According to a recent study by Zillow.com, as of September 2024, it was found that in certain cities, buying a home results in a lower monthly mortgage payment compared to rent. The table below shows the amount you can save each month by purchasing a home in specific cities. This represents the direct financial benefit of homeownership, reducing the amount of money you spend each month.
(Zillow.com’s calculations are based on a 20% down payment, a 6.5% interest rate, and a 30-year fixed-rate mortgage.)
But that’s not all. By owning a home, your asset grows naturally as the home value increases, and part of your monthly mortgage payment goes toward principal repayment, helping you build greater wealth in the long run. Therefore, the savings shown in the table represent only a part of the financial advantage.
For example, in Chicago, where I live, buying a home could save you an average of $434 per month.
If you’d like more detailed information or a calculation tailored to your situation, I recommend consulting a local real estate agent.
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