Buy vs. Rent Comparison

The chart below shows a cost comparison for a renter and a homeowner:

                                                  as of July 25th 2018

• The renter starts out paying $700 per month with annual increases of 5%
• The homeowner purchases a home for $100,000 with 20% down a $514.14 monthly mortgage
• The homeowner’s monthly payment is lower than the renter’s
• With the tax savings of home ownership, the homeowner’s payment is even less