The True Cost of Renting
Many families are out there renting and practically throwing away money. With home ownership, you will at least put your hard earned money to good use.
The best way to determine if you are wasting money, is by adding up how much rent you would be paying if you lived in your current home for a year or more.
If you are renting, take a closer look:
| Rent is... | 1 Year | 5 Years | 10 Years | 20 Years |
|---|---|---|---|---|
| $350 | $4200 | $21000 | $42000 | $84000 |
| $400 | $ 4800 | $24000 | $48000 | $96000 |
| $450 | $5400 | $27000 | $54000 | $108000 |
| $ 500 | $ 6000 | $30000 | $60000 | $120000 |
| $ 550 |
$ 6600 |
$30000 | $66000 |
$132000 |
| $ 600 |
$ 7200 |
$36000 |
$72000 |
$144000 |
| $ 650 |
$ 7800 |
$39000 |
$78000 |
$156000 |
| $ 700 |
$ 8400 |
$42000 |
$84000 |
$168000 |
| $ 750 |
$ 9000 |
$45000 |
$90000 |
$180000 |
| $ 800 |
$ 9600 |
$48000 |
$96000 |
$192000 |
| $850 | $ 10200 |
$51000 |
$100200 |
$204000 |
| $ 900 |
$ 10800 |
$54000 |
$108000 |
$216000 |
| $ 1000 |
$ 12000 |
$60000 |
$120000 |
$240000 |
| $ 1100 |
$ 13200 |
$66000 |
$132000 |
$264000 |
| $ 1200 |
$ 14400 |
$72000 |
$144000 |
$288000 |
| $ 1300 |
$ 15600 |
$78000 |
$156000 |
$312000 |
| $ 1400 |
$ 16800 |
$84000 |
$168000 |
$336000 |
| $ 1500 |
$ 18000 |
$90000 |
$180000 |
$360000 |
| $ 1600 |
$ 19200 |
$96000 |
$192000 |
$384000 |
| $ 1700 |
$ 20400 |
$102000 |
$204000 |
$408000 |
| $ 1800 |
$ 24600 |
$108000 |
$216000 |
$432000 |
| $ 1900 |
$ 22800 |
$114000 |
$228000 |
$456000 |
| $2000 | $ 24000 |
$120000 | $240000 |
$480000 |
As you can see, if you plan on renting your entire life, you could have very well owned that property you've rented for such a long time.
If you are interested in moving out of your rental home and into home ownership, contact our team as soon as possible.
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