Rent vs BuySarah Marrinan

The great debate: Rent vs Buy a Home

You may be wondering is buying right for you. Here is a comparison chart that may help you consider both sides.

Buy
 		Rent
  • You plan to stay in one general location for an extended time
  • Your rent is as high as a mortgage payment (PITI) for a similar or better home
  • You have a family and kids in school
  • You can afford a home large enough to have a roommate renting from you benefiting YOUR home equity growth
  • Tax Deductions
  • Affordable mortgage interest rates
  • You want a place for your family to call home
  • Nice homes are available in your price range
  • You are buying in an area with rising prices
  • You get relocated a lot for work or school
  • You travel a lot AND have no handyman skills
  • You are new to the state/area and not sure where you’d like to be
  • Your credit is bad and/or you have zero downpayment
  • Homes you can afford have high maintenance costs or in poor condition
  • There are rentals that have all the amenities you desire without long leases


Renting vs Buying a Home In the News:

August 8, 2016 –Trulia’s latest Rent vs. Buy Report explained that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States.

January 25, 2016 – Buy or rent? Zillow CEO shares real estate tips


September 22, 2015 -According to the latest Beracha, Hardin & Johnson Buy vs. Rent (BH&J) Index, home ownership is a better way to produce wealth, on average, than renting.


View a Buying vs Renting Calculator from Realtor.org (Assuming you will not have a roommate renting from you.)

Share this rent vs buy chart: