Although some renters believe that renting is “maintenance free”, they are actually paying for maintenance in their rent –whether they need it or not. Renting offers you no equity , no tax benefit, and no protection against regular rent increases. If you’re paying rent, you’re really just paying someone else’s mortgage. Let’s compare.
Rent vs. Own
Monthly Payment $1,000 Monthly Payment $855
Insurance $30 Insurance $50
Taxes $0 Taxes $260
MIP Insurance $45
Total Payment $1, 030 Total Payment $1,210
Savings
Interest Deduction $0 Interest Deduction $175
Tax Deduction $0 Tax Deduction $75
After Tax
Net Monthly Payment $1,030 Net Monthly $960
Payment
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