Buying a home has long been the American dream. There are various reasons people choose to buy their first home. In most cases, buying a home is a valuable investment and opportunity for financial growth. Many times the question arises, “Should I continue to rent or buy a home?” The chart below 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.
Use this mortgage calculator to calculate your monthly mortgage payments quickly and easily.
The Realtor.com Rent vs Buy Report compares median monthly costs of renting and buying relative to median income in 3,142 US counties. This interactive report allows users to zoom in their specific areas of interest. Choose a state and hover over each county to see details. Click here to view the report.