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: 

4212 Rogers Rd, Chattanooga

$485,000 - 5 Beds, 3 Baths, 4,227 Sf

MLS® # 1385715

724 Bell Ave W # 102, Chattanooga

$485,000 - 3 Beds, 4 Baths, 2,020 Sf

MLS® # 1377353

724 Bell Ave W # 110, Chattanooga

$485,000 - 3 Beds, 4 Baths, 2,020 Sf

MLS® # 1377351

9122 Fuller Rd 006, Chattanooga

$480,552 - 4 Beds, 3 Baths, 2,648 Sf

MLS® # 1379389

1616 Ashley Mill Drive, Chattanooga

$480,000 - 4 Beds, 3 Baths, 2,917 Sf

MLS® # 1386574

9110 Fuller Rd 003, Chattanooga

$479,534 - 4 Beds, 3 Baths, 2,648 Sf

MLS® # 1383920

2876 Butlers Green Circle 40, Chattanooga

$479,320 - 3 Beds, 2 Baths, 1,740 Sf

MLS® # 1390058

2452 Waterhaven Drive, Chattanooga

$479,000 - 5 Beds, 3 Baths, 2,210 Sf

MLS® # 1388071

2456 Waterhaven Drive, Chattanooga

$479,000 - 4 Beds, 3 Baths, 2,451 Sf

MLS® # 1385579

1575 Adams St, Chattanooga

$479,000 - 3 Beds, 3 Baths, 1,541 Sf

MLS® # 1373037

8105 Gatehouse Xing, Chattanooga

$475,000 - 4 Beds, 3 Baths, 3,174 Sf

MLS® # 1389976

8415 Brandermill Lane, Chattanooga

$475,000 - 4 Beds, 3 Baths, 2,621 Sf

MLS® # 1388431