Renting vs. Buying ~ Which is Right for You?
Just about everyone feels better when they're living in a home they can call their own. There are so many advantages to owning your own home ~ tax benefits, financial security, family stability and peace of mind, just to mention a few.
In the long run, you are most likely losing money by renting instead of owning your own home. Wouldn't you rather be building up equity in a home instead of giving your hard-earned money to your landlord? Take a few moments to look over this chart and see where your money is going:
If your rent per month is ...... |
In 3 years |
In 5 years |
In 10 years |
|
$500 |
$18,000 |
$30,000 |
$60,000 |
|
$550 |
$19,800 |
$33,000 |
$66,000 |
|
$600 |
$21,600 |
$36,000 |
$72,000 |
|
$650 |
$23,400 |
$39,000 |
$78,000 |
|
$700 |
$25,200 |
$42,000 |
$84,000 |
|
$750 |
$27,000 |
$45,000 |
$90,000 |
|
$800 |
$28,800 |
$48,000 |
$96,000 |
|
$850 |
$30,600 |
$51,000 |
$102,000 |
|
$900 |
$32,400 |
$54,000 |
$108,000 |
|
$950 |
$34,200 |
$57,000 |
$114,000 |
|
$1000 |
$36,000 |
$60,000 |
$120,000 |
|
$1050 |
$37,800 |
$63,000 |
$126,000 |
|
$1100 |
$39,600 |
$66,000 |
$132,000 |
|
$1150 |
$41,400 |
$69,000 |
$138,000 |
|
$1200 |
$43,200 |
$72,000 |
$144,000 |
I would be happy to answer any of your questions about the home buying process, the current market and how you might qualify to own your own home. Please give me a call or send me an email: (256) 797-6847 or [email protected].
