Considering mortgage rates in the beginning of 2018 are still below 4%, a monthly mortgage payment can be less than what you pay for rent. Benefits to owning your own home are, equity gain, appreciation of home and a tax deduction, even more reason to buy.
If you are currently renting, money is being thrown out the window, it is not a tax deduction. Rent goes to the landlord who most likely pays his monthly mortgage payment with your rent.
Just for fun, here are some numbers to help you compare rent vs owning
Rent payment $1,933. compare with a 5.0% rate, mortgage payment, home value of $360,000.
Rent payment $1,766. compare with a 4.0% rate, mortgage payment, home value of $370,000.
Rent payment $1,706. compare with a 3.5% rate, mortgage payment, home value of $380,000.
As you may have figured out, it can be cheaper to own a home rather than to rent. Additional benefit in owning a home, it’s a hedge against inflation. Rent will continue to go up over time. Owning a home is an accumulation of net worth for your future.
For guidance on your specific situation, give me a call (909)709-6339