Purchasing a Home in Charlotte vs. Renting in Charlotte

	Savings: Buying In many cases, the amount of money a renter spends on rent can be about the same as or less than the amount a homeowner spends on a mortgage. With the tax benefit for homeowners, the savings can be significant.Buy vs. Rent Comparison The chart below shows a cost comparison for a renter and a homeowner over a seven 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   Years Rent Payment Mortgage Payment Monthly Difference After Tax Savings Yearly Difference After Tax Savings 1 800 1000 -200 -50 -2400 -600 2 840 1000 -160 -10 -1920 -120 3 882 1000 -118 +32 -1416 +384 4 926 1000 -74 +76 -888 +912 5 972 1000 -28 +122 -336 +1464 6 1021 1000 +21 +171 +252 +2052 7 1072 1000 +72 +222 +864 +2664 8-30     Savings increase every year