If you're considering moving to Glenview, you've probably been thinking about rental estimates, right? 

The average rent is around $2,600 per month, and the median home price is about $520,000, so it's understandable to have concerns.

First, let's calculate the Price-to-Rent Ratio. Dividing $520,000 by the annual rent of $31,200 gives us 16.7.

This falls within a neutral range of 15 to 20. It's hard to say definitively which side is more advantageous, but many Korean families prioritize school districts, which may affect their decision-making criteria.

Let's also look at the monthly payment. If you make a 20% down payment of $104,000 and borrow the remaining $416,000 at a fixed rate of 6.75% for 30 years, your principal and interest payment would be $2,698. Adding Illinois's high property tax of $845 per month and insurance, the total PITI would be around $3,695. This is $1,095 more than the rent of $2,600, which could be a significant burden.

You should also consider the opportunity cost of investing that $104,000 down payment. At a 7% annual return, that would yield about $7,280 per year or $607 per month. When you factor this in, the burden of buying may feel quite substantial.

However, you probably know why many Korean families choose Glenview. It's due to excellent public school districts, including the New Trier district. Compared to nearby Northbrook or Winnetka, Glenview still maintains relatively accessible price points.

If your stay is short, especially if your children are still young and you plan to move within 3 to 4 years, renting may be financially safer. On the other hand, if your children are in early elementary school and you plan to stay in the school district for nearly 10 years, it might be worth considering buying, even if the monthly burden is high, taking into account the school district premium and asset building.

For Korean households, the burden of property taxes is a significant variable. I recommend checking the property tax reassessment history when calculating actual payments. Ultimately, I want to emphasize that Glenview is a market where the answer varies depending on how much value you place on the unique aspect of the school district.