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: 

804 Riverfront Pkwy 401, Chattanooga

$495,000 - 2 Beds, 2 Baths, 1,155 Sf

MLS® # 1379384

1746 Oakvale Drive, Chattanooga

$490,000 - 4 Beds, 3 Baths, 2,208 Sf

MLS® # 1392153

507 Brown Rd, Chattanooga

$490,000 - 5 Beds, 4 Baths, 4,277 Sf

MLS® # 1391217

3307 Aberdeen Row, Chattanooga

$490,000 - 4 Beds, 3 Baths, 2,132 Sf

MLS® # 1388274

707 Georgia Ave #302, Chattanooga

$489,900 - 2 Beds, 2 Baths, 994 Sf

MLS® # 1370210

9150 Fuller Rd 012, Chattanooga

$489,639 - 4 Beds, 3 Baths, 2,648 Sf

MLS® # 1379391

Burnside Place 8, Chattanooga

$489,000 - 2 Beds, 2 Baths, 1,600 Sf

MLS® # 1392087

3327 Aberdeen Row, Chattanooga

$489,000 - 4 Beds, 3 Baths, 2,132 Sf

MLS® # 1390306

3311 Aberdeen Row, Chattanooga

$489,000 - 3 Beds, 3 Baths, 1,906 Sf

MLS® # 1389560

1338 Hixson Pike, Chattanooga

$489,000 - 2 Beds, 2 Baths, 950 Sf

MLS® # 1388779

925 Graysville Rd, Chattanooga

$485,000 - 4 Beds, 3 Baths, 2,386 Sf

MLS® # 1392116

725 Pan Gap Rd, Chattanooga

$485,000 - 5 Beds, 3 Baths, 2,604 Sf

MLS® # 1392066