Benefits of Buying
Not sure whether you should buy a home? When you consider the sizable amount you pay to rent, it may make financial sense to instead use that money build equity in your own real estate.
The chart below provides a snapshot of how much you’ll pay over 30 years.
RENT
5 YEARS
10 YEARS
15 YEARS
20 YEARS
25 YEARS
30 YEARS
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
$2,200
$2,400
$2,600
$2,800
$3,000
$60,000
$72,000
$84,000
$96,000
$108,000
$120,000
$132,000
$144,000
$156,000
$168,000
$180,000
$120,000
$144,000
$168,000
$192,000
$216,000
$240,000
$264,000
$288,000
$312,000
$336,000
$360,000
$180,000
$216,000
$252,000
$288,000
$324,000
$360,000
$396,000
$432,000
$468,000
$504,000
$540,000
$240,000
$288,000
$336,000
$384,000
$432,000
$480,000
$528,000
$576,000
$624,000
$672,000
$720,000
$300,000
$360,000
$420,000
$480,000
$540,000
$600,000
$660,000
$720,000
$780,000
$840,000
$900,000
$360,000
$432,000
$504,000
$576,000
$648,000
$720,000
$792,000
$864,000
$936,000
$1,008,000
$1,080,000
RENT
No interest payment tax deductions
Rental amount may increase at any time
Landlord approval needed for any changes
No equity; your money disappears forever
Rental is temporary and you may be asked to vacate the property with as little as 30 day’s notice
BUY
Tax deductions for mortgage interest paid
Mortgage payments could be fixed
Decorate and make changes without prior approval
The value of your property may increase in time
Your house will become a home, not a temporary living situation; you are not at the mercy of a landlord