Costs To Buy vs Rent

UMPC News

An important financial consideration for many renters is the cost of owning a home. Some people assume that owning costs more. In fact, owning a place doesn't have to cost a truckload of money. It can even cost less than renting.

On the surface, buying a place seems a lot more expensive than renting. You're probably comparing your monthly rent to the purchase price of a property. When you consider a home purchase, you're forced to think about your housing expenses in one huge chunk rather than in small monthly installments like a rent check.

Tallying up the costs of owning a place can be a useful and not-too-complicated exercise. To make the comparison fair, you need to figure out what it would cost on a monthly basis to buy a place comparable to what you're renting, then you need to determine what it would cost you to rent the nicer place. Be Realistic!

The Buying a Home vs Renting calculator enables you to compare the costs of owning to renting.