Many people think that renting is less expensive than owning their own home. But as it turns out, it’s actually cheaper to pay a monthly mortgage payment than a month’s rent. 

According to a study done by the personal finance website GOBankingRates.com, the median monthly rent price for a single family home was $1,195, while the average mortgage payment was $934—a difference of $261! What could you do with an extra $261 a month?

Taking the leap from renting to buying a home is one of the biggest financial decisions a person can make, but mortgage rates are still historically low, making now a great time to buy. It’s also gratifying for homebuyers to see their mortgage going towards something that is theirs, as opposed to throwing away money for rent. 

One of the key roadblocks for people who wish to buy a home is the difficulty of coming up with a downpayment, which is typically 10-20% of the purchase price. If that is a deterrent for you, consider talking with a mortgage lender to just check out your options. There are many 

“There are still first time homebuyer programs available that offer down payment assistance for eligible buyers,” says Christina Lane,  senior loan officer with Movement Mortgage. “The interest that you pay for your mortgage is tax deductible and you have the pride of homeownership—the American dream!”

Looking for a home? We can help! Check out these Chattanooga homes currently on the market: 

2506 Sharron Drive, Chattanooga

$499,999 - 3 Beds, 3 Baths, 2,204 Sf

MLS® # 1390392

9465 Fuller Rd Lot #9, Chattanooga

$499,990 - 3 Beds, 3 Baths, 2,150 Sf

MLS® # 1382220

5721 Alabama Ave, Chattanooga

$499,900 - 3 Beds, 3 Baths, 2,090 Sf

MLS® # 1388764

3801 12th Ave, Chattanooga

$499,900 - 5 Beds, 3 Baths, 2,496 Sf

MLS® # 1385528

923 17th St E Apt 111, Chattanooga

$499,900 - 4 Beds, 3 Baths, 2,286 Sf

MLS® # 1387114

210 Shadow Pkwy, Chattanooga

$499,900 - 4 Beds, 3 Baths, 2,920 Sf

MLS® # 1387059

507 Crewdson St, Chattanooga

$499,900 - 2 Beds, 2 Baths, 1,645 Sf

MLS® # 1386777

707 Georgia Ave #302, Chattanooga

$499,900 - 2 Beds, 2 Baths, 994 Sf

MLS® # 1370210

3323 Aberdeen Row, Chattanooga

$499,000 - 3 Beds, 3 Baths, 1,906 Sf

MLS® # 1390298

1203 Chamberlain Ave, Chattanooga

$499,000 - 4 Beds, 2 Baths, 2,454 Sf

MLS® # 1388398

1000 Martin Luther King Blvd E 101, Chattanooga

$499,000 - 2 Beds, 2 Baths, 1,594 Sf

MLS® # 1387271

1516 Adams St #114, Chattanooga

$499,000 - 1 Bed, 1 Bath, 930 Sf

MLS® # 1382494