Is it worth it to buy apartment in Chicago, Illinois?

I am moving to Chicago in August to start school. I will be there for 4 years minimum. My family is looking to purchase an apartment in the University Village area. Given the current financial situation in Chicago/Illinois, is it worth it to purchase with cash now or rent now, wait 1 year, and see what happens? We are concerned with the possibility that taxes will hike again and the value will drop significantly more than what we would spend on rent in the next year as we wait to see what comes of the budget/financial situation.

More real estate tips at Program Realty Wix site

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