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
Views: 431
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 Sue Phillips PA
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,....
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