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

 

Scott Browder, Charlotte homes for Sale, offers live video of Homes on YouTube

Please check out my new YouTube feature to view homes. Here is my listing at 4600 Castleton Road