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Buying vs. Renting
Updated: 2/19/2020
Buying vs. Renting
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Storyboard Text

  • Today I am searching for a house to buy that is within my budgetThis house has a listing price of $142,900 so I would need a 20% down payment which would be $28,580
  • I have a max housing monthly payment of $1245, luckily with a listing price of $142,900 I can pay a mortgage (a monthly payment to the bank to eventually own a home), and the payment is $521.36 each month which is within my budget
  • Just because the house itself is $142,900 I will also be paying interest to the loan, mortgage, which will be a total of $187,688 over the 30 years of the loan
  • Another option I've considered is renting an apartment which may offer a lower cost due to smaller square footage
  • This is a one bedroom one bath apartment that is $995 per month
  • Fitting into my budget of $1245 per month for housing I will consider it, but the landlord of the property informed me that the rent could increase without notice which kind of steers me away from renting
  • Of the two options I explored I decided to go with the house because of the lower monthly payments and figured it would be a better investment later on
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