Is it better to buy or rent?
Ten years ago, most people believed that buying a home was a more attractive and sound financial option over renting. However, a lot has changed in the past decade — and the answer is not as simple in today’s market.
Whether renting or buying is best for you depends on many factors. The information listed in the chart below will assist you in answering this question. Included are statistics and studies on homeowners and renters as well as financing options and tips.
Buy vs. Rent Comparison
The chart 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 six years, the homeowner's monthly 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 only three years.
Thinking about buying or selling a home, condo or townhouse in Grandville? Let Grandville real estate agent Shannon Benton help you uncover all your options. Contact Shannon here or call her directly at 616.340.2940. The first step is just a phone call away!