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Do You Know the Real Cost of Renting vs. Buying?

Some Highlights:

  • Historically, the choice between renting or buying a home has been a close decision.
  • Looking at the percentage of income needed to rent a median-priced home today (30%), vs. the percentage needed to buy a median-priced home (15%), the choice becomes obvious.
  • Every market is different. Before you renew your lease again, find out if you could use your housing costs to own a home of your own!

renting vs. buying

For decades, buying a home was a measure of financial success to millions of people.  You should take into consideration the pro’s and con’s of renting vs. buying. This is a question most of us will likely face in our lives if buying a house makes more financial sense than renting a home. There are ways to understand the financial impact of buying vs. renting using our mortgage calculator.

Renting vs. Buying Conundrum

Most know buying a home to build equity is one of the main financial reasons prospective buyers jump into the market, but many people also yearn for the satisfaction of home ownership.  Painting your rental apartment walls mango or some other trendy color may put your security deposit in jeopardy. But taking that same sense of color style and applying it to a tired room in an old house you just purchased is called “sweat equity.”