How do rental prices compare to purchasing a home in the Hyde Park area?

You can certainly find apartments for much cheaper than buying a house, but of course there will be less space. If you can afford to buy a home and you plan to stay in the home for 5-7 years, you are likely to come out ahead buying if you can afford it. Many young professionals find that they can't afford Hyde Park homes and their only option is to rent if they want to be in the area. The cheapest Hyde Park homes usually are around $200K (small and dated) and go up from there (often $500K+). Don't forget to build in the cost of maintaining/repairing an older home in your monthly budget -- if you buy, you should allocate 1-2% of the home's purchase price in your annual budget for yearly maintenance and repairs.