Rent vs. OwnHere's what it will cost you to buy a $235,000 home versus renting at $1,500 per month.Initial Costs$10,576$4,500Cost to buy includes 3.5% down payment and 1% closing costsCost to rent
Renting Versus Owning A Home
Dated: April 29 2021
Rent vs. Own
|Here's what it will cost you to buy a $235,000 home versus renting at $1,500 per month.|
|Cost to buy includes 3.5% down payment and 1% closing costs||Cost to rent includes security deposit, first and last month's rent|
Recurring Monthly Costs
|Mortgage Payment||Rent Payment|
Over a 5 year period, the cost of buying a home is $47,182 less than renting one!
|Cost (initial cost and monthly payments)||$92,236||$91,500|
|Property Taxes (2%)||$23,500||$0|
|Home Value Appreciation (2%)||$37,538||$0|
|Tax Savings (15%, interest and property tax)||$8,055||$0|
|Equity Increase (due to principle reduction)||$28,825||$0|
Buying a home instead of renting one is a wiser choice.
*Based on a median home price of $235,000 and average monthly rent of $1,500, 3.5% down payment, 3.5 interest rate, 1% annual maintanance cost, 2% annual home value increase. The above numbers are an estimate and are subject to change.
Kandi Phillips, your Florida REALTOR® Serving Naples, Ave Maria, Orangetree, Bonita Springs, Estero, Fort Myers, Cape Coral, Lehigh Acres and Labelle. Kandi Phillips embodies integrity, hard work, p....