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The Cost of Renting vs. Buying a Home [INFOGRAPHIC]

The Cost of Renting vs. Buying a Home [INFOGRAPHIC] | Simplifying The Market

The Cost of Renting vs. Buying a Home [INFOGRAPHIC] | Simplifying The Market

Some Highlights:

  • Historically, the choice between renting or buying a home has been a tough decision.
  • Looking at the percentage of income needed to rent a median-priced home today (29.2%) vs. the percentage needed to buy a median-priced home (15.8%), the choice becomes obvious.
  • Every market is different. Before you renew your lease again, find out if you can put your housing costs to work by buying this year!
  • According to you DO NOT need a lot of cash for a down payment or a high credit score. Give us a call and let’s talk about making you a homeowner; you may be pleasantly surprised. Jim and Ann, Direct number which we will answer. 603-436-1221.
  • The first consideration in the rent vs. buy decision is often how much each will cost and what the possibilities are, some people have no option other than the ones from due to their broken lease. If you rent a home, your monthly costs are generally fixed for the term of the lease. Your monthly rent may or may not include utilities such as electric, gas, cable or internet. Most leases require the first month’s rent, last month’s rent and a security deposit equal to one month’s rent in advance.
  • For an apartment that costs $1,000 per month, you’d typically need $3,000 up front. Keep in mind, though, that landlords can in most places increase the rent as much as they like when the lease ends or sell the property you’re renting, so you may have to move a few times.

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