Rising Rents Prompts The Question: Is It Time To Buy?

Portland, Maine: With continuing rising rents while interest rates remain low it could be the right time if your renting to ask, is it time to buy?

The chart below shows a cost comparison for a renter and a homeowner over a 7 year period.

The renter starts out paying $800 per month with annual increases of 5% The homeowner purchases a home for $110,000 and pays a monthly mortgage of $1,000

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

 

BUY vs RENT COMPARISON CHART:

Source: Ginnie Mae.

 

Why pay your landlords mortgage? If you are currently renting your home or know someone who is please call us today to find out about the financial benefits of owning a home of your own. Today’s market conditions mean your timing could not be better. Call on 207-553-2662 or email us at trubritrealty@gmail.com.  

 

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