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Renting vs. Buying: What Does it Really Cost? [INFOGRAPHIC]

Michelle Canfield

Meet Michelle: I live in Egg Harbor Township. What I love about living here is that there’s truly something here for everyone...

Meet Michelle: I live in Egg Harbor Township. What I love about living here is that there’s truly something here for everyone...

Feb 7 1 minutes read

Some Highlights:

  • The percentage of income needed to afford a median priced home is almost half the percentage of income needed to afford median rent.
  • Buying costs are significantly less than renting costs.
  • The percentage of income needed to afford a median priced home is less than the historic norm.

Here are some example of Owning vs. Renting

ListingApprox Monthly RentApprox Mortgage Payment **
[MLS: 459829]$1800$1571
[MLS: 464507]$1200$1144
[MLS: 462092]$1250$965
[MLS: 462708]$1100$853
[MLS: 459188]$1100$944
[MLS: 464992]$1400$1261
[MLS: 469351]$1100$860
[MLS: 458118]$1400$1375
[MLS: 459116]$1450$830

**Mortgages available To Qualified Buyers based on 3.5% down payment at 4% annual interest Rate based on 30 Year term.  Included Taxes, Estimated Insurance & Condominium Association fees where applicable.

Download your Free Summer, 2016 Home Buyers Guide

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