I was paying $3,300/mo rent back in 2020. Got a mortgage at the low rates of 2021 and got a $2,800 monthly rate. So it seems like it’s cheaper. But once I add the property tax (~$1,000/mo), HOA ($500), home insurance (~$300), it’s not at all cheaper to own than to rent. Plus paying for maintenance on our own (had to replace both the fridge and the washing machine in the time since we moved) adds up too. Not saying it was better to rent, but it was definitely cheaper.
Our home insurance and property tax are escrowed and included in the $1,900. And no HOA. But the maintenance is real, something is always breaking. Had to buy washer and dryer, replace the stove and the dishwasher. I would still much rather own than rent though.
I was paying $3,300/mo rent back in 2020. Got a mortgage at the low rates of 2021 and got a $2,800 monthly rate. So it seems like it’s cheaper. But once I add the property tax (~$1,000/mo), HOA ($500), home insurance (~$300), it’s not at all cheaper to own than to rent. Plus paying for maintenance on our own (had to replace both the fridge and the washing machine in the time since we moved) adds up too. Not saying it was better to rent, but it was definitely cheaper.
Our home insurance and property tax are escrowed and included in the $1,900. And no HOA. But the maintenance is real, something is always breaking. Had to buy washer and dryer, replace the stove and the dishwasher. I would still much rather own than rent though.