Is it better to buy or rent? Whether renting is better than buying depends on many factors. NAR members help their clients answer this question with statistics and studies on home owners and renters as well as financing options and tips.
Chart showing a cost comparison for a renter and a homeowner over a 7 year period.
Source: Ginnie Mae
The chart shows a cost comparison for a renter and a homeowner over a 7 year period. 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.
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Check this easy way to get an idea of what your home is worth today. Just enter the data and presto, using real data from our local MLS, you get a fairly accurate estimate of your property's value. This estimate does not take place of the need for an appraisal for lending or other business need. This estimate is limited to data within the MLS system and an appraisal take into account physical condition, structural improvements, and more so the appraisal is far more detailed and provides a more accurate valuation.