Renting vs. Buying
Renting vs. Buying
The table below will help you see how much you'll spend in rent over the next 1, 5, 10, & 15 years. Wouldn't you rather put that money into your own home and build equity in a secure investment?
If your current rent is: $500 $600 $700 $800 $900 $1,000 $1,100 $1,200 $1,300 $1,400 $1,500
1 YR $6,000 $7,200 $8,400 $9,600 $10,800 $12,000 $13,200 $14,400 $15,600 $16,000 $18,000
5 YRS $30,000 $36,000 $42,000 $48,000 $54,000 $60,000 $66,000 $72,000 $78,000 $84,000 $90,000
10 YRS $60,000 $72,000 $84,000 $96,000 $108,000 $120,000 $132,000 $144,000 $156,000 $168,000 $180,000
15 YRS $90,000 $108,000 $126,000 $144,000 $162,000 $180,000 $198,000 $216,000 $234,000 $252,000 $270,000
Benefits of Homeownership
Home owners provide stability. Owners typically stay in their home 12 years whereas renters stay no more than three years. U.S. Census American
Housing Surveys.
Home ownership builds confidence. Owners possess significantly higher levels of self-confidence than renters. Rossi and Weber National Survey of
Families.
Home owners create positive environments for families. Children of home owners are 59% more likely to become homeowners. Their children are also 25% more likely to graduate from high school and 116% more likely to graduate from college. Boehm & Schlottmann, University of Tennessee. Home ownership improves neighborhoods. Owners are 28% more likely to improve their home and 10% more likely to participate in solving local problems. George Galster, “Land Economics” and DiPasquale & Glaeser,
Harvard’s Joint Center for Housing Studies.
Home owners are more involved in civic affairs: including voting in the last election and knowing their elected officials. DiPasquale & Glaeser, Harvard’s
Joint Center for Housing Studies.
Home ownership builds wealth. The median net worth of most modestincome owners is almost $60,000 compared to less than $10,000 for renters in the same income group. The Federal Reserve Board –
The table below will help you see how much you'll spend in rent over the next 1, 5, 10, & 15 years. Wouldn't you rather put that money into your own home and build equity in a secure investment?
If your current rent is: $500 $600 $700 $800 $900 $1,000 $1,100 $1,200 $1,300 $1,400 $1,500
1 YR $6,000 $7,200 $8,400 $9,600 $10,800 $12,000 $13,200 $14,400 $15,600 $16,000 $18,000
5 YRS $30,000 $36,000 $42,000 $48,000 $54,000 $60,000 $66,000 $72,000 $78,000 $84,000 $90,000
10 YRS $60,000 $72,000 $84,000 $96,000 $108,000 $120,000 $132,000 $144,000 $156,000 $168,000 $180,000
15 YRS $90,000 $108,000 $126,000 $144,000 $162,000 $180,000 $198,000 $216,000 $234,000 $252,000 $270,000
Benefits of Homeownership
Home owners provide stability. Owners typically stay in their home 12 years whereas renters stay no more than three years. U.S. Census American
Housing Surveys.
Home ownership builds confidence. Owners possess significantly higher levels of self-confidence than renters. Rossi and Weber National Survey of
Families.
Home owners create positive environments for families. Children of home owners are 59% more likely to become homeowners. Their children are also 25% more likely to graduate from high school and 116% more likely to graduate from college. Boehm & Schlottmann, University of Tennessee. Home ownership improves neighborhoods. Owners are 28% more likely to improve their home and 10% more likely to participate in solving local problems. George Galster, “Land Economics” and DiPasquale & Glaeser,
Harvard’s Joint Center for Housing Studies.
Home owners are more involved in civic affairs: including voting in the last election and knowing their elected officials. DiPasquale & Glaeser, Harvard’s
Joint Center for Housing Studies.
Home ownership builds wealth. The median net worth of most modestincome owners is almost $60,000 compared to less than $10,000 for renters in the same income group. The Federal Reserve Board –