Wondering if you should rent or buy?

August 24, 2010

Are you listening to the news of low home prices and low mortgage rates? Been dreaming of owning some Wisconsin property of your own rather than renting? Now may be the time to take a serious look at owning versus renting.   The chart below shows a cost comparison for a renter and a homeowner over a seven year period.

 information provided by Ginne Mae

Using the example above, the rent payment starts off lower than this example mortgage payment. Over time, with rent increases, it surpasses the mortgage payment.  With homeowning, you can deduct your mortgage interest which adds up to large savings over time.  Homeowning typically has been a way to build wealth. You may find this previous blog article helpful as well. With low housing prices today and low mortgage rates, it is an incredible time to purchase a property – especially for those with good credit.  Have a home buying question? Go ahead and ask First Weber.

Thanks for reading the First Weber Wisconsin real estate blog. We hope you found the buy versus rent chart useful and hope when you are ready to buy, you will think of First Weber.

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