Part 4 Break Down of Renting vs Buying Costs
The age-old question... Is renting or buying the better option?
Here’s a couple of examples of the benefits of buying a home. We are using data from Rentometer 2022 which says the average rent in Columbus is $1681/month. Per ZipRecruiter the average salary is $64,582. And per Columbus Board of Realtors, the median home price is $285,000. These charts factor home insuance, maintenance costs, etc. They also allow for a 6% yearly home value increase.
Here's the rent vs buy breakdown for a $285,000 home calculated with a 20% downpayment.
The same home calculated with a 10% downpayment
So, it's pretty obvious! Even with a smaller downpayment, with all costs calculated, owning is better.
Call us today. Inventory is good, rates are within normal ranges and home prices are only going to go up in the future! 614.477.3077
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