Is it better to buy or rent? The chart shows a cost comparison for a renter and a homeowner over a 7 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.
Source: Ginnie Mae & the National Association of Realtors
Whether buying is better than renting depends on many factors. As a member of the National Association of Realtors, I take great pride in helping clients answer this question so they have the information needed to make the right decision.
Real Estate is still the number one investment one can make to help build wealth. With historic low interest rates, now is the time to buy.
I am happy to assist you and your family in achieving home ownership.