Rent vs. Buy

Rent vs. Buy

Should you rent or buy?

You need a new place to live. What should you do? Keep renting or play the real estate market as a buyer? There are certainly pros and cons to each option. And since this is one of the most important financial decisions adults have to make, it’s a good idea to weigh these pros and cons thoroughly, applied to your unique situation. To help you answer this question, take a look at a comparison of the most important costs associated with buying vs. renting a house.

Choose house price


$320,000







 

Renting $1,056
per month

  • Rental Amount
  • Renter's Ins
  • No Taxes
  • No R&M
  • No Appreciation
  • No Tax breaks
  • No HOA
  • Low credit risk
  • Deposit

Buying $1,621
per month

  • Mortgage
  • HO Ins
  • Property taxes
  • R&M
  • Appreciation
  • Tax breaks
  • HOA
  • High credit risk
  • Down payment

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If you can rent for less than $1,621
per month
then renting is better.

Calculation based on a 30 year mortgage at 4.5%, with a 2% tax rate.

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