Realities and Myths of Owning a Home

Reality: Buying Doesn’t Cost Less than Renting

2. Reality: Buying Doesn’t Cost Less than Renting

Most people who are new to the home ownership discussion believe that buying a property for their personal residence ends up being less than “throwing away” money to a landlord by renting. However, the reality is buying ultimately costs more than renting when you consider all of the costs associated with buying a home. The down payment (if required), closing costs, the mortgage payment, which includes principal and interest, taxes and insurance, and ongoing maintenance all add up to more than what you would pay for a rental property.

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