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

Dated: April 29 2021
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Rent vs. Own
Here's what it will cost you to buy a $235,000 home versus renting at $1,500 per month. |
Initial Costs
$10,576 | $4,500 |
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
$1,411 | $1,500 |
Mortgage Payment | Rent Payment |
Over a 5 year period, the cost of buying a home is $47,182 less than renting one!
5-Year Summary | Buying | Renting |
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 |
Net Expense | $44,318 | $91,500 |
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,....
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
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