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: 

3800 Provence St 10, Chattanooga

$135,000 - 2 Beds, 2 Baths, 863 Sf

MLS® # 1389511

1710 Portland St, Chattanooga

$135,000 - 3 Beds, 2 Baths, 1,026 Sf

MLS® # 1387263

309 Howell Ave S, Chattanooga

$129,000 - 2 Beds, 1 Bath, 1,596 Sf

MLS® # 1391742