Navigating the ever-fluctuating landscape of real estate and housing markets can be a complex journey. One common question posed to our team “Is it better to rent or buy a home?”
Consider this scenario of a renter:
The renter gets a 3,000 sq ft home built in 1970 and pays $2,600.
- By 2024, his rent has gone to $4,100.
- Rent continues to rise
- He has to move every 3-5 years
- His equity is $0
- His tax right offs are $0
- His pride of ownership is $0
- He has paid down the owners mortgage $300,000
On the flip side of this housing tale is the homeowner:
The owner pays $850,000 for a 3,000 sqft home built in 1990, and pays $3,500 per month after taxes.
- The owner pays $3,800 per month after taxes.
- By 2024, paid down their mortgage over $325,000
- Over $500,000 in tax write offs
- Over $1M in equity
- The owner’s payment is locked in.
Watch Casey discuss this topic on Coffee with Casey here. If you think you are ready to buy, contact our team today.
Read more about Buying a Home with our Team.