Posted
by
on Sunday, December 25th, 2016 at 7:40pm.
I know a lot you may have the same question, "Should I keep renting?"
Well, I hope this informative chart by Ginnie Mae can help you answer that question:
The chart below 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
Also, check out THIS rent vs. buy calculator that takes into account where you are currently renting to get a detailed breakdown of costs.
