Your rent payments add up fast! “Renting is cheaper” is a common mortgage myth, and while it may be true in rare occasions, buying a home saves you more money over the long run than renting. Plus, you usually get more bang for your buck with a mortgage, you can do whatever you want with your home (subject to neighborhood rules) and you build up equity. Yet, when you rent, every cent you pay during your lease is gone and into your landlord’s pockets.
Still paying rent?
Monthly Rent
3 Years
10 Years
15 Years
30 Years
$800
$28,800
$96,000
$144,000
$288,000
$1,000
$36,000
$120,000
$180,000
$540,000
$1,500
$54,000
$180,000
$270,000
$540,000
$2,000
$72,000
$240,000
$360,000
$720,000
Fact: in average, it takes only 5 to 7 years of ownership to offset the cost of renting. Breakeven horizon is the number of years that it will take for the cost of buying to equal the cost of renting and it varies by area of the country – in some locations it may take as little as 1-year to offset the cost of renting! If you are planning on staying on a location for a long period, then homeownership is the way to go.
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