Rent Vs Owning

 There are many advantages to home ownership, when you look at what it actually costs to Rent compared to actually owning, the difference is unbelievable.

Rent vs. Buy Comparison Chart

This chart shows how much you will pay per year - for example if you pay $1,000 per month in rent, in 10 years you will have paid your landlord/s more than $150,000!

Monthly>>>

$800

$900 

$1,000 

$1,100 

Year 1 

 $9,600

$10,800 

 $12,000

$13,200 

Year 2

 $10,080

$11,340 

$12,600

$13,860

Year 3

 $10,584

$11,907

 $13,200

$14,553

Year 4 

 $11,113

$12,502

 $13,892

$15,281 

Year 5 

 $11,669

$13,127

 $14,586

$16,045

Year 6 

 $12,252

$13,784

 $15,315

$16,847

Year 7 

 $12,865

$14,473

 $16,081

$17,689

Year 8 

 $13,508

$15,197

 $16,885

$18,574

Year 9 

 $14,184

$15,957

 $17,729

$19,502

Year 10 

 $14,893

$16,754

 $18,616

$20,478

TOTALS

 $120,748

 $135,841

 $150,935

$166,028 

The chart below shows a seven year period of cost comparison for a renter and a homeowner.

The renter starts out paying $800 per month with annual increases of 5%

The homeowner purchases a home for $110,000 and pays a monthly mortgage of $1,000

After 6 years, the homeowner's payment is lower than the renter's monthly payment

With the tax savings of homeownership, the homeowner's payment is less than the rental payment after 3 years

Years
Rent Payment
Mortgage Payment
Monthly Difference
After Tax Savings
Yearly Difference
After Tax Savings
1 800 1000 -200 -50 -2400 -600
2 840 1000 -160 -10 -1920 -120
3 882 1000 -118 +32 -1416 +384
4 926 1000 -74 +76 -888 +912
5 972 1000 -28 +122 -336 +1464
6 1021 1000 +21 +171 +252 +2052
7 1072 1000 +72 +222 +864 +2664
8-30 Savings increase every year

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