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
Most 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.
