Rent vs. buy
Should you keep renting, or buy?
Your rent, the home you're looking at, and how long you'd stay. A planning estimate, not a promise about prices or a quote.
Best for: renters who want to compare the cost of renting vs. buying a home
If you stay 7 years
Enter a rate to see the comparison.
Buying
Paid in
Equity when you sell
Net cost
Renting
Rent paid
Net cost
Net cost over time
Buying Renting
Month one
Owning usually costs more each month at first. The difference comes back as equity, and your principal and interest stay the same while rent goes up.
Find my options →Illustration only. Not your numbers. Home values can go down. This doesn't include tax deductions; a tax professional can tell you what applies to you.
What this assumes
Home prices grow 6.8% a year and rent goes up 4.2% a year, the U.S. averages from 2016 to 2026 (FHFA, BLS). Past growth isn't a promise. Prices can stay flat or fall.
Buying costs 3% of the price, selling costs 8%, and upkeep runs 1% a year. Tax 0.66%, insurance 0.6%, and PMI 0.6% of the loan until it reaches 78% of the price, same as the payment calculator. South Carolina caps tax increases from reassessment at 15% every 5 years.
Joe Caleca, NMLS 2302900
If you stay 7 years —