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% he
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.
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