What is the difference in cost in buying versus renting a home?
The answer may surprise you. Though many people tend to assume that renting is the cheaper option, this isn’t always the case.
Alongside the many other benefits of homeownership, it may actually be more cost-efficient for you to buy than to rent.
In fact, the percentage of income required to afford median rent is about 29.2%. The percentage of income needed to afford a median home, however, is just 15.8%.
This is a significant difference. If you’ve been renting simply because you think you can’t afford a home, you may want to reconsider.
If the issue is that you’re worried about paying your own maintenance costs, consider this: your landlord has already factored maintenance into your rent.
You’re paying a mortgage either way, so why not pay your own?
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.