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Is it better to buy or rent? Whether renting is better than buying depends on many factors. The information listed here will assist you in helping answer this question. Included are statistics and studies on home owners and renters as well as financing options and tips. (M. Glick, Senior Information Specialist)
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
After 6 years, the homeowner's payment is lower than the renter's monthly payment
With the tax savings of homeownership, the homeowner's payment is less than the rental payment after 3 years
There are many ways through the internet that you can search for a home. A few ways are listed below.
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