Realtor Rick Goretski

Real Cost of Renting!

The REAL Cost of Renting

What YOU Will Spend for Rent over the next 5 years.

Monthly Rent	$800	$900	$1000	$1100	$1200	$1300	$1400	$1500	$1600
	You’ll Pay	You’ll Pay	You’ll Pay	You’ll Pay	You’ll Pay	You’ll Pay	You’ll Pay	You’ll Pay	You’ll Pay
This Year	$9,600	$10,800	$12,000	$13,200	$14,400	$15,600	$16,800	$18,000	$19,200
Next Year	$9,576	$11,448	$12,720	$13,992	$15,264	$16,536	$17,808	$19,080	$20,352
3^rd Year	$10,150	$12,134	$13,483	$14,831	$16,179	$17,528	$18,876	$20,255	$21,573
4^th Year	$10,794	$12,862	$14,921	$15,720	$17,149	$18,580	$20,008	$21,438	$22,867
5^th Year	$11,404	$13,633	$15,148	$16,663	$18,177	$19,695	$21,208	$22,724	$24,239
TOTAL	$51,524	$60,877	$67,642	$74,406	$81,169	$87,939	$94,700	$101,467	$108,231

Cost comparison for a renter and a homeowner over a 5 year period.

The renter starts out paying $800/month with an annual increase of 5%.

The homeowner purchases a home for $110,000 with a monthly mortgage of $1,000.

After 6 years the homeowner's payment is Lower than the renter's monthly payment.

With the tax savings of home ownership, the homeowner's payment is Less than the rental payment after only 3 years.

Year	Rent Payment	Mortgage Payment	Monthly Difference	Monthly After Tax Savings	Yearly Difference	Yearly After Tax Savings
1	800	1000	-200	-50	-2400	-600
2	840	1000	-160	-10	-1920	-120
3	882	1000	-118	+32	-1416	+384
4	926	1000	-74	+76	-888	+912
5	972	1000	-28	+122	-336	+1464
6	1021	1000	+21	+171	+252	+2052

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