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Why rent if you could buy?
Why rent when you may be able to own your own home for not much more than you're paying in rent? Check the chart below to see how quickly rent payments can add up. Maybe it's time to invest that money in something that lasts — a home of your own.
| Monthly rent |
3 years |
10 years |
15 years |
30 years |
| $1,000 |
$36,000 |
$120,000 |
$180,000 |
$360,000 |
| $1,250 |
$45,000 |
$150,000 |
$225,000 |
$450,000 |
| $1,500 |
$54,000 |
$180,000 |
$270,000 |
$540,000 |
| $1,750 |
$63,000 |
$210,000 |
$315,000 |
$630,000 |
| $2,000 |
$72,000 |
$240,000 |
$360,000 |
$720,000 |
| $2,250 |
$81,000 |
$270,000 |
$405,000 |
$810,000 |
| $2,750 |
$99,000 |
$330,000 |
$495,000 |
$990,000 |
| $3,000 |
$108,000 |
$360,000 |
$540,000 |
$1,080,000 |
Enjoy the financial benefits of homeownership. Many times, the after-tax cost of a home loan can be less than the cost of rent. That's because part of each mortgage payment is interest on the loan and that interest may be tax-deductible. In most cases, you can deduct property taxes, too. Consult a tax advisor for details.
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