Why buy when renting is less expensive?
In the long run, buying a home has always been a better deal than renting. Here is why…
If you rent and pay $800 per month for 10 years:
You spend $96,000
You get $0 equity
If you buy and pay $1,050 per month for 10 years:
You spend $126,000
You get $138,910 equity
And while it is typical for rent to increase each year, with a fixed-rate mortgage you know what your home payment is going to be for the next 30 years.