The Cost Difference Between Buying and Renting a Home

Here are the differences between buying and renting a home right now.  

Many renters have the goal of buying a home in the future, but choosing the right time to do so can be a tricky decision to make. There are a few situations where it might be better to continue renting, but buying a home allows you to build equity and receive substantial tax breaks. However, the costs involved with buying a home can seem overwhelming, but comparing the price you pay when renting versus buying shows that homeownership is an unbeatable deal. Today we’ll be going over those differences in detail.

For your convenience, I’ve included timestamps for today’s topic. Feel free to navigate to the section(s) you’re most interested in viewing:

00:16: Introduction to the costs of buying versus renting a home

01:00: How much your rent adds up to

01:30: What your monthly rent could get you if you bought a home 

02:15: The tax benefits you receive from homeownership

03:15: How equity builds up when you buy a home

03:35: Home value rises substantially over time 

04:22: Should you buy while the market is declining?

04:55: What happens if home values shoot downward?

05:30: Losses aren’t as big a deal as you might think

05:45: Summary of the key factors to consider before buying a home

06:20: Conclusion to today’s video

If you’re thinking about buying a home and would like to learn more about our market, feel free to reach out to me with any questions you may have. I look forward to hearing from you soon.