2,500 a month, while the three-bedroom is listed for $4,200 a month.
The Kannesers are saving money by paying less than half the market rent, but that’s not enough to buy the house.
They also plan to add a pool table and a deck for a smaller living space, so they don’t have to pay the full market rent.
For now, the couple is taking a break from living in the city, which has been one of the worst for affordability.
Last year, the U.S. Census Bureau estimated that the cost of housing in Chicago was the highest in the nation, surpassing Los Angeles and Atlanta, according to the New York Times.
While the cost may seem high, the fact is, the median price of a home in the U