Cost of Renting Vs. Buying a Home

    Cost of Renting Vs. Buying a Home

    Cost of Renting Vs. Buying a Home

    Buy a Home in Dallas / Fort Worth

    One question that puzzles most people looking for a home is whether buying a home makes more sense or renting. For some, buying might be the right decision, while for others renting seems to be a better choice. If you’re stuck deciding between buying and renting, you’ve come to the right place. We have covered the bases for you to decide the best option.

    Buying or Renting: Know the Pros and Cons

    Cost of Renting Vs. Buying a Home in DallasMost decisions (regarding buying or renting) are often based on assumptions. But in order to get the best return on investments, you should weigh the pros and cons of buying and renting before making a decision. Here is a comparative analysis of buying vs. renting to help you decide better.

    Equity

    When you rent a home, you actually pay off the landlord’s mortgage or add to the equity of his/ her bank account. But if you own a home and pay off the mortgage successfully, you can take advantage of the equity in your property and borrow against it whenever required.

    Tax Benefits

    Homebuyers get excellent tax benefits for the mortgage payments they pay monthly. However, there are no such benefits for the renters. Homeowners can even get certain benefits if they quality to the specific requirements of IRS.

    Control Over Property

    One of the biggest drawbacks of being a renter is that you have no control over the property – so you can’t paint the walls or make modifications according to your requirements. But for homeowners, there is nothing to worry about. They can do anything they want with their home to make sure it suits their personal taste and needs.

    Now let’s get into the numbers for more clarity. Here’s a state-wise list of the current average buying vs. renting stats.

    State  Monthly Rent   Monthly Mortgage 
    Alabama  $                  950  $                            859
    Alaska  $              1,690  $                         1,356
    Arizona  $              1,250  $                         1,223
    Arkansas  $              1,050  $                            769
    California  $              2,400  $                         2,221
    Colorado  $              1,700  $                         1,837
    Connecticut  $              1,700  $                         1,486
    Delaware  $              1,300  $                         1,375
    Florida  $              1,695  $                         1,297
    Georgia  $              1,200  $                         1,029
    Hawaii  $              2,347  $                         2,862
    Idaho  $                  995  $                         1,199
    Illinois  $              1,600  $                         1,078
    Indiana  $              1,025  $                            745
    Iowa  $              1,095  $                            836
    Kansas  $              1,150  $                            836
    Kentucky  $              1,000  $                            849
    Louisiana  $              1,250  $                         1,022
    Maine  $              1,500  $                         1,104
    Maryland  $              1,700  $                         1,446
    Massachusetts  $              2,500  $                         1,941
    Michigan  $              1,000  $                            741
    Minnesota  $              1,400  $                         1,085
    Mississippi  $              1,100  $                            791
    Missouri  $                  950  $                            768
    Montana  $              1,100  $                         1,348
    Nebraska  $              1,200  $                            884
    Nevada  $              1,275  $                         1,196
    New Hampshire  $              1,475  $                         1,240
    New Jersey  $              1,900  $                         1,428
    New Mexico  $              1,125  $                         1,043
    New York  $              3,295  $                         1,660
    North Carolina  $              1,175  $                         1,089
    North Dakota  $              1,250  $                         1,144
    Ohio  $              1,075  $                            700
    Oklahoma  $              1,050  $                            867
    Oregon  $              1,550  $                         1,562
    Pennsylvania  $              1,395  $                            934
    Rhode Island  $              1,750  $                         1,416
    South Carolina  $              1,250  $                         1,121
    South Dakota  $              1,100  $                         1,033
    Tennessee  $              1,195  $                            934
    Texas  $              1,425  $                         1,271
    Utah  $              1,275  $                         1,517
    Vermont  $              1,500  $                         1,226
    Virginia  $              1,650  $                         1,465
    Washington  $              1,650  $                         1,515
    West Virginia  $              1,098  $                            832
    Wisconsin  $              1,200  $                            921
    Wyoming  $              1,100  $                         1,199

    From the above table, it’s clear that buying a home is a cheaper and wiser option than renting a home.

    Make Home Buying the Decision of Your Life – Call Us to Buy a Home in Dallas / Fort Worth

    Homebuyers in the U.S have access to some of the best home loan grants and programs. Therefore, it is much easier for them to turn their home buying dreams into reality. No matter what your financial state is, you’ll be able to find a loan program that’s perfect for your home buying needs.

    The best part – there are several programs that require zero down payments, so homebuyers don’t need to worry about accumulating a lump sum amount in order to purchase their dream homes. However, with so many choices, it often becomes overwhelming for the homebuyers to choose a program that is best fit for you. This is where professionals can help you. Thus, by working with the right real estate agent or realtor you can evaluate the best-suited options and decide which way to go. This is where we can help you!

    So if you have been looking forward to change your status from ‘renter’ to a ‘homeowner’, get in touch with us today! We can help you get access to the best homebuyer programs to make your home buying dreams come true.

    Cost of Renting Vs. Buying a Home in Dallas

    Call Us to Buy a Home in Dallas / Fort Worth

     

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