You’ve finally found the home of your dreams. It’s perfect, the price is right, the neighborhood is wonderful (and walkable!) and it has some really awesome appliances. But when you go to your
To Rent Or To Buy
Buying vs. Renting
Below shows a cost comparison for a renter and a homeowner over a seven year period.
The renter starts out paying $800 per month with annual increases of 5% The homeowner purchases a home for $110,000 and pays a monthly mortgage of $1,000
After 6 years, the homeowner's payment is lower than the renter's monthly payment
With the tax savings of homeownership, the homeowner's payment is less than the rental payment after 3 years.
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Source: Ginnie Mae
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