Renting VS Buying

Renting VS Buying

Are you asking yourself this question, “Should I rent, or should I buy?” That’s a great question. Let us help you break it down!

Home ownership used to be the American Dream but with today’s rising interest rates, limited supply of homes and massive student loan debt, it may make more sense for many Americans to choose to rent. 

Everyone’s situation is different. There is no “one size fits all” when making this life choice. But if you run the numbers, you may be surprised with the savings you’ll get from renting!

Cost to Own

Based on a $350,000 loan for 30 years @ 7% interest   

Interest            $2,031.84               

Principal          $296.02 

Mortgage                               $2,327.86     

Taxes                                         $266.67         

Homeowners Insurance        $105.00       

Maintenance                            $100.00

(Cleaning, Filters, Light Bulbs, etc.)                                  

Irrigation, Lawn Care, and

Snow Removal                          $175.00     

Total Cost Own                     $2,974.53     

Cost to Rent                       

Rent                                            $2,175.00     

Taxes                                          Included         

Homeowners Insurance        Included         

Maintenance                            Included 

(Cleaning, Filters, Light Bulbs, etc.)                                      

Irrigation, Lawn Care,               

and Snow Removal                 Included   

Total Cost to Rent                    $2,175.00     

Monthly Savings to Rent         $799.53         

The savings listed above speak volumes! Now that you are saving bank each month you might be able to focus on paying off your student loans, paying off that car loan, and maybe even save for a vacation.

There is more than just a financial component. Renting also allows for more flexibility. If your goals are to travel more and to be less tied down, renting is a great option. Yard work – no worries, we’ll take care of it. Plowing – we’ve got you. Somethings broke in your rental – maintenance will fix it.

Overall, we think renting is a great option for many reasons; it costs less than owning, gives more flexibility and less responsibility. We hope you choose to live at one of our T Buck Properties and see for yourself!