Living Space, a Family's Frontier: Whether or Not to Buy a First Home

In June 2023, Irene and Peter Hansen agreed they could definitely use more space. The two-bedroom apartment the couple had been renting in downtown Evanston, Illinois, was beginning to feel a bit cramped. This resulted partly from the ever-increasing mobility of their 18-month-old daughter, Eleanor (Ellie). Irene's recent completion of her MBA from the Kellogg School of Management and pending resumption of full-time employment made it seem a good time to find a new home. With their lease expiring in August, the couple needed to decide whether to buy a house or continue to rent.