Century MLS Realty
Tel: 404-810-1800

 
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Home Owners versus Renters

There are many advantages to buying a home versus renting one. View these advantages in the Buy vs. Rent Comparison Charts below. 
You can become a home owner and pay about the same as or less than the amount you spend on rent. With the tax benefit for homeowners, the savings can be significant.
You can write off the property taxes. On a monthly payment of $629 at a 5.75% interest rate, $479 is interest, $104 can be taxes. Your total reduction is $104.
If you qualify for any of the down payment assistance programs that we offer, you can purchase a home without any down payment out of your pocket!
Most home sellers are willing to pay a portion or all of the closing cost.
The charts below show cost comparison for renter and a homeowner over a period of years
Buy vs. Rent Comparison Charts
Check out the Differences
If your rent is:
 
After 2 Year
After 4 Year
After 6 Year
$ 600 per Month
You Lose
$14,000
$28,000
$43,200
$650 per Month
You Lose
$15,600
$31,200
$46,800
$700 per Month
You Lose
$16,800
$33,600
$50,400
$750 per Month
You Lose
$18,000
$36,000
$54,000
$800 per Month
You Lose
$19,000
$38,400
$57,000
 
The renter starts out paying $800 per month with annual increases of 5%
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
Years
Rent Payment
Mortgage Payment
Monthly Difference
After Tax Savings
Yearly Difference
After Tax Savings
3
882
800
-118
+32
-1416
+384
4
926
800
-74
+76
-888
+912
5
972
800
-28
+122
-336
+1464
6
1021
800
+21
+171
+252
+2052
7
1072
800
+72
+222
+864
+2664
8-30
 
 
Savings increase every year
Buy vs. Rent Advantages and Disadvantages
 
Home Owner
 Advantages
Property builds equity or Wealth
Sense of community, stability, and security
Free to change decor and landscaping
Not dependent on landlord to maintain property
 
Renter
 
Disadvantages
No tax benefits
No equity is built up
Possibility of eviction
No control over rent increases
   Your income plays an important role in determining how much a mortgage you can afford. To figure out the amount you can afford, contact us at 404-810-1800
 
 
 

 

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CENTURY MLS Realty, Inc. is a licensed real estate corporation in the State of Georgia. Site design, layout and graphics CENTURY MLS Realty, Inc.  The information appearing on this page has been produced by CENTURY MLS Realty, Inc. CENTURY MLS Realty, Inc. is solely responsible for the accuracy and content of information appearing on this page. Some errors may occur for which CENTURY MLS Realty, Inc. is not responsible. 
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