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: 

2201 Old Ringgold Rd, Chattanooga

$449,700 - 3 Beds, 3 Baths, 2,706 Sf

MLS® # 1388826

1337 Central Ave, Chattanooga

$449,000 - 2 Beds, 3 Baths, 1,464 Sf

MLS® # 1391894

2524 Waterhaven Drive, Chattanooga

$445,000 - 4 Beds, 2 Baths, 2,269 Sf

MLS® # 1390056

8 17th St W, Chattanooga

$445,000 - 3 Beds, 2 Baths, 1,583 Sf

MLS® # 1387313

103 Germantown Rd S, Chattanooga

$440,000 - 4 Beds, 3 Baths, 2,234 Sf

MLS® # 1392179

9162 Fuller Rd 15, Chattanooga

$439,900 - 3 Beds, 3 Baths, 2,050 Sf

MLS® # 1392058

2403 Baskette Way, Chattanooga

$439,900 - 2 Beds, 2 Baths, 1,859 Sf

MLS® # 1387927

899 Cherokee Blvd # 117, Chattanooga

$439,900 - 3 Beds, 3 Baths, 1,772 Sf

MLS® # 1386167

899 Cherokee Blvd # 113, Chattanooga

$439,900 - 3 Beds, 3 Baths, 1,772 Sf

MLS® # 1386166

899 Cherokee Blvd # 109, Chattanooga

$439,900 - 3 Beds, 3 Baths, 1,772 Sf

MLS® # 1386163

899 Cherokee Blvd # 125, Chattanooga

$439,900 - 3 Beds, 3 Baths, 1,772 Sf

MLS® # 1377348

899 Cherokee Blvd # 121, Chattanooga

$439,900 - 3 Beds, 3 Baths, 1,772 Sf

MLS® # 1377347