How to Calculate Rent Payments vs Mortgage Payments
Barb Schlinker Radio Show
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What should potential home buyers consider when thinking of renting vs buying? People need a place to live and it’s a very personal decision. In the past year, home values rose over 11% and we have seen those double digit appreciation numbers for about 5 years. So, with the average price of about $430K A Very conservative appreciation in just 1 year is over $30,000 = 7%. If you plan to stay for 1 year it might make sense to buy, here is how I have made the calculation. Bank Rate.com Mortgage Calculator, So if you plan to stay for more than 1 year right now, you would make money? With the rates as low as they are… It’s actually less money to Buy vs. Rent Plus I am told there is a lot of competition for rental homes right now. I’m seeing even smaller townhomes in the best school districts rent for nearly $2000 per month. How do you determine what the Rent Rates are? You can Visit: Rentals.com or there are some Rentals in the MLS at PPAR.com In most cases, I am seeing Single Family Homes rent for between $2200 – $3300 or more right now. The exception might be if you are in the process of building a home or something that is more temporary than 1 year.
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