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: 

1710 Cotton Way, Chattanooga

$457,110 - 4 Beds, 4 Baths, 1,920 Sf

MLS® # 1392165

1734 Cotton Way, Chattanooga

$454,200 - 4 Beds, 4 Baths, 1,920 Sf

MLS® # 1390780

1742 Cotton Way, Chattanooga

$451,970 - 3 Beds, 4 Baths, 1,920 Sf

MLS® # 1390782

309 Hemphill Ave, Chattanooga

$450,000 - 4 Beds, 3 Baths, 2,502 Sf

MLS® # 1392104

109 Asbury Drive, Chattanooga

$450,000 - 4 Beds, 3 Baths, 2,126 Sf

MLS® # 1391523

2235 Tristram Rd, Chattanooga

$450,000 - 3 Beds, 3 Baths, 2,034 Sf

MLS® # 1388597

1203 Chamberlain Ave, Chattanooga

$450,000 - 4 Beds, 2 Baths, 2,454 Sf

MLS® # 1388398

2132 Haven Crest Drive, Chattanooga

$450,000 - 4 Beds, 3 Baths, 2,754 Sf

MLS® # 1387055

4119 Lightfoot Mill Rd, Chattanooga

$450,000 - 3 Beds, 2 Baths, 1,858 Sf

MLS® # 1386481

255 Hedgewood Drive, Chattanooga

$449,900 - 4 Beds, 3 Baths, 1,805 Sf

MLS® # 1388505

9459 Fuller Rd Lot #8, Chattanooga

$449,900 - 4 Beds, 3 Baths, 1,910 Sf

MLS® # 1382219

9138 Fuller Rd 010, Chattanooga

$449,810 - 3 Beds, 2 Baths, 1,908 Sf

MLS® # 1391168