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Do You Know the Cost of Renting vs. Buying? [INFOGRAPHIC]

Do You Know the Cost of Renting vs. Buying? [INFOGRAPHIC] | Keeping Current Matters

Do You Know the Cost of Renting vs. Buying? [INFOGRAPHIC] | Keeping Current Matters

Some Highlights:

  • Historically, the choice between renting or buying a home has been a close decision.
  • Looking at the percentage of income needed to rent a median priced home today (30%) vs. the percentage needed to buy a median priced home (15%), the choice becomes obvious.
  • Every market is different. Before you renew your lease again, find out if you could use your housing costs to own a home of your own!

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1 reply
  1. Steve
    Steve says:

    There are so many more things to consider that a rent or mortgage payment- e.g. cost of buying and selling if you want or have to….major repairs…liquidity….mobility….none of which are issues when you rent.
    I have been a real estate agent for over 20 years and the discussion with clients should be more than just “what is your current rent…you can afford “X” much more with the MID…”. It is the right thing to do to have a thorough discussion about many things from length of time they will be here, job security, reserve funds they have for the repairs that will be theirs and not the landlord’s if they buy, the costs involved in selling the property when that time comes, what is the real “break even” point in time (budgeting “X”/ month for short term and long term repairs)….and the list goes on.
    It is often the case that the best thing you can tell a “bank qualified buyer” is- “you are not in a good position to buy right now- you should continue renting”.

    Reply

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