Home ownership is surprisingly affordable. You may be able to carry a home of your own for no more money each month than
what you are currently paying in rent.

A home purchase allows you to build equity with every payment. As your payments progress, so does equity build-up.

A mortgage can be paid in full over time thereby allowing you to live mortgage payment free whereas rent never ends and in fact will become more and more costly over time as inflation causes rent to increase.
The value of your home may also increase by an average of 3% per year. On a compounded basis, $120,000 home today could be worth over $250,000 after twenty-five years!
In these examples a homeowner who purchases a $120,000 home today and pays his mortgage off over 25 years could then be living mortgage payment free and have over $250,000 in equity in his home. The renter on the other hand would have no equity and his rental payment, assuming 3% inflation would have increased from $950 a month today to $1989 a month in 25 years.
The table below illustrates an example of the difference of renting versus owning.

Rent for $950 (monthly)
Own for $950 (monthly)
Purchase Price
 $0
Purchase Price
$122,000
Down Payment
(Security one
month rent)		 $950 Down Payment
$6,100
Total Loan
$0
 Total Loan $120,250
Monthly Costs Monthly Costs
Monthly Rent $950

Principle &
Interest

$787
Property Rent $0 Property Tax $160
Net Monthly
Cost Renting		 $950 New Monthly
Cost Owning		 $947

The above figures are based on 5.25% mortgage & 25-year amortization period.

For more information on renting versus owning, email Scott & Lisa Hube.